Kalyan Jewellers Q4 Results Review: Motilal Oswal Maintains 'Buy' Rating, Sees 22% Upside — Here's Why

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Motilal Oswal Report

With the successful scale-up of its new franchise businesses (~40 revenue contribution) and continued success in non-Southern markets, Kalyan Jewellers India Ltd. has established itself as a leading brand in the industry. Its non-South expansion has improved the studded jewelry mix, while the asset-light expansion supports healthy cash flow generation for debt repayment and enhances profitability by reducing interest costs. It is also gaining momentum in the Middle East and US.

We model 26%/21%/29% revenue/Ebitda/PAT CAGR during FY25-27E. We reiterate our Buy rating with a target price of Rs 625 (based on 50x Mar’27 P/E).

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