KALYANKJIL RISE AFTER UBS INITIATES COVERAGE WITH BUY RATING

Kalyan Jewellers India shares gained after UBS initiated coverage on the jewellery retailer with a ‘Buy’ rating and a target price of ₹900 per share, implying an upside of nearly 50% from Friday’s closing price. The stock was trading 1.5% higher in early deals. Kalyan Jewellers had closed 1.89% lower on Friday, while Indian equity markets remained shut on Monday due to a holiday. UBS said Kalyan Jewellers has established itself as a pan-India jewellery retailer, replicating the footprint of market leader Titan while developing a strong hyper-local value proposition. The brokerage highlighted the company’s capital-light franchise-owned, company-operated model, which it said is now well established and supports rapid network expansion. According to UBS, Kalyan Jewellers is adding stores at nearly twice the pace of Titan. The brokerage noted that Kalyan Jewellers’ revenue recorded a compound annual growth rate of around 35% between FY22 and FY26, making it one of the fastest-growing companies in India’s organised jewellery sector. UBS expects the company’s revenue and earnings to grow at an annualised rate of around 23% over the next five years, driven primarily by continued expansion of its store network. Kalyan Jewellers shares have gained more than 24% so far in 2026, significantly outperforming the benchmark Nifty 50, which has declined around 10.5% during the same period. The company had a market capitalisation of approximately ₹62,100 crore at Friday’s close.