Kalyan Jewellers Jumps 13% as Citi Doubles Down, Sees Stock at Rs 750
Kalyan Jewellers extended its rally after Citi issued a double upgrade with a Rs 750 target, implying 97% upside. The move follows a strong Q1 business update: revenue up 38% YoY, India SSSG at 28%, and Candere revenue surging 112%. The retailer added 12 Kalyan and 5 Candere showrooms in the quarter.
What happened
Kalyan Jewellers shares surged 13% after Citi double-upgraded the stock to a Rs 750 target on strong Q1 business update: 38% revenue growth, 28% India SSSG,
Key facts
- shares up 13%
- Rs 422.3 intraday
- Citi target Rs 750
- 97% upside
- revenue +38% YoY
- 28% SSSG India
- international revenue +35%
- Candere revenue +112%
- 12 Kalyan + 5 Candere showrooms added
Why this matters
Rapid dual-format expansion across Kalyan and Candere signals appetite for footprint acquisition and omnichannel bolt-ons, especially in underpenetrated regional jewellery markets.
What to watch
- Full Q1 FY earnings with margin and studded-ratio disclosure
- Gold price volatility affecting demand and inventory gains
- Peer commentary (Titan/Tanishq) on SSSG and competitive pressure
- Store addition cadence and franchisee vs owned mix
- Additional analyst target revisions post-Citi
- Watch for follow-on broker upgrades matching Citi's bullish thesis
- Monitor institutional/FII buying flows in next filings
- Track expansion pace of Candere vs profitability given 112% surge
- Assess margin trajectory in detailed Q1 results vs top-line optimism