Shares of Kalyan Jewellers India Ltd., based in Thrissur, Kerala, fell nearly 9% on Friday, August 8, despite posting gains in three of the previous four sessions. The stock opened higher at ₹615.65 but quickly declined, hitting a low of ₹542 during the day.
Despite the drop, global brokerage Citi has reiterated its ‘Buy’ rating and raised the stock’s target price to ₹700, citing solid financial performance. The company’s revenue rose 31% year-on-year, with an 18% same-store sales growth in India—broadly in line with expectations. EBITDA and PBT rose 35% and 49% YoY respectively, beating Citi’s estimates due to strong operating leverage, a successful pilot project, and increased platinum and silver sales.
Key updates from management include: a pilot project on “lean credit procurement” which, if scaled, could require a ₹1,500–2,000 crore capital infusion; plans to launch regional brand stores under the FoCo model; and a pause on debt reduction to monetise real estate collateral.
Strong demand and footfalls continue, and the company is optimistic about the upcoming festive season.
Currently, shares are down 6.61% at ₹551.90, having declined 27% year-to-date in 2025.
