Kalyan Jewellers expects a strong H2 despite a high base; UBS sees 60% share price upside

Shares of Kalyan Jewellers India Ltd. are in focus on Tuesday, September 29 after its management said it has a stronger growth outlook for the rest of the current financial year.

As a result of the optimistic management commentary, brokerage firm UBS has maintained its "buy" recommendation on Kalyan Jewellers with a price target of ₹900 per share, which indicates an upside potential of 60% from Monday's closing price.

Citing key takeaways from the Kalyan Jewellers' management call, UBS said that the company expects the second half of the current financial year to remain strong, despite a high base.

UBS wrote further that Gold price on demand and ticket size impact are varied across segments, adding that the management is set to continue its aggressive network rollout.

Kalyan Jewellers' gold savings schemes provide same stores growth (SSG) visibility. Gold exchange will remain high, but margins will be managed, UBS added.

Kalyan Jewellers reported its first quarter earnings last month.

Its profit increased 32% to ₹348.7 crore from ₹264.1 crore last year. Its revenue increased 45.7% to ₹10,588.9 crore from ₹7,268.5 crore.

Meanwhile, the company's earnings before interest, taxes, depreciation and amortization (EBITDA) was up 24.5% at ₹632.5 crore from ₹508 crore but its margins contracted to 6% from 7% in the year-ago period.

Of the 10 analysts who have coverage on the Kalyan Jewellers stock, nine have a "buy" recommendation while one has a "hold" rating.

Shares of Kalyan Jewellers ended the previous session 1.8% lower at ₹563 per share. The stock has declined 6.3% in the past month but has gained 16.3% in 2026, so far.

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