Kalyan Jeweller's demand momentum remained strong in Q3 FY27 as well, with the first ~40 days witnessing healthy traction. This reinforces the underlying demand strength and management's confidence in achieving its FY27 growth aspiration of minimum 25% revenue growth. Kalyan added a net of 11 Kalyan stores in India during the quarter, taking the network to 365 stores. FY27 expansion guidance remains intact at 84 Kalyan stores (all FOCO), 50 Candere stores, and five ATM showrooms, with openings weighted toward H2.
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Motilal Oswal Report
Motilal Oswal has reiterated its Buy rating on Kalyan Jewellers India Ltd. rating with a target price of Rs 800, based on 35 times Sept'28 P/E. The target price implies a potential upside of about 21% from the reports market price.
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Kalyan Jewellers reported strong consolidated revenue growth of 31% YoY to Rs 10,320 crore (estimate: Rs 9,870 crore), despite the shift of festive season into Q3 FY27.
India's revenue grew 32% YoY, supported by healthy same-stores sales growth of 20% (South: 19%; non-South: 21%). Importantly, management indicated that Q2 witnessed volume growth, as SSSG of ~20% came against single-digit gold price inflation.
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Demand momentum remained strong in Q3 FY27 as well, with the first ~40 days witnessing healthy traction. This reinforces the underlying demand strength and management's confidence in achieving its FY27 growth aspiration of minimum 25% revenue growth.
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