Kalyan Jewellers shares fall over 9% but target prices go up to Rs 700

Kalyan Jewellers' shares plunged 9.4% despite a 31% revenue surge, as India's gross margins dipped due to franchised store growth. Brokerages like Citi and Motilal Oswal remain optimistic, projecting a rally to Rs 700. The company maintains an aggressive expansion plan of 170 stores in FY26, focusing on the FOCO model.