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Shares of Kalyan Jewellers India Ltd. rose on Tuesday, a day after ICICI Securities upgraded the stock from “add” to “buy”. The brokerage highlighted that the stock could rise up to 50 per cent, driven by continued demand in the jewellery segment.

Analysts at the brokerage noted that last year’s 35 per cent correction in the share price provides investors with a margin of safety.

With festive and wedding-led spending expected to remain robust, ICICI Securities projects strong same-store sales growth (SSSG) in FY26.

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ICICI Securities retained a price target of Rs 670 per share.

At Monday's close, the target suggests a potential upside of 38 per cent.

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The brokerage cited several factors underpinning the company’s growth:

Expanding store network through its franchise-owned, company-operated (FOCO) model.

Omni-channel growth via the Candere platform, strengthening online sales.

Debt reduction of Rs 350-400 crore in FY26, enhancing balance sheet health.

Even with gold prices elevated, steady demand and a rapid store rollout are expected to maintain revenue momentum in the coming quarters.

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Kalyan Jewellers reported provisional Q2 results, with consolidated revenue growth estimated at 30 per cent for the September quarter. Among analysts covering the stock, eight have a buy rating, while one each holds a hold and sell.

At around 12:40 pm, shares were trading at Rs 487, up 1.65 per cent on the NSE. The stock has fallen 38 per cent so far in 2025.

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Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate affairs, with prior stints at Business ...LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.