Kalyan plans to aggressively build out its jewellery stores in higher-margin markets outside its home base of South India, said HSBC. If executed well, this can trigger structural ROE expansion and result in the stronger earnings growth trajectory. We believe consistent execution will continue to drive further expansion and lead to compounding returns over the next three years, it said, initiating coverage on the stock with a target price of Rs 125. | Subscribe To Our Free Newsletter |
