Diamond, Gems and Jewellery · KALYANKJ
Diamond, Gems & Jewellery
from 604 today
We visited Akshaya Thanga Maligai (ATM) store on launch day and believe the initiative is less about adding another brand and more about addressing a customer segment that the flagship Kalyan brand does not naturally serve. We maintain our positive stance on Kalyan, reiterate BUY.
Kalyan combines neighbourhood relevance with organised scale, creating a differentiated growth engine that drives share gains. We forecast FY26-29E EPS CAGR of 21% and initiate at Buy with a price target of Rs830.
Growth momentum continues with strong revenue performance, though margins missed estimates. We reiterate BUY with a TP of INR700, based on consistent success on customer acquisition, improving operating margin, and deleveraging the balance sheet.
Kalyan reported Q1FY27 revenue/EBITDA/PAT growth of ~46/25/32 (%) YoY despite gross margin contraction, supported by strong SSSG and debt reduction. We maintain our BUY rating with a revised target price of INR 680, backed by a ~25% EPS CAGR over FY26–28E.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
