Kalyan Jewellers stock may double: Citi bullish despite Q1 revenue growth missing estimates; check target price

Shares of Kalyan Jewellers India are likely to remain in focus on Wednesday after brokerage Citigroup reiterated its Buy rating on the jewellery retailer, with the target price implying that the stock could more than double from current levels. The brokerage said its long-term growth outlook remains intact despite the company's June-quarter revenue growth falling short of the brokerage's expectations.

Citi maintained its Buy call on Kalyan Jewellers stock with a target price of Rs 750 per share, implying an upside of about 111 percent from Tuesday's closing price of Rs 354.75.

The brokerage said Kalyan Jewellers reported consolidated revenue growth of 38 percent year-on-year in the June quarter, below its estimate. India operations also posted 38 percent revenue growth, driven by a healthy same-store sales growth (SSSG) of 28 percent.

While the quarterly update came in softer than Citi had expected, the brokerage remained constructive on the company's growth trajectory, pointing to its franchise-led expansion model as a key long-term driver. According to Citi, the strategy should continue to support store additions while improving return on capital employed (RoCE), as the asset-light model requires lower capital investment than company-owned stores.

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The brokerage also highlighted the strong momentum in Candere, Kalyan Jewellers' digital-first jewellery brand, which recorded a 112 percent year-on-year jump in revenue during the quarter. The company added five Candere stores during the period, further expanding its omnichannel presence.

In its June-quarter business update, Kalyan Jewellers had also said its international business grew approximately 35 percent year-on-year, with West Asia registering around 30 percent growth. International markets contributed about 14 percent to the company's consolidated revenue during the quarter.

Management said the company entered the second quarter on a positive note, supported by healthy customer demand ahead of the festive and wedding season.

Despite the healthy operating performance, Kalyan Jewellers shares fell nearly 7 percent on Tuesday as investors reacted to revenue growth that, while robust, was below some market expectations. The stock ended the session at Rs 354.75 and has declined about 26 percent so far in 2026, underperforming the Nifty 50, which is down about 6.7 percent over the same period.