Citi sees Kalyan Jewellers doubling with Rs 750 target after strong Q1 update
Kalyan Jewellers rose 6% after Citi reiterated 'buy' with a Rs 750 target implying 108% upside. Q1 saw ~38% revenue growth, 28% India same-store-sales growth, and Candere revenue up 112%. International revenue rose 35% to 14% of consolidated sales, with 17 new showrooms added.
Kalyan Jewellers shares rose 6% after Citi reiterated 'buy' with Rs 750 target (108% upside) on Q1 update; 38% revenue growth, 28% India SSSG, Candere up 112%, and 17 new showrooms added.