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ICICI Securities Report
Kalyan Jewellers India Ltd. remained in the spotlight after reporting a strong set of June-quarter earnings, prompting ICICI Securities to reiterate its 'Buy' rating and raise its target price to Rs 680 from Rs 670, implying a potential upside of about 15% from current levels.
The brokerage believes the jewellery retailer's strong growth momentum, improving return ratios and rapid debt reduction outweigh near-term margin pressures.
Kalyan Jewellers reported a robust performance in Q1 FY27, with consolidated revenue rising 45.7% YoY to Rs 10,589 crore, driven by strong consumer demand and healthy same-store sales growth. Ebitda increased 24.5% YoY to Rs 632 crore, while profit after tax grew 32% YoY to Rs 349 crore.
Key risks include weaker discretionary demand, delays in FOCO store additions, and higher competitive intensity in core South Indian markets.
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