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Reliance Securities Report
Kalyan Jewellers India Ltd. is the second largest organised jewellery company in India with market share of 5.9%.
The IPO is valued at 58.4x of FY20 EPS, which looks to be reasonably priced.
We believe the organized players in jewellery segment should get healthy traction in the coming years due to increased preference for branded jewellery.
Further, KJIL's focus on increasing revenue contribution from high-margin studded jewellery is expected to improve its overall margin.
This along with continued addition of new showrooms is expected to ensure a sustainable growth for KJIL in the long-run.
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