The target implies an upside potential of nearly 40% from Thursday’s closing price.
Jefferies believes Kalyan Jewellers has built a differentiated business model by combining the trust and familiarity of neighbourhood jewellery stores with the scale and efficiencies of an organised retailer. The brokerage expects this strategy to continue driving market share gains over the coming years.
It also said the company’s franchisee-led expansion model, which supports capital-efficient growth, particularly outside its stronghold in South India.
While Kalyan has an international presence, Jefferies said India will remain the company’s primary growth driver.
The brokerage also pointed to Kalyan’s improving financial profile, noting that the company now has a net cash balance sheet, supported by rising free cash flow generation and healthy return ratios.
It expects the company’s deleveraging journey to be completed during FY27.
Jefferies projects revenue and earnings to grow at a CAGR of 21-23% between FY26 and FY29. Despite this, it values the stock at 38 times September 2028 estimated earnings, representing a nearly 30% discount to Titan.
According to Bloomberg data, eight of the nine analysts covering Kalyan Jewellers have a ‘Buy’ rating on the stock, while one recommends ‘Hold’.
Shares of Kalyan Jewellers ended 5% higher at ₹598 on Thursday. The stock has rallied nearly 69% over the past one month.
First Published: Aug 7, 2026 8:31 AM IST
