India's Kalyan Jewellers gains as Jefferies starts with 'buy,' Street-high PT

Kalyan Jewellers India

07/08/2026 05:52

** India's Kalyan Jewellers KALN.NS rises 3.4% to 618.80 rupees
** Jefferies initiates coverage on jeweler with a "buy" rating and a PT of 830 rupees
** Brokerage's PT highest among 10 analysts tracking the stock, per data compiled by LSEG, and implies an upside of 34.1% to its current price
** Jefferies says KALN combines neighbourhood relevance with organised scale, creating a differentiated growth engine that drives market-share gains and continues to support growth
** Says company's franchisee-led model enables capital-efficient expansion, particularly outside South India, while India remains the company's core market despite its international presence
** Avg rating on KALN at "strong buy"; median PT is 727.50 rupees 
** YTD, stock up 27.2%


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))