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Jefferies sees 39% upside for Kalyan Jewellers as jewellery retail formalises
Brokerage roundup flags Indian retail names Kalyan Jewellers, Trent and Britannia as buys. Jefferies sees Kalyan benefiting from jewellery-market formalisation, while HSBC cites Trent’s margin-led EBITDA beat and Nuvama projects substantial upside for Britannia.
Reported figures
From the report. Source details below
| Kalyan Jewellers: | Jefferies Buy, target Rs 598, 39% upside, 500+ global showrooms |
|---|---|
| Trent: | HSBC Buy, target Rs 3,390, 11.8% upside; EBITDA beat estimates by nearly 10% |
| Britannia: | Nuvama Buy, target Rs 7,240, 49% upside; quarterly revenue around Rs 5,000 crore and EBITDA near Rs 840 crore |
| India jewellery market: | over $115 billion; around 60% unorganised |
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