{"id":241488,"date":"2026-09-10T15:13:57","date_gmt":"2026-09-10T09:43:57","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=241488"},"modified":"2026-09-10T15:13:57","modified_gmt":"2026-09-10T09:43:57","slug":"multibagger-jewellery-stock-rises-746-percent-in-5-years","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/","title":{"rendered":"This Multibagger Jewellery Stock Rises 746% in 5 Years: What Powered the Rally?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Kalyan Jewellers CMP approximately Rs 615 (10 Sep 2026). 5-year return 745.54%. 52W range Rs 327.15 to Rs 648.95. Market cap Rs 62,791 Cr. FY26 PAT Rs 1,350 Cr.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Kalyan Jewellers India Ltd is the multibagger jewellery stock that returned approximately 746% in five years, rising from near Rs 73 in September 2021 to around Rs 615. The gain came from six-fold profit growth, asset-light showroom expansion and a shift to branded jewellery. The ride has been volatile, including a 59% fall before a sharp rebound in July 2026.<\/p>\n<\/div>\n<p>This multibagger jewellery stock has turned Rs 1 lakh into roughly Rs 8.46 lakh in about five years. A gold and diamond jewellery retailer ranked 12th among 101 NSE stocks in our screen with a 5-year return of 745.54%, as of 10 September 2026.<\/p>\n<p>The company is <a href='https:\/\/univest.in\/stocks\/kalyankjil\/kalyan-jewellers-india-ltd-share-price-today'>Kalyan Jewellers India Ltd<\/a> (NSE: KALYANKJIL), a Thrissur-based chain that runs more than 520 showrooms across India and the Middle East. The Kalyan Jewellers share price traded around Rs 615 on 10 September 2026, up about 1.3% on the day, giving the company a market value of approximately Rs 62,791 crore.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Which_Multibagger_Jewellery_Stock_Rose_746_in_5_Years\" title=\"Which Multibagger Jewellery Stock Rose 746% in 5 Years?\">Which Multibagger Jewellery Stock Rose 746% in 5 Years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Why_Did_This_Multibagger_Jewellery_Stock_Rise_746\" title=\"Why Did This Multibagger Jewellery Stock Rise 746%?\">Why Did This Multibagger Jewellery Stock Rise 746%?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#1_Profits_Grew_Six-Fold_Between_FY22_and_FY26\" title=\"1. Profits Grew Six-Fold Between FY22 and FY26\">1. Profits Grew Six-Fold Between FY22 and FY26<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#2_Asset-Light_Franchise_Expansion\" title=\"2. Asset-Light Franchise Expansion\">2. Asset-Light Franchise Expansion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#3_Record_Gold_Prices_and_a_Shift_to_Organised_Retail\" title=\"3. Record Gold Prices and a Shift to Organised Retail\">3. Record Gold Prices and a Shift to Organised Retail<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#4_The_July_2026_Rebound_From_a_52-Week_Low\" title=\"4. The July 2026 Rebound From a 52-Week Low\">4. The July 2026 Rebound From a 52-Week Low<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#How_Strong_Are_the_Latest_Quarterly_Results\" title=\"How Strong Are the Latest Quarterly Results?\">How Strong Are the Latest Quarterly Results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Who_Is_Buying_This_Multibagger_Jewellery_Stock\" title=\"Who Is Buying This Multibagger Jewellery Stock?\">Who Is Buying This Multibagger Jewellery Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#What_Are_the_Risks_for_This_Multibagger_Jewellery_Stock\" title=\"What Are the Risks for This Multibagger Jewellery Stock?\">What Are the Risks for This Multibagger Jewellery Stock?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Thin_and_Falling_Margins\" title=\"Thin and Falling Margins\">Thin and Falling Margins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Gold_Price_and_Policy_Risk\" title=\"Gold Price and Policy Risk\">Gold Price and Policy Risk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Rumour-Driven_Sell-Offs\" title=\"Rumour-Driven Sell-Offs\">Rumour-Driven Sell-Offs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Valuation_and_Debt\" title=\"Valuation and Debt\">Valuation and Debt<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Kalyan_Jewellers_Share_Analyst_View\" title=\"Kalyan Jewellers Share: Analyst View\">Kalyan Jewellers Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Kalyan_Jewellers_Share_Price_Target\" title=\"Kalyan Jewellers Share Price Target\">Kalyan Jewellers Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Which_multibagger_jewellery_stock_rose_746_in_5_years\" title=\"Which multibagger jewellery stock rose 746% in 5 years?\">Which multibagger jewellery stock rose 746% in 5 years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Is_the_5-year_return_of_Kalyan_Jewellers_adjusted_for_splits_or_bonuses\" title=\"Is the 5-year return of Kalyan Jewellers adjusted for splits or bonuses?\">Is the 5-year return of Kalyan Jewellers adjusted for splits or bonuses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Why_did_the_Kalyan_Jewellers_share_price_rise_so_much\" title=\"Why did the Kalyan Jewellers share price rise so much?\">Why did the Kalyan Jewellers share price rise so much?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#What_were_Kalyan_Jewellers_Q1_FY27_results\" title=\"What were Kalyan Jewellers Q1 FY27 results?\">What were Kalyan Jewellers Q1 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#What_is_the_52-week_high_and_low_of_Kalyan_Jewellers\" title=\"What is the 52-week high and low of Kalyan Jewellers?\">What is the 52-week high and low of Kalyan Jewellers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#What_is_the_Kalyan_Jewellers_share_price_target\" title=\"What is the Kalyan Jewellers share price target?\">What is the Kalyan Jewellers share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Is_this_multibagger_jewellery_stock_overvalued\" title=\"Is this multibagger jewellery stock overvalued?\">Is this multibagger jewellery stock overvalued?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/univest.in\/blogs-2\/multibagger-jewellery-stock-rises-746-percent-in-5-years\/#Should_I_invest_in_a_multibagger_jewellery_stock_after_such_a_big_rally\" title=\"Should I invest in a multibagger jewellery stock after such a big rally?\">Should I invest in a multibagger jewellery stock after such a big rally?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Which_Multibagger_Jewellery_Stock_Rose_746_in_5_Years\"><\/span><strong>Which Multibagger Jewellery Stock Rose 746% in 5 Years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The answer is Kalyan Jewellers. The stock listed on the exchanges in March 2021 at a discount to its IPO price of Rs 87, and five years ago, in September 2021, it traded near Rs 73. Today this multibagger jewellery stock sits around Rs 615, which works out to a gain of approximately 745.54%.<\/p>\n<p>Because the listing happened only six months before the start of the window, the 5-year return is very close to the return since listing. There has been no stock split or bonus issue in this period, and the face value is still Rs 10, so the figure for this multibagger jewellery stock reflects real price appreciation.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>Return<\/th>\n<th>Rank (out of 101)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 Month<\/td>\n<td>1.74%<\/td>\n<td>76<\/td>\n<\/tr>\n<tr>\n<td>6 Months<\/td>\n<td>59.63%<\/td>\n<td>25<\/td>\n<\/tr>\n<tr>\n<td>1 Year<\/td>\n<td>34.49%<\/td>\n<td>45<\/td>\n<\/tr>\n<tr>\n<td>3 Years<\/td>\n<td>169.98%<\/td>\n<td>25<\/td>\n<\/tr>\n<tr>\n<td>5 Years<\/td>\n<td>745.54%<\/td>\n<td>12<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Returns are simple price changes and are not annualised. The table shows the rally has not been a straight line. The 1-year gain of 34.49% for the multibagger jewellery stock is respectable but far from multibagger territory, and the 1-month move is flat, ranking 76th out of 101.<\/p>\n<p>The path of this multibagger jewellery stock has three clear phases. It rose from the low Rs 70s to a record high of Rs 794.60 in January 2025, crashed to a 52-week low of Rs 327.15 in June 2026, and has since rebounded to a 52-week high of Rs 648.95.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Multibagger_Jewellery_Stock_Rise_746\"><\/span><strong>Why Did This Multibagger Jewellery Stock Rise 746%?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This multibagger jewellery stock rose 746% because its business roughly tripled in size while profits grew six-fold, and the market re-rated it from a discounted IPO to a premium consumer name. The drivers changed over time, so it helps to split the story into early and recent triggers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Profits_Grew_Six-Fold_Between_FY22_and_FY26\"><\/span><strong>1. Profits Grew Six-Fold Between FY22 and FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Kalyan Jewellers reported revenue of Rs 10,856 crore in FY22, the first full year after this multibagger jewellery stock listed. By FY26 that had grown to Rs 35,951 crore, a compound growth rate of about 35% a year. Net profit moved even faster, from Rs 224 crore to Rs 1,350 crore.<\/p>\n<p>Diluted EPS rose from Rs 2.18 to Rs 13.05 over the same four years. When earnings grow six-fold, a share price rising eight-fold is less surprising, and that is the core reason this multibagger jewellery stock kept climbing.<\/p>\n<table>\n<thead>\n<tr>\n<th>Metric<\/th>\n<th>FY22<\/th>\n<th>FY24<\/th>\n<th>FY26<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Revenue<\/td>\n<td>Rs 10,856 Cr<\/td>\n<td>Rs 18,622 Cr<\/td>\n<td>Rs 35,951 Cr<\/td>\n<\/tr>\n<tr>\n<td>EBITDA<\/td>\n<td>Rs 853 Cr<\/td>\n<td>Rs 1,386 Cr<\/td>\n<td>Rs 2,658 Cr<\/td>\n<\/tr>\n<tr>\n<td>Net Profit<\/td>\n<td>Rs 224 Cr<\/td>\n<td>Rs 596 Cr<\/td>\n<td>Rs 1,350 Cr<\/td>\n<\/tr>\n<tr>\n<td>EPS (Diluted)<\/td>\n<td>Rs 2.18<\/td>\n<td>Rs 5.80<\/td>\n<td>Rs 13.05<\/td>\n<\/tr>\n<tr>\n<td>Debt to Equity<\/td>\n<td>1.24<\/td>\n<td>1.12<\/td>\n<td>1.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"2_Asset-Light_Franchise_Expansion\"><\/span><strong>2. Asset-Light Franchise Expansion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A big shift after listing was the move to a franchise-owned, company-operated showroom model. Partners fund the inventory and the store, while the company runs operations and earns a share of the margin. This lets the multibagger jewellery stock add showrooms quickly without loading its own balance sheet.<\/p>\n<p>As of 30 June 2026, the network stood at 524 showrooms, including 354 Kalyan Jewellers stores in India and 129 Candere outlets. That pace of expansion into non-south markets gave this multibagger jewellery stock a growth runway that investors were willing to pay for.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Record_Gold_Prices_and_a_Shift_to_Organised_Retail\"><\/span><strong>3. Record Gold Prices and a Shift to Organised Retail<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Gold prices have climbed sharply over the past few years, lifting the ticket size of every sale. At the same time, buyers have been moving from local jewellers to branded chains that offer hallmarked gold and transparent pricing.<\/p>\n<p>Organised players have gained share from this shift, and this multibagger jewellery stock is one of the largest beneficiaries. High gold prices also pushed customers toward exchange schemes, with recycled gold making up over 46% of Q1 FY27 revenue and more than 55% in June 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_The_July_2026_Rebound_From_a_52-Week_Low\"><\/span><strong>4. The July 2026 Rebound From a 52-Week Low<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The most recent leg began after a steep fall. The Kalyan Jewellers share price slid to Rs 327.15 on 11 June 2026, weighed down by broad market weakness, foreign selling and concern over thinner margins. That was roughly 59% below its January 2025 peak.<\/p>\n<p>Then came the Q1 FY27 business update in early July. Consolidated revenue grew about 38% year on year, same-store sales rose around 28%, international revenue climbed about 35% and the Candere digital brand grew 112%. The multibagger jewellery stock jumped 47% in four sessions and about 79% in 16 trading days, touching Rs 634.20 on 29 July 2026 before extending to a 52-week high of Rs 648.95.<\/p>\n<p>Short covering added fuel to the move. Traders who had bet on further weakness in the multibagger jewellery stock rushed to exit positions, which amplified the speed of the rebound.<\/p>\n<p style=\"margin-top:24px;\"><strong>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Strong_Are_the_Latest_Quarterly_Results\"><\/span><strong>How Strong Are the Latest Quarterly Results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest results show strong sales but softer margins. In Q1 FY27, the multibagger jewellery stock reported revenue of Rs 10,645 crore, up about 46% from Rs 7,315 crore a year earlier. Net profit rose about 32% to Rs 349 crore, but it fell from Rs 410 crore in the March quarter.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue<\/th>\n<th>EBITDA<\/th>\n<th>Net Profit<\/th>\n<th>Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Jun 2025<\/td>\n<td>Rs 7,315 Cr<\/td>\n<td>Rs 554 Cr<\/td>\n<td>Rs 264 Cr<\/td>\n<td>3.63%<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025<\/td>\n<td>Rs 7,907 Cr<\/td>\n<td>Rs 548 Cr<\/td>\n<td>Rs 261 Cr<\/td>\n<td>3.32%<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025<\/td>\n<td>Rs 10,408 Cr<\/td>\n<td>Rs 815 Cr<\/td>\n<td>Rs 416 Cr<\/td>\n<td>4.30%<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026<\/td>\n<td>Rs 10,321 Cr<\/td>\n<td>Rs 782 Cr<\/td>\n<td>Rs 410 Cr<\/td>\n<td>3.99%<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026<\/td>\n<td>Rs 10,645 Cr<\/td>\n<td>Rs 688 Cr<\/td>\n<td>Rs 349 Cr<\/td>\n<td>3.29%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The operating margin slipped to 6.50% in the June quarter from 7.63% a year ago. Jewellery is a thin-margin business, and when gold prices rise quickly, the retailer cannot always pass on costs in full, especially when a larger share of sales comes from gold exchange.<\/p>\n<p>The multibagger jewellery stock dipped about 2.7% on the day the results were announced, on 4 August 2026. That reaction shows the market had already priced in the strong revenue update and was watching margins closely.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Is_Buying_This_Multibagger_Jewellery_Stock\"><\/span><strong>Who Is Buying This Multibagger Jewellery Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Promoters have held a steady stake of about 62.9% in this multibagger jewellery stock over the past five quarters. The bigger change is among institutions, where domestic funds have been buying while foreign investors have reduced their holding.<\/p>\n<table>\n<thead>\n<tr>\n<th>Shareholder<\/th>\n<th>Jun 2025<\/th>\n<th>Dec 2025<\/th>\n<th>Mar 2026<\/th>\n<th>Jun 2026<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Promoters<\/td>\n<td>62.82%<\/td>\n<td>62.76%<\/td>\n<td>62.87%<\/td>\n<td>62.86%<\/td>\n<\/tr>\n<tr>\n<td>FIIs<\/td>\n<td>16.83%<\/td>\n<td>14.12%<\/td>\n<td>14.55%<\/td>\n<td>10.82%<\/td>\n<\/tr>\n<tr>\n<td>DIIs<\/td>\n<td>13.33%<\/td>\n<td>15.22%<\/td>\n<td>14.12%<\/td>\n<td>15.83%<\/td>\n<\/tr>\n<tr>\n<td>Public<\/td>\n<td>7.02%<\/td>\n<td>7.91%<\/td>\n<td>8.46%<\/td>\n<td>10.49%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>FII holding fell from 16.83% in June 2025 to 10.82% in June 2026, which explains part of the sell-off in the first half of 2026. Domestic institutions raised their stake to 15.83%, with a single midcap mutual fund alone holding about 9.17% of the multibagger jewellery stock.<\/p>\n<p>Earlier in the 5-year window, the exit of private equity investor Warburg Pincus in 2024 removed a long overhang of supply. Once that stake was absorbed by the market, the Kalyan Jewellers share had one less source of selling pressure.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_the_Risks_for_This_Multibagger_Jewellery_Stock\"><\/span><strong>What Are the Risks for This Multibagger Jewellery Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The biggest risk for this multibagger jewellery stock is volatility. It lost roughly 59% from its January 2025 high to its June 2026 low, so investors should expect sharp swings even when the business is growing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Thin_and_Falling_Margins\"><\/span><strong>Thin and Falling Margins<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Net margins of this multibagger jewellery stock have stayed between about 3% and 4%. The drop in the June quarter operating margin to 6.50% shows how sensitive profits are to gold prices, discounts and the mix of exchange sales.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Gold_Price_and_Policy_Risk\"><\/span><strong>Gold Price and Policy Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A sharp fall in gold prices could hurt inventory values and dent the value growth that has powered sales. Any change in import duty, hallmarking rules or gold monetisation policy can also affect demand.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Rumour-Driven_Sell-Offs\"><\/span><strong>Rumour-Driven Sell-Offs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In January 2025 the multibagger jewellery stock fell about 28% in a single month on market rumours, which management publicly dismissed. Episodes like this show how sentiment can move the Kalyan Jewellers share price far more than fundamentals in the short term.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Valuation_and_Debt\"><\/span><strong>Valuation and Debt<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The multibagger jewellery stock trades at a PE of approximately 43.8 and a price-to-book ratio of about 9.95. That is below the industry PE of around 54, but still demanding for a low-margin retailer. Debt to equity stands at about 0.97, largely linked to gold inventory funding.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Kalyan Jewellers share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Kalyan_Jewellers_Share_Analyst_View\"><\/span><strong>Kalyan Jewellers Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analysts turned more positive on this multibagger jewellery stock after the July 2026 business update. Brokerages point to strong same-store sales growth, faster expansion outside south India and a steady return on equity of about 21% as reasons to stay constructive on the multibagger jewellery stock.<\/p>\n<p>They also flag near-term caution. Some market experts advised new investors to wait for a pullback toward support levels rather than chase the 79% rebound, while existing holders were advised to stay invested and track margins of the multibagger jewellery stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Kalyan_Jewellers_Share_Price_Target\"><\/span><strong>Kalyan Jewellers Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A foreign brokerage set a Kalyan Jewellers share price target of Rs 750, based on 40 times estimated March 2028 earnings, which implies roughly 22% upside from around Rs 615. A domestic brokerage has a Kalyan Jewellers share price target of Rs 670 using a discounted cash flow model and expects revenue to grow about 19% a year between FY26 and FY28.<\/p>\n<p>Another domestic brokerage had a lower Kalyan Jewellers share price target of Rs 525 in July 2026, which the multibagger jewellery stock has already crossed. On the chart, the Kalyan Jewellers share price faces resistance near the 52-week high of Rs 648.95, while the Rs 520 zone, where the July breakout paused, acts as an important support.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This multibagger jewellery stock has delivered a 745.54% return in about five years, driven by six-fold profit growth, rapid asset-light expansion and the shift of Indian buyers to organised jewellery retail. The Kalyan Jewellers share price has also shown it can fall hard, as the 59% drawdown between January 2025 and June 2026 proved.<\/p>\n<p>For anyone tracking a multibagger jewellery stock, the next leg depends on whether margins recover while the showroom network keeps growing. Tracking quarterly same-store sales, the operating margin and institutional holdings will offer the clearest signal on where this multibagger jewellery stock heads next.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_multibagger_jewellery_stock_rose_746_in_5_years\"><\/span><strong>Which multibagger jewellery stock rose 746% in 5 years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Kalyan Jewellers India Ltd (NSE: KALYANKJIL) is the multibagger jewellery stock that gained approximately 745.54% over five years as of 10 September 2026. It ranked 12th on the 5-year return table among 101 NSE stocks screened.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_5-year_return_of_Kalyan_Jewellers_adjusted_for_splits_or_bonuses\"><\/span><strong>Is the 5-year return of Kalyan Jewellers adjusted for splits or bonuses?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No adjustment was needed, because the company has not split its shares or issued bonus shares since listing in March 2021. The face value remains Rs 10, so the gain is genuine price appreciation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_Kalyan_Jewellers_share_price_rise_so_much\"><\/span><strong>Why did the Kalyan Jewellers share price rise so much?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Kalyan Jewellers share price rose on strong earnings growth, with net profit climbing from Rs 224 crore in FY22 to Rs 1,350 crore in FY26. Rapid franchise-led showroom expansion, record gold prices and a shift to organised retail also helped.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_Kalyan_Jewellers_Q1_FY27_results\"><\/span><strong>What were Kalyan Jewellers Q1 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> In Q1 FY27, Kalyan Jewellers reported revenue of Rs 10,645 crore, up about 46% year on year, and net profit of Rs 349 crore, up about 32%. The operating margin fell to 6.50% from 7.63% a year earlier.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_52-week_high_and_low_of_Kalyan_Jewellers\"><\/span><strong>What is the 52-week high and low of Kalyan Jewellers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The 52-week high is Rs 648.95 and the 52-week low is Rs 327.15, touched on 11 June 2026. The multibagger jewellery stock traded around Rs 615 on 10 September 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Kalyan_Jewellers_share_price_target\"><\/span><strong>What is the Kalyan Jewellers share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A foreign brokerage has a target of Rs 750 and a domestic brokerage has a target of Rs 670. Targets are estimates, not assured outcomes, and can change with results and market conditions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_multibagger_jewellery_stock_overvalued\"><\/span><strong>Is this multibagger jewellery stock overvalued?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The multibagger jewellery stock trades at a PE of about 43.8, below the industry PE of around 54, but at nearly 10 times book value. The valuation looks reasonable only if earnings keep growing at a fast pace.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_invest_in_a_multibagger_jewellery_stock_after_such_a_big_rally\"><\/span><strong>Should I invest in a multibagger jewellery stock after such a big rally?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A 746% rise means much of the growth is already in the price, and the stock has shown drawdowns of nearly 60%. Staggered buying, a clear risk limit and advice from a SEBI-registered advisor are sensible steps.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which multibagger jewellery stock rose 746% in 5 years?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Kalyan Jewellers India Ltd (NSE: KALYANKJIL) is the multibagger jewellery stock that gained approximately 745.54% over five years as of 10 September 2026. It ranked 12th on the 5-year return table among 101 NSE stocks screened.\"}},{\"@type\":\"Question\",\"name\":\"Is the 5-year return of Kalyan Jewellers adjusted for splits or bonuses?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No adjustment was needed, because the company has not split its shares or issued bonus shares since listing in March 2021. The face value remains Rs 10, so the gain is genuine price appreciation.\"}},{\"@type\":\"Question\",\"name\":\"Why did the Kalyan Jewellers share price rise so much?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Kalyan Jewellers share price rose on strong earnings growth, with net profit climbing from Rs 224 crore in FY22 to Rs 1,350 crore in FY26. Rapid franchise-led showroom expansion, record gold prices and a shift to organised retail also helped.\"}},{\"@type\":\"Question\",\"name\":\"What were Kalyan Jewellers Q1 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"In Q1 FY27, Kalyan Jewellers reported revenue of Rs 10,645 crore, up about 46% year on year, and net profit of Rs 349 crore, up about 32%. The operating margin fell to 6.50% from 7.63% a year earlier.\"}},{\"@type\":\"Question\",\"name\":\"What is the 52-week high and low of Kalyan Jewellers?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The 52-week high is Rs 648.95 and the 52-week low is Rs 327.15, touched on 11 June 2026. The multibagger jewellery stock traded around Rs 615 on 10 September 2026.\"}},{\"@type\":\"Question\",\"name\":\"What is the Kalyan Jewellers share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A foreign brokerage has a target of Rs 750 and a domestic brokerage has a target of Rs 670. Targets are estimates, not assured outcomes, and can change with results and market conditions.\"}},{\"@type\":\"Question\",\"name\":\"Is this multibagger jewellery stock overvalued?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The multibagger jewellery stock trades at a PE of about 43.8, below the industry PE of around 54, but at nearly 10 times book value. The valuation looks reasonable only if earnings keep growing at a fast pace.\"}},{\"@type\":\"Question\",\"name\":\"Should I invest in a multibagger jewellery stock after such a big rally?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A 746% rise means much of the growth is already in the price, and the stock has shown drawdowns of nearly 60%. Staggered buying, a clear risk limit and advice from a SEBI-registered advisor are sensible steps.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A branded gold jewellery chain turned Rs 1 lakh into about Rs 8.5 lakh in five years. Here is what drove the 746% rally and the risks to weigh.<\/p>\n","protected":false},"author":29,"featured_media":241487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[],"class_list":["post-241488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["241487"],"rank_math_title":["Multibagger Jewellery Stock Up 746% in 5 Years: Why It Rallied"],"rank_math_description":["This multibagger jewellery stock rose approximately 746% in 5 years on six-fold profit growth and rapid showroom expansion. See financials, risks and analyst targets."],"rank_math_focus_keyword":["multibagger jewellery stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/multibagger-jewellery-stock-rises-746-percent-in-5-years.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=241488"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241488\/revisions"}],"predecessor-version":[{"id":241489,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241488\/revisions\/241489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/241487"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=241488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=241488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=241488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}