Overview

• Diamond jewellery value rose 12% in Q2 and silver sales jumped 54%, with H1 diamond growth at 31% by value and 14% by volume.
• The retailer opened five showrooms in the quarter, including an international outlet in Dubai, and expanded Shop-in-Shop counters and the Sennes format.
• Motilal Oswal termed the print a miss on a high base and regional disruptions, retained a Neutral rating with a Rs 385 target, and expects 7–8 more openings in H2 toward a ~20-store FY26 plan.
• Inventory is positioned for the festive and wedding-heavy Q3 with bridal and festive collections, lightweight lines, and new 9K gold offerings.
• The stock fell after the update, closing 2.34% lower on Wednesday and sliding as much as 4.6% to Rs 323.90 on Thursday, even as Bloomberg’s 12-month consensus target stands near Rs 483; Antique Stock Broking reiterated Buy with a Rs 569 target.