UBS retains Buy rating for Kalyan Jewellers stock at INR 900.00

Published on 10/01/2026 at 15:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kalyan Jewellers stock posted INR 10,588.90 crore revenue in the first quarter of fiscal 2027. Net profit rose 32.00 percent to INR 348.70 crore.

Kalyan, INE214T01019, Illustration mit AI erstellt.

Kalyan Jewellers India Limited (INE214T01019) has an INR 900.00 price target from UBS, which retained its Buy rating on September 29, 2026. As TradingView reported, the brokerage expects stronger growth in the second half of fiscal 2027 despite a high comparison base.

Revenue climbs in fiscal 2027

Kalyan Jewellers generated INR 10,588.90 crore of revenue in the first quarter of fiscal 2027, up 45.70 percent from INR 7,268.50 crore a year earlier. The company also reported net profit of INR 348.70 crore, a 32.00 percent increase from INR 264.10 crore in the comparable quarter, according to 5paisa.

The growth comparison is substantial, but the earnings mix matters. First-quarter EBITDA increased 24.50 percent to INR 632.50 crore from INR 508.00 crore, trailing revenue growth during the same period.

Margin pressure offsets part of growth

5paisa reported that the EBITDA margin declined to 6.00 percent in the first quarter of fiscal 2027 from 7.00 percent in the year-earlier quarter. That one-percentage-point contraction gives the UBS outlook a clear execution test: store expansion and higher sales must translate into profit growth without further margin erosion.

UBS also pointed to continued network expansion and gold savings schemes as supports for same-store growth, while gold prices affect demand and average purchase values differently across customer groups, as TradingView reported on September 29, 2026.

NSE quote remains below yearly high

Kalyan Jewellers was last quoted at INR 528.50 on NSE on October 1, 2026 at 3:14 p.m. IST, down 4.46 percent versus INR 553.15. The 52-week range is INR 327.05 to INR 648.95, leaving the quote below the yearly high while the company carries a market capitalization of INR 545.8 billion.