Highlights:

• Multiple leading brokerage firms reaffirm Buy/Strong Buy ratings on Kalyan Jewellers.
• Average target price from analysts ranges from ₹675 to ₹775.
• H1 FY26 revenue surged to ₹15,125 crore, up 31% year-on-year.
• H1 FY26 PAT rose sharply to ₹525 crore, reflecting a 70% growth compared to the prior year.
• Q2 FY26 standalone India revenue reached ₹6,843 crore, growing 31% year-on-year.

Kalyan Jewellers India Limited, one of the largest jewellery retailers in India with operations in the Middle East and the United States, continues to attract support from financial analysts, with multiple brokerage firms issuing Buy or Strong Buy recommendations. Analysts including JM Financial, Motilal Oswal, Axis Capital, HSBC, and ICICI Securities have maintained positive guidance on the stock, with an average target price ranging from ₹675 to ₹775.

Recent Financial Performance

In the first half of FY26, the company demonstrated sustained growth across key metrics. Consolidated revenue for H1 FY26 stood at ₹15,125 crore, a 31% increase from ₹11,585 crore recorded during the same period in the previous financial year. Net profit after tax (PAT) for H1 FY26 rose to ₹525 crore, marking a remarkable 70% increase from ₹308 crore a year earlier.

For the second quarter of FY26, consolidated revenue was ₹7,856 crore, representing a 30% year-on-year growth. PAT for Q2 FY26 came in at ₹261 crore. Standalone operations in India contributed revenue of ₹6,843 crore, up 31% year-on-year, with PAT at ₹262 crore. Revenue from the Middle East operations grew 8% to ₹866 crore, with PAT of ₹15 crore. Meanwhile, Kalyan’s lifestyle jewellery platform, Candere, recorded revenue of ₹93 crore and a net loss of ₹9 crore in Q2 FY26.

Kalyan Jewellers, headquartered in Thrissur, Kerala, has a favourable footprint across India, the Middle East, and the United States. The company operates 436 showrooms with a combined retail area exceeding 10,67,000 sq. ft., offering a wide range of traditional and contemporary jewellery in gold, diamonds, and precious stones. With a legacy spanning over three decades, Kalyan Jewellers has consistently set industry benchmarks in transparency, quality, pricing, and innovation.

The reaffirmation of Buy and Strong Buy ratings reflects analyst confidence in Kalyan Jewellers’ growth trajectory and market position. The company’s H1 FY26 performance, along with a clear presence in both domestic and international markets, reinforces its reputation as a leading jewellery retailer poised for continued expansion.

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