Jefferies sets an INR 1,000 bull-case target for Kalyan Jewellers India stock

Published on 10/20/2026 at 01:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kalyan Jewellers India stock has an INR 1,000 bull-case target. Q1 FY27 revenue rose 46 percent to INR 105.9 billion, while Q2 growth exceeded 26 percent on October 7, 2026.

Growth and scheduled milestones

Jefferies set an INR 1,000 bull-case target on October 8, 2026.
First-quarter fiscal 2027 revenue rose 46 percent to INR 105.9 billion.
The next earnings report is scheduled for November 14, 2026.

Kalyan, INE303R01014, Illustration mit AI erstellt.

Kalyan Jewellers India (INE303R01014) has an INR 1,000 bull-case target from Jefferies, which reiterated its Buy rating on October 8, 2026. The brokerage linked its view to store additions, market-share gains and the shift toward organized jewellery retail.

Jefferies sees room to expand

According to The Economic Times, Jefferies set a base-case target of INR 830 and a bull-case target of INR 1,000. Its bear-case target was INR 500. The brokerage projected annual revenue growth of 23 percent between fiscal years 2026 and 2029 and flagged gold-price volatility, regulatory changes and weaker consumption as risks.

The chronology shows how the investment case developed. On June 30, 2026, Kalyan reported first-quarter fiscal 2027 revenue of INR 105,889 million, up 46 percent year over year, according to DSIJ. On October 7, 2026, consolidated second-quarter revenue growth exceeded 26 percent and same-store sales growth reached 20 percent, as reported by TradingView. Jefferies then published its INR 1,000 bull-case target on October 8, 2026.

What does growth mean for margins?

The key tension is that sales growth has outpaced profitability. In the first quarter of fiscal 2027, consolidated net income was INR 3,486.65 million, while operating profit stood at INR 5,174.80 million. DSIJ reported that India EBITDA rose 6 percent year over year to INR 4,590 million, but the India EBITDA margin was 5.1 percent against Motilal Oswal's 6.7 percent estimate.

The company also added stores through its franchise-led model. DSIJ reported 354 Kalyan stores and 129 Candere stores after the first quarter. That expansion supports the growth thesis, but the margin gap makes execution and product mix important for the next results.

Results date and valuation

The next substantiated date is November 14, 2026, when Kalyan is scheduled to report its second-quarter results, according to TradingView. The timing puts festive demand and margin commentary at the center of the next update.

Market value and trading context

Kalyan's market capitalization was INR 569.4 billion as of October 19, 2026, while its 52-week range was INR 327.05 to INR 648.95. The company trades on the NSE under ticker KALYANKJIL, and the latest structured quote was INR 551.30 on October 19, 2026 at 3:29 p.m. IST.