Multibagger stock: Kalyan Jewellers achieves over 280% return in 10 months; up 355% from IPO price
Kalyan Jewellers, one of India's largest jewellery companies, has witnessed a remarkable surge in its stock price since April 2023, consistently reaching new record highs each month. This impressive performance is largely attributed to a significant increase in gold prices, resulting in improved price realisation, improved financial performance in recent quarters, and a strong emphasis on expanding its market presence. Starting from ₹102.95 apiece in April last year, the company's shares have surged by 284% to reach the current value of ₹395 per share.
On March 02, the stock hit an all-time high of ₹419 per share. Also Read: Gold price jumps 4% in one week on US Fed rate cut buzz. Opportunity to buy? Notably, the stock finished the last eight out of ten months in the green, with August 2023 marking the highest monthly gain at 45%, followed by a 40% rally in June.
Kalyan Jewellers' shares debuted on March 26, 2021, at ₹75.3 per share, compared to the issue price of ₹87. Despite a challenging first year, ending with a 21.26% decrease in value to ₹68.5, the stock rebounded in CY22, posting a solid gain of 85%. This momentum continued into CY23, with a whopping return of 180%, and the stock has already risen by 12% in the current year.
Taking the stock's current value into account, it is up by 425% from its listing price and 355% from its IPO price. Also Read: Around two-third of small-caps have become multi-baggers in last 4 years For the December quarter (Q3FY24), the company recorded consolidated revenue of ₹5,223 crore, up by 34% as compared to ₹3,884 crore in the corresponding period of the previous year. The consolidated PAT for Q3 FY24 stood at ₹180 crore as against a PAT of ₹148 crore for the corresponding period in
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