Kalyan Jewellers experienced a significant increase in consolidated revenue, with a year-on-year growth of 37%, reaching INR 60.7 billion. This growth aligns with market expectations.

The Indian segment of the business saw a revenue growth of 39%, driven by the addition of 14 Kalyan India and 12 Candere stores. Additionally, there was a strong same-store sales growth (SSSG) of 23%, with the southern regions performing particularly well at 25%. The festive season leading up to Diwali also contributed significantly, with the company achieving over 20% SSSG during a comparable 30-day period.

The focus on new customer acquisition resulted in 36% of new customers in the second quarter of FY25. Revenue from studded jewelry increased by 45%, surpassing the growth in gold revenue, and the studded segment's share increased to 30% from 28% in the same quarter last year. In contrast, competitor Titan faced demand pressures in the large solitaire segment.

• Analysts project a compound annual growth rate (CAGR) of 29%, 23%, and 33% for revenue, EBITDA, and PAT respectively from FY24 to FY27.
• Based on this projection, a BUY rating with a target price of INR 800 is reiterated, using a 60x price-to-earnings ratio for September 2026.