Kalyan Jewellers shares up 72% in 3 months: Buy, sell or hold? Check target price
Kalyan Jewellers share price: Kalyan’s latest ‘House of Regional Brands’ initiative can add incremental reach without affecting the core Kalyan brand or changing its positioning, ICICI Securities said.
- Aug 24, 2026,
- Updated Aug 24, 2026 11:44 AM IST
ICICI Securities has maintained a ‘Buy’ on Kalyan Jewellers India Ltd, even as the stock has rallied 72 per cent in the past three months, saying the company’s push to build regional brands across key Indian markets is a calibrated attempt to tap value-conscious consumers moving from unorganised jewellers to organised players. The note mentioned a target price of Rs 720.
The brokerage said Kalyan’s latest ‘House of Regional Brands’ initiative can add incremental reach without affecting the core Kalyan brand or changing its positioning. Its view followed a visit to the launch of an Akshaya Thanga Maligai, or ATM, store.
ICICI Securities said, “ATM also creates a funnel that channels customers from the organised regional basket into Kalyan’s ecosystem. Importantly, ATM-to-Kalyan progression could be more effective than the traditional ‘Outside regional brands to Kalyan’ migration, reinforcing company’s strategic merit of launching regional formats rather than relying only on external brand conversions.”
The domestic brokerage said the Tamil Nadu launch of ATM also serves as a controlled pilot. If the format demonstrates traction in customer acquisition and unit economics, it believes the company has a replicable template for other large regional markets.
It added that if the concept underperforms, the downside appears largely contained. According to the brokerage, store assets such as fixtures and furniture can be written down at a nominal level, while unsold inventory in the form of finished jewellery can be reallocated to existing Kalyan stores, limiting the financial impact.
ICICI Securities said the risk-reward remains favourable. “We believe a successful regional-brand strategy could become a meaningful medium-term revenue contributor – one that, in our view, is not yet fully reflected in consensus expectations,” it said.
For now, the brokerage expects revenue, Ebitda and profit to grow 19 per cent, 16 per cent and 26 per cent, respectively, over FY26-28E. It also said, “We reiterate BUY with a DCF-based unchanged target price of Rs 680. Key risks: Weaker discretionary demand, delays in FOCO store additions, and higher competitive intensity in core South Indian markets.”
ICICI Securities has maintained a ‘Buy’ on Kalyan Jewellers India Ltd, even as the stock has rallied 72 per cent in the past three months, saying the company’s push to build regional brands across key Indian markets is a calibrated attempt to tap value-conscious consumers moving from unorganised jewellers to organised players. The note mentioned a target price of Rs 720.
The brokerage said Kalyan’s latest ‘House of Regional Brands’ initiative can add incremental reach without affecting the core Kalyan brand or changing its positioning. Its view followed a visit to the launch of an Akshaya Thanga Maligai, or ATM, store.
ICICI Securities said, “ATM also creates a funnel that channels customers from the organised regional basket into Kalyan’s ecosystem. Importantly, ATM-to-Kalyan progression could be more effective than the traditional ‘Outside regional brands to Kalyan’ migration, reinforcing company’s strategic merit of launching regional formats rather than relying only on external brand conversions.”
The domestic brokerage said the Tamil Nadu launch of ATM also serves as a controlled pilot. If the format demonstrates traction in customer acquisition and unit economics, it believes the company has a replicable template for other large regional markets.
It added that if the concept underperforms, the downside appears largely contained. According to the brokerage, store assets such as fixtures and furniture can be written down at a nominal level, while unsold inventory in the form of finished jewellery can be reallocated to existing Kalyan stores, limiting the financial impact.
ICICI Securities said the risk-reward remains favourable. “We believe a successful regional-brand strategy could become a meaningful medium-term revenue contributor – one that, in our view, is not yet fully reflected in consensus expectations,” it said.
For now, the brokerage expects revenue, Ebitda and profit to grow 19 per cent, 16 per cent and 26 per cent, respectively, over FY26-28E. It also said, “We reiterate BUY with a DCF-based unchanged target price of Rs 680. Key risks: Weaker discretionary demand, delays in FOCO store additions, and higher competitive intensity in core South Indian markets.”