Kalyan Jewelers Stock Price: Kalyan Jewelers’ shares may see a rise of up to 22 percent in future. This estimate has been given by brokerage firm Motilal Oswal. The brokerage has reiterated ‘buy’ rating on Kalyan Jewelers stock with a target price of Rs 800 per share. This target price is 22 percent more than the closing price of Rs 653.85 on BSE on Thursday, November 14. The stock markets were closed on 15 November on Guru Nanak Jayanti.
The brokerage said in its research report that the consolidated revenue of Kalyan Jewelers increased by 37 percent year-on-year to Rs 60.7 billion in the July-September 2024 quarter. The Indian business recorded revenue growth of 39 per cent YoY, led by store additions and 23 per cent SSSG (Same-Store Sales Growth). The company added 14 Kalyan India stores and 12 Candere stores during the quarter. SSSG was 25% in South and 21% in Non-South.
Got support to focus on adding new customers
Festive demand remained strong; Kalyan Jewelers achieved 20% more SSSG for the 30-day period till Diwali this year as compared to last year. The company’s focus on adding new customers supported growth. Taking into account other such factors, Motilal Oswal has projected revenue of 29 per cent, EBITDA of 23 per cent and net profit of 33 per cent CAGR for Kalyan Jewelers during FY24-27E. Also reiterating ‘Buy’ rating, a target price of Rs 800 has been given for the share. The brokerage expects expensive valuations to remain intact.
According to BSE data, the share price of Kalyan Jewelers has jumped 94 percent in the last one year. On the other hand, the stock has fallen 7 percent in just one week. The stock had seen a 52-week high of Rs 786 on September 23, 2024. The face value of the share is Rs 10.
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