Kalyan Jewellers Rebounds After Pullback on Strong Q1 Update; Citi Eyes Rs 750
Shares rose 3.1% to Rs 564 following a robust June-quarter update: 38% YoY consolidated revenue growth and ~28% SSSG. Citi reiterated buy with a Rs 750 target. Candere jumped 112%, international revenue grew 35% YoY, and the company added 12 new showrooms plus 5 Candere stores, taking the count to 524 ahead of the festive season.
What happened
Kalyan Jewellers shares climbed after a strong June-quarter update showing 38% YoY revenue growth and 28% SSSG. Citi reiterated buy with Rs 750 target. Store
Key facts
- stock +3.1% to Rs 564
- corrected ~3% Thursday
- 51% rally over six sessions
- Citi target Rs 750
- 38% YoY consolidated revenue growth
- SSSG ~28%
- recycled gold >46% of revenue (55% in June)
- international +35% YoY
- Middle East +30%
- overseas ~14% of revenue
- Candere +112%
- 12 new showrooms + 5 Candere stores
- 524 showrooms
Why this matters
Candere's 112% surge and 35% international revenue growth validate the omnichannel and overseas expansion thesis, opening a case for accelerating digital-brand and cross-border M&A or partnership plays.
What to watch
- Full Q1 P&L margin disclosure and studded-jewellery mix
- Gold price volatility affecting demand and hedging costs
- Candere online growth sustainability post 112% jump
- Franchise vs owned store expansion economics
- Dhanteras/Diwali same-store sales run-rate
- Watch for follow-through analyst upgrades echoing Citi's Rs 750 target
- Monitor institutional accumulation vs retail-driven froth in delivery volumes
- Track festive-season inventory build and gold hedging commentary
- Compare peer updates (Titan, Senco, PN Gadgil) for sector read-through