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Jefferies starts Kalyan Jewellers at Buy, sees 39% upside to Rs 598
Jefferies initiated Kalyan Jewellers at Buy with a Rs 598 target, citing organised-market gains, regional expansion and its FOCO model. The brokerage forecasts 21-23% revenue and earnings CAGR through FY29, while flagging gold-price, competition and regulatory risks.
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Reported figures
From the report. Source details below
| India jewellery market: | over $115 billion |
|---|---|
| Unorganised market share: | around 60% |
| Kalyan showrooms globally: | over 500 |
| Weddings' share of Indian jewellery demand: | around 60% |
| Expected revenue and earnings CAGR: | 21-23% (FY26-FY29) |
The source
Filed
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