Motilal Oswal keeps 'Buy' on Kalyan, PN Gadgil and Marico, sees 18-47% upside

Brokerage flags aggressive store expansion and strong revenue growth. Kalyan (TP Rs 525, ~47% upside) added 12 stores plus 5 Candere with Q1 sales up 38% YoY. PN Gadgil (TP Rs 700, ~22%) posted 41% revenue growth and 46% SSSG. Marico (TP Rs 1,000, ~18%) eyes Rs 15,000 cr revenue by FY27 as copra prices fall ~45%.

— Filed Wed, 8 Jul, 2026, 10:19 IST · Source Financial Express · BrandWagon · Updated

Motilal Oswal retains 'Buy' on Kalyan Jewellers, Marico and PN Gadgil Jewellers, citing store expansion, revenue growth and margin outlook, with 18-47% upside targets across the three Indian consumer/jewellery retailers.

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