Kalyan Jewellers (KALYANKJ)’s consolidated revenue grew 30% YoY to INR78.6b (in line). India business achieved 31% YoY revenue growth, driven by store additions (added a net of 13 Kalyan Indian stores and 15 Candere stores) and 16% SSSG (14% in the South, 17% in the non-South). Management said that demand momentum on the ground remained healthy, with Navratri witnessing robust offtakes. During the 30 days leading up to Diwali, KALYANKJ reported LFL growth of over 30%, indicating sustained festive momentum.
OutlookWe model 25%/22%/30% revenue/EBITDA/PAT CAGR during FY25-28E. We reiterate our BUY rating with a TP of INR675 (based on 45x Sep’27 P/E).
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