JM Financial Rates Kalyan “Buy”

  Published 1 year ago

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.

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