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Investing.com - ICICI Securities has upgraded Kalyan Jewellers India Ltd (NS:KALYANKJ) stock rating from "Add" to "Buy" with a price target of INR670.00.
The upgrade follows a significant correction in Kalyan Jewellers’ stock price, which has fallen over 35% in the past year, providing what ICICI Securities describes as a "material margin of safety."
ICICI Securities maintained its earnings estimates for the company, expecting Kalyan to deliver strong same-store sales growth in FY26, supported by robust festive and wedding-led demand despite elevated gold prices.
The research firm cited several factors supporting its positive stance, including Kalyan’s aggressive store expansion through its asset-light FOCO model, growth potential from its omni-channel format Candere, and improving balance sheet health through projected debt reduction of INR3.5-4.0 billion in FY26.
ICICI Securities expects Kalyan’s revenue momentum to remain strong going forward, driven by steady demand trends and accelerating store rollout plans.
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