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Motilal Oswal sees 33% upside in Kalyan Jewellers, the highest among four jewellery stocks

Motilal Oswal expects India’s organised jewellery retail to gain from formalisation, premiumisation and non-metro expansion. It rates Titan, Kalyan and PN Gadgil Buy, with Kalyan offering the highest projected upside of 33%, while maintaining Neutral on Senco Gold.

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Reported figures

From the report. Source details below

Kalyan Jewellers target price: Rs 800; 33% upside
P N Gadgil Jewellers target price: Rs 800; 27% upside
Titan target price: Rs 6,000; 17% upside
Senco Gold target price: Rs 430; 6% upside
Organised jewellery retail share: 40-45%, versus 20-25% in FY19
Listed jewellery universe revenue: about Rs 1.4 lakh crore in FY26
Sector revenue CAGR: 34% from FY22 to FY26
Titan jewellery market share: about 9%

Also in the report

  • 68% of new organised jewellery stores added during June 2024-2026 were outside metros and Tier-1 cities

The source

Source Read the source at Financial Express

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