Boost before Diwali? 3 reasons why ICICI Securities sees 50% upside in Kalyan Jewellers

ICICI Securities has upgraded Kalyan Jewellers to ‘Buy’ from ‘Add’ with a target price of Rs 670, citing steady demand trends and accelerating store rollout. The brokerage believes that Kalyan Jewellers may continue to outperform peers due to its aggressive store expansion, omnichannel format, and improving balance sheet health.