JM Financial starts Kalyan Jewellers with “buy” rating and ₹700 target, citing brand strength and capital-efficient expansion model.

• Sees 19% upside from current price; notes franchise model allows faster store growth and pan-India reach.
• Kalyan needs 5–6 years of expansion to match Titan’s Tanishq in-store count, highlighting growth potential.
• Stock is seen undervalued compared to Titan, Avenue Supermarts, and Metro Brands; trades flat today.