India’s consumer and jewellery sectors continue to remain on the radar.
According to the latest brokerage report by Motilal Oswal, three stocks – Marico, Kalyan Jewellers and PN Gadgil Jewellers continue to offer investment opportunities based on their earnings outlook, business expansion plans and revenue growth.
The brokerage report noted that these stocks could deliver upside potential of up to 47% from their current market prices.
Let’s take a look at the stocks the brokerage house is bullish on and the rationale behind it –
Motilal Oswal on Kalyan Jewellers
Motilal Oswal has retained a ‘Buy’ rating on Kalyan Jewellers with a target price of Rs 525. This translates to an upside potential of around 47% from the current market price.
As per Motilal Oswal report, the jewellery retailer reported around 38% year-on-year consolidated sales growth during the first quarter of the financial year 2026-27. Although the growth was slightly lower than the brokerage’s estimate of 45%, the company continued to expand its retail network.
Furthermore, during the quarter, the company added 12 new Kalyan showrooms. Apart from this, it also added five Candere stores in India.
As of June 30, 2026, the Jewellery maker operated 524 stores across India and overseas markets.
The brokerage report also highlighted that Kalyan’s ‘Shine with India’ gold recirculation campaign helped increase the share of recycled gold to more than 46% of revenue during the quarter. Meanwhile, the proportion crossed 55% in June 2026.
Motilal Oswal Marico
Motilal Oswal has maintained a ‘Buy’ rating on Marico with a target price of Rs 1,000, suggesting an upside potential of about 18%.
The brokerage report noted that Marico is expected to report healthy earnings growth in the FY26-27. This is driven by improving demand for its Parachute coconut oil brand, steady growth in value-added hair oils, and continued expansion of its foods business and digital-first brands.
The brokerage report added, “Marico appears well placed to deliver healthy earnings growth in FY27.”
According to the brokerage report, a sharp correction in copra prices has helped improve the outlook for the company. Copra, which is a key raw material for Marico, has declined by nearly 45% from its peak, allowing the company to reduce product prices by 15-20%.
The brokerage further said, “Management has guided for 150-200 basis points EBITDA margin expansion in FY27.”
The report also noted that “Marico expects its India business to deliver double-digit volume growth and more than 20% revenue growth in Q1FY27.”
Motilal Oswal said Marico is targeting revenue of more than Rs 15,000 crore in FY27 and Rs 20,000 crore by FY30, while continuing to diversify its international business.
Motilal Oswal on PN Gadgil
Motilal Oswal has also maintained a ‘Buy’ rating on PN Gadgil Jewellers with a target price of Rs 700. This indicates an upside potential of around 22%.
The company delivered 41% year-on-year revenue growth during the first quarter of FY27.
The report added, “The Retail segment’s revenue surged 56% YoY in Q1FY27.”
It also added that “Same Store Sales Growth stood at 46% for Q1FY27.”
According to the brokerage report, the contribution of studded jewellery continued to improve, while recently opened stores in northern and central India are seeing better customer response than expected.
The brokerage also noted that the company plans to open 25 new stores in FY27, taking its total store count to 103.
Further, the report stated, “Financial performance for the quarter remains in line with the company’s previously stated gross and EBITDA margin (7-7.5%) guidance for FY27.”
What investors need to watch
Motilal Oswal believes all three companies are supported by different growth drivers. While Marico is expected to benefit from easing raw material costs and improving margins, Kalyan Jewellers continues to expand its retail footprint and increase the use of recycled gold. PN Gadgil, on the other side, is seeing strong retail demand and plans to further grow its store network.
Disclaimer: Investment opportunities and target prices mentioned here are based on a brokerage report by Motilal Oswal and do not constitute direct buy, sell, or hold recommendations from this publication. Equity investments are subject to market risks, and performance targets or upside projections are not guaranteed futures. Readers are advised to consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.