Kalyan Jewellers Shares Upgraded To 'Buy' As ICICI Securities Eyes 50% Upside  — Here's Why

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

We upgrade Kalyan Jewellers India Ltd. to Buy (from Add) as over 35% correction in the stock price in last one year provides material margin of safety, in our opinion.

We maintain our earnings estimates and expect Kalyan to deliver strong same-store sales growth in FY26, supported by strong festive and wedding-led demand.

We reiterate our positive stance on the stock as we believe it may continue to outperform peers on the back of-

1. aggressive store expansion through its asset-light franchise owned- company operated model,

2. adding growth levers from omni-channel format Candere,

3. improving balance sheet health through further debt reduction of Rs 3.5–4.0 billion in FY26.

With steady demand trends despite elevated gold prices, coupled with an accelerating store rollout, we expect Kalyan’s revenue momentum to remain strong going ahead. We maintain target price of Rs 670.

Key risks: Delay in showroom expansion and potentially higher competitive intensity in core South Indian markets.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.