2025-07-15 11:48:04 am | Source: Motilal Oswal Financial Services Ltd
Buy Kalyan Jewellers Ltd For Target Rs. 660 by Motilal Oswal Financial Services Ltd
* We expect 30% revenue growth in the India business. We model 15% SSSG, led by an increase in gold prices. We expect nine store additions for India Kalyan, 20 for Candere, and two in the Middle East, bringing the total count to 419 stores in 1Q.
* We expect a 90bp contraction in GP margin to 13.4%, impacted by promotional schemes offered to offset the sharp rise in gold prices. We model a 70bp contraction in EBITDA margin to 6.8% in 1QFY26.
* In the Middle East, we expect 14% YoY revenue growth and moderation in EBITDA margin.
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