Kalyan Jewellers India Limited has announced a significant board change with the cessation of Mr. ADM Chavali as Independent Director upon completion of his second consecutive term. The jewelry retailer informed stock exchanges about this corporate governance development on March 27, 2026.

Director Cessation Details

The company disclosed that Mr. ADM Chavali, bearing DIN 00374673, completed his second consecutive term as Non-Executive Independent Director and ceased to hold office at the close of business hours on March 27, 2026. This cessation follows the completion of his maximum permissible tenure as an independent director under corporate governance norms.

Regulatory Compliance

Kalyan Jewellers filed the disclosure pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also complied with SEBI Circular No. SEBI/HO/CFD/POD2/CIR/P/0155 dated November 11, 2024, providing detailed information about the board change.

The notification was sent to both major stock exchanges where the company is listed:

• National Stock Exchange (NSE): Symbol KALYANKJIL
• BSE Limited: Scrip Code 543278

Corporate Communication

The formal intimation was signed by Jishnu RG, Company Secretary & Compliance Officer, and digitally authenticated on March 27, 2026. The company provided comprehensive disclosure documentation as required under regulatory frameworks, ensuring transparency in corporate governance matters.

This board change represents a routine corporate governance transition as independent directors complete their maximum permissible tenure under SEBI regulations. The cessation aligns with regulatory requirements for independent director tenure limits in listed companies.

Kalyan Jewellers has received a Buy rating from Motilal Oswal Securities Limited (MOSL) with a target price of ₹550, reflecting the brokerage's confidence in the jewellery retailer's growth prospects and operational efficiency.

Strong Domestic Performance Despite Market Challenges

MOSL's positive outlook is anchored on the company's resilient performance in the Indian market, which continues to demonstrate robust demand despite elevated gold prices. The brokerage notes that the company has successfully maintained its market position while navigating the challenging pricing environment in the precious metals sector.

Expansion Strategy and Digital Growth

The investment firm highlights two key growth drivers supporting their recommendation:

The company's aggressive store expansion strategy is expected to drive revenue growth and market share gains. Additionally, MOSL recognizes the profitable trajectory of Candere, the company's online jewellery platform, as a significant contributor to future earnings.

Margin Expansion and Financial Health

MOSL anticipates EBITDA margin expansion driven by two primary factors:

• Product Mix Optimization: Improved sales composition favoring higher-margin products
• Operating Leverage: Enhanced operational efficiency as the business scales

The brokerage also points to the company's deleveraging efforts as a positive factor supporting overall profitability and financial stability.

Regional Risk Considerations

While maintaining an overall positive stance, MOSL acknowledges potential headwinds in the Middle East and North Africa (MENA) region. The brokerage notes that ongoing geopolitical tensions in the region could pose near-term challenges for the company's operations in these markets.

The Buy rating with a ₹550 target price reflects MOSL's confidence in the company's ability to capitalize on domestic growth opportunities while effectively managing regional risks and operational challenges.