Equity Snap: Kalyan Jewellers (KALYANKJ IN) Kalyan Q1FY27 update – India business SSSG below our expectations

Research evidence excerpt

Equity Snap: Kalyan Jewellers (KALYANKJ IN) Kalyan Q1FY27 update – India business SSSG below our expectations

7 July 2026

Equity Snap: Kalyan Jewellers Equities Textiles Apparel & Luxury

(KALYANKJ IN) Gds

Kalyan Q1FY27 update – India business SSSG below

our expectations India

◆ Kalyan released its Q1FY27 update: India operations Nihal Mahesh Jham*, CFA

revenue growth of over 38% yoy below our estimate of +47%, SeniorHSBC SecuritiesAnalyst, Indiaand CapitalConsumerMarkets& Retail(India) Private

partially due to Adhik Maas period impacting demand Limited nihal.m.jham@hsbc.co.in

+91 22 66283771

Kalyan Jewellers (KALYANKJ IN, INR381.25, Buy, TP INR710.00) Pratik Gothi*

Analyst, India Consumer & Retail

(Priced as of 06 Jul 2026) HSBC Securities and Capital Markets (India) Private

Limited

◆ Consolidated revenue growth of approximately 38% yoy (vs HSBCe: +42%), , pratik.gothi@hsbc.co.in

per a company announcement earlier today morning. +91 80 6737 3929

Nupur Vyas*

India Associate, India Consumer & Retail

HSBC Securities and Capital Markets (India) Private

◆ India operations witnessed revenue growth of over 38% during Q1 FY2027 yoy Limited

nupur.vyas@hsbc.co.in

(HSBCe: +47% yoy), driven primarily by SSSG of 28% +91 22 40891584

◆ The company launched its ‘Shine with India’ gold recirculation campaign during

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

2H of May with the larger objective of increasing the share of recycled gold and not registered/ qualified pursuant to FINRA regulations

thereby reducing dependence on imported gold. Share of recycled gold was over

46% of revenues during Q1 and over 55% of revenues for June 2026.

◆ Growth was strong across all the key markets although the 28-day Adhik Maas