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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

ICICI Securities's research report on Kalyan Jewellers India

Kalyan reported a strong Q2FY26 with broad-based growth across India and the Middle East, supported by healthy SSSG and continued FOCO-led expansion. Margin performance was ahead of our expectations, aided by mix stability and operating leverage, while underlying profitability remained firm after normalising for last year’s custom-duty impact. With festive trends tracking strongly (>30% SSSG in 30-days into Diwali) and return metrics improving (ROCE ~23%), we believe there is clear visibility on sustained revenue momentum and stable margin delivery over the medium term. It maintained FY26–27 rollo

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