Kalyan Jewellers India Limited derived over 46% of its revenue from recycled gold in Q1 FY27, rising to over 55% in June, with Executive Director Ramesh Kalyanaraman stating the company's objective is to sustain this at 55-60% going forward as gold recirculation has increased significantly.

Kalyan Jewellers India Limited reported consolidated revenue growth of more than 26% year-on-year in Q2FY27, supported by robust operating momentum and healthy same-store sales despite a high base when all nine days of Navratri fell in Q2 last year.

Kalyan Jewellers India Limited is targeting everyday studded jewellery through Candere, which ICICI Securities says has shifted from an online-led model to offline expansion via COCO and FOCO stores where franchisees fund store capex and inventory while Candere manages brand, merchandising, technology and operations.

Kalyan Jewellers India Limited received a Buy rating from Jefferies following an interaction with promoter Ramesh Kalyanaraman, with a base-case target of Rs 830 implying 46% upside and a bull-case target of Rs 1,000 implying 76% upside. Jefferies forecast base-case revenue growth of 23% annually over FY26-29E and EPS growth of 21% CAGR, valuing the stock at 38 times September 2028 estimated earnings.