Kalyan Jewellers shares hit ₹629 after Jefferies buy, ₹830 target
Business
Kalyan Jewellers just got a big boost: its shares climbed 5% to ₹629 on Friday after Jefferies gave it a "Buy" rating and set a target price of ₹830.
The stock's been on fire lately, rising 63% in the past month, and now investors are buzzing about its future.
Jefferies projects 21-23% growth through FY29
Jefferies says Kalyan Jewellers stands out thanks to its mix of local appeal and organized retail scale, making it a strong player in India's jewelry market.
With weddings fueling about 60% of jewelry demand, the company is planning steady expansion, especially outside South India, and expects revenue and earnings to grow by around 21% to 23% annually through FY29.
Plus, with solid cash flow and a return on capital employed of around 30.3%, Kalyan looks set for long-term success.