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Kalyan Jewellers India shares extended their winning streak for the ninth consecutive session on Thursday, November 12, rising as much as 6% to hit a fresh 52-week high after the jewellery retailer reported a strong earnings performance for the quarter ended September 2026. The stock touched an intraday high of ₹702.30, taking its rally to around 115% from its 52-week low of ₹327.15, recorded in June 2026.
The jewellery stock has surged 41% over the past nine trading sessions, while it has gained 24% in one week and 22% over the past month. The stock has advanced 16% in three months and 92% in six months. Over the past year, it has added 36%. Its long-term performance has also been impressive, with Kalyan Jewellers delivering multibagger returns of 796% over five years.
The latest rally followed a strong set of September quarter results, with the company's consolidated net profit rising 64% year-on-year, supported by robust revenue growth and healthy demand.
Kalyan Jewellers reported a 64% year-on-year increase in consolidated net profit to ₹427 crore in Q2 FY27, compared with ₹260.51 crore in the corresponding quarter last year. Revenue from operations rose 32% to ₹10,323 crore from ₹7,856 crore in the year-ago period.
The company's performance was also strong during the first half of FY27. Consolidated net profit increased 48% year-on-year to ₹776 crore in H1 FY27, compared with ₹525 crore a year earlier. Revenue grew 38% to ₹20,912 crore from ₹15,125 crore in the corresponding period last year.
Commenting on the performance, Executive Director Ramesh Kalyanaraman said the ongoing festive quarter had started on a strong note, with encouraging growth during Navratri and Dhanteras. He added that the company remained optimistic about the upcoming wedding season and expected to end the quarter on a strong note.
Motilal Oswal Financial Services has maintained its Buy rating on Kalyan Jewellers, with a price target of ₹700, citing strong earnings growth and 20% same-store sales growth (SSSG) in India.
In its flash report, the brokerage said the company delivered a strong earnings performance, with consolidated revenue exceeding its estimates. However, profitability was also supported by a one-time gain of ₹520 million following the increase in customs duty from 6% to 15%.
The company reported a one-time inventory loss of ₹83 million due to open positions in silver and platinum, compared with an inventory gain of ₹212 million in the corresponding period last year.
According to Motilal Oswal, consolidated revenue increased 31% year-on-year to ₹10,320 crore, ahead of its estimate of ₹9,870 crore. After adjusting for the one-time gain of ₹52 crore from the customs duty increase and the inventory loss of ₹8.3 crore due to open positions in silver and platinum, gross margin contracted 80 basis points year-on-year to 11.9%.
From a technical perspective, Mayank Jain, Market Analyst at PhonePe Invest, said Kalyan Jewellers witnessed decisive buying expansion, advancing 9.21%, or ₹56.30, to trade at ₹667.30. The strong upward movement cleared intermediate distribution hurdles and pushed the stock well above all three primary Simple Moving Averages (SMAs).
The 20-day SMA stood at ₹546.16, the 50-day SMA at ₹565.54 and the upward-sloping 200-day SMA at ₹469.07.
Jain said the decisive expansion indicated strong bullish potential, opening the possibility of an extension towards the ₹750-790 supply barrier, which marked previous major cyclical peaks.
However, he cautioned that investors should also watch for signs of exhaustion as the stock approaches higher levels. If the stock encounters overhead selling pressure, the possibility of sideways consolidation could increase. Bearish continuation risks, meanwhile, would emerge only if the stock breaks below the dynamic moving average support floor near ₹500-545.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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