Shares of jewellery major Kalyan Jewellers have been sluggish for the past several weeks, even though the stock has handed patient investors roughly a ninefold return over the last five years. The company posted a sharp 38 percent jump in revenue in the first quarter of the current financial year, but it funneled most of that fresh capital into expanding its store network and business footprint. That spending spree is a big reason sentiment around the counter has turned mildly cautious over the past month, even as its longer-term track record remains one of the strongest in the sector. The company's core jewellery business itself remains healthy, which is why the near-term dip has not shaken confidence among most brokerages.
How the stock has traded recently
On September 7, the stock slipped 1.39 percent to trade at Rs 590.50 as of 3.24 pm during the session. Over the past one month, the counter has shed about 2.38 percent. Despite this dip, confidence among market watchers has barely wavered: roughly 90 percent of analysts tracking the stock continue to rate it a buy, while the remaining 10 percent have a hold rating on it. Notably, not a single analyst has recommended selling the stock, underlining how the recent weakness is being read as a pause rather than a red flag.
A closer look at long-term returns
On a one-year basis, the stock is down a modest 1.52 percent, yet on an annualised basis it has still delivered a robust 21.94 percent gain. Looking at 2026, the stock has surged 49.63 percent over the past six months and an even sharper 59.16 percent over the past three months. Across a full year, investors have pocketed close to 18 percent, while the three-year return stands at a hefty 144.16 percent. The real story, though, is the five-year window, where the stock has returned 780 percent, meaning anyone who invested in Kalyan Jewellers five years ago has seen their money multiply roughly ninefold.
Who owns how much of the company
Most brokerages continue to back the stock even through the recent slide, and a major reason for that confidence lies in its ownership structure. Promoters still hold a sizeable 62.86 percent stake in Kalyan Jewellers. Foreign investors come next with a 10.82 percent holding, while domestic institutional investors control 15.82 percent of the company. The general public holds close to 9 percent, and the remaining 1.52 percent is held by other investors. Such a heavy promoter stake is often read by the market as a sign that those running the business have significant skin in the game.
What price targets brokerages have set
ICICI Securities has set a target price of Rs 682 on the stock, while Motilal Oswal has gone a notch higher with a target of Rs 700, both comfortably above the stock's current trading price of Rs 590.50. According to Moneycontrol data, every single brokerage house covering the stock currently rates it a buy, a rare degree of consensus that suggests the market sees the recent dip as a buying opportunity rather than a trend reversal.
