Gold prices have breached new highs, but the festive season is here. Will that impact gold buying trends? Most importantly, how would it affect gold jewellery stocks ? Motilal Oswal has maintained a Buy rating on Kalyan Jewellers , with a target price of Rs 650, implying an upside of over 34% from current levels. Weddings and festivities are expected to contribute to the growth of the company, and double-digit same-store sales growth (SSSG) continues in Q2 FY26, as per the pre-quarterly update.

The brokerage said that Kalyan Jewellers’ Q3 FY26 has started well, and the company is experiencing robust footfalls across all major markets. The gems & jewellery sector stock reported consolidated sales growth of 30% YoY in Q2 FY26, compared to 31% in Q1 FY26 and 37% in Q2 FY25.

Motilal O

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