Kalyan Jewellers stock to double from here? Why analysts are bullish

Kalyan Jewellers' stock rallied over 25% in two trading sessions after its Q1FY27 business update showed consolidated revenue growth of around 38% year-on-year, driven by strong same-store sales growth in India, 35% revenue growth in international markets, and 112% revenue growth at its Candere digital platform. Citi remains bullish with a target price of Rs 750, implying potential doubling from current levels, citing the company's franchise-led expansion and asset-light model. ICICI Securities maintained a Buy rating with a target price of Rs 670, projecting a revenue, EBITDA and PAT CAGR of 19%, 16% and 24% respectively over FY26-28E.