Kalyan Jewellers reported a debt discount of Rs 2500 million in India throughout FY25. Whereas the preliminary intent was to scale back non-gold metallic mortgage borrowings, the discount primarily got here from GML resulting from momentary disruptions within the home GML surroundings over the past three-four months. The corporate plans to open 170 showrooms with 90 Kalyan and 80 Candere codecs in FY26.
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Motilal Oswal Report
With the profitable scale-up of its new franchise companies (~40 income contribution) and continued success in non-Southern markets, Kalyan Jewellers India Ltd. has established itself as a number one model within the business. Its non-South enlargement has improved the studded jewellery combine, whereas the asset-light enlargement helps wholesome money circulation era for debt reimbursement and enhances profitability by decreasing curiosity prices. Additionally it is gaining momentum within the Center East and US.
We mannequin 26%/21%/29% income/Ebitda/PAT CAGR throughout FY25-27E. We reiterate our Purchase ranking with a goal worth of Rs 625 (based mostly on 50x Mar’27 P/E).
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