JM Financial starts coverage on India's Kalyan Jewellers with 'buy'

Avenue Supermarts

15/07/2025 09:24

** JM Financial initiates Kalyan Jewellers KALN.NS with "buy"; sets PT at 700 rupees

** PT implies ~19% upside to current price of 586.45 rupees

** Brokerage says co developed strong brand profile, hyperlocal approach to cater to different needs of customers across India

** Adds co's franchisee model of expansion capital-efficient, enables faster store rollouts

** Notes jeweller has ample scope for further expansion as it needs 5-6 years of keeping its current pace to be on par with larger rival Titan's TITN.NS 'Tanishq' brand in terms of store count

** Says KALN's valuation remains attractive, with stock trading at discount to TITN and also other discretionary cos like Avenue Supermarts AVEU.NS and Metro Brands METB.NS

** KALN trading flat on the day

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))