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Motilal Oswal Report
Kalyan Jewellers India Ltd. continues to drive its hyperlocal strategy to succeed in new markets. The company's learning curve is quite fast, and it is much better prepared to handle competition and drive customer acquisitions.
Kalyan Jewellers appears quite confident in rolling out its aggressive plans for expansion through franchise stores refer to our jewelry thematic, where the company aims to capitalise on its brand investments and team capabilities developed over the last two-three years.
An annual addition of 80 stores is a realistic target, given the company's preparation in team building and the demand from franchise partners. Kalyan Jewellers' franchise owned, company operated model provides superior execution at the store level, along with broader participation of franchise partners (investments beyond their own city for partners).
The company will further improve its balance sheet and return ratios. The near-term underlying growth for Kalyan Jewellers is also stronger than peers. Reiterate Buy with a target price of Rs 570 (based on 45 times June-26E earnings per share).
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