2026-01-10 05:46:12 pm | Source: Motilal Oswal Financial Services Ltd
Buy Kalyan Jewellers India Ltd for the Target Rs. 650 by Motilal Oswal Financial Services Ltd
* We expect 38% revenue growth in the India business. We model 25% SSSG, led by the gold price increase. We expect 47 store additions for Kalyan (incl. Candere and Middle East), bringing the total count to 483 stores in 3QFY26.
* In India, GP margin is expected to dip 50bp YoY to 12.2%, due to promotional schemes given to offset the gold price surge and franchise-led store expansion. EBITDA margin is expected to contract 20bp YoY to 6.5%.
* In the Middle East, we expect 9% YoY revenue growth and flat EBITDA margin YoY.
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