2025-10-16 10:37:39 am | Source: Motilal Oswal Financial Services Ltd
Buy Kalyan Jewellers India Ltd for the Target Rs. 650 by Motilal Oswal Financial Services Ltd
* We expect 28% revenue growth in the India business. We model 14% SSSG, led by the gold price increase. We expect 48 store additions for Kalyan (incl. Candere and Middle East), bringing the total count to 454 stores in 2Q.
* GP margin to decline 50bp to 13.3%, due to promotional schemes given to offset the gold price surge and franchiseled store expansion. EBITDA margin to rise 20bp to 6.7%.
* In the Middle East, we expect 15% YoY revenue growth and flat EBITDA margin YoY.
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