ICICI Securities has upgraded Kalyan Jewellers India to 'Buy' from 'Add', noting that the stock’s more than 35 per cent correction over the past year provides a significant margin of safety. The brokerage has maintained its earnings estimates and expects Kalyan to deliver robust same-store sales growth in FY26, driven by strong festive and wedding-led demand. Advertisement

The brokerage believes Kalyan is well-positioned to outperform its peers, supported by aggressive store expansion through its asset-light FOCO model, the addition of new growth levers from the omni-channel format Candere, and an improving balance sheet with planned debt reduction of Rs 350–400 crore in FY26. ICICI Securities expects steady demand trends, despite elevated gold prices, combined with an accelerating store

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