Kalyan Jewellers’ (KALYANKJ) consolidated revenue grew 31% YoY to INR72.7b (in line). The Indian business achieved 31% YoY revenue growth, driven by store additions (added net nine Kalyan Indian stores and eight Candere stores) and 18% SSSG (20% in South, 16% in non-South). Management indicated that there is no pent-up demand likely to emerge from the recent moderation in gold prices, as weddings have not been postponed. Studded share remained stable at 30.2% in 1QFY26 vs 30.4% in 1QFY25. Studded revenue rose 30%.
OutlookWe model 21%/17%/21% revenue/EBITDA/PAT CAGR during FY25-28E. We reiterate our BUY rating with a TP of INR700 (based on 50x Jun’27 P/E).
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