Kalyan Jewellers India IPO - Impressive Cash Flow & Healthy Outlook: Reliance Securities
Gold bangles sit inside a display case. (Photographer: Billy H.C. Kwok/Bloomberg)

Kalyan Jewellers India IPO - Impressive Cash Flow & Healthy Outlook: Reliance Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Reliance Securities Report

Kalyan Jewellers India Ltd. is the second largest organised jewellery company in India with market share of 5.9%.

The IPO is valued at 58.4x of FY20 EPS, which looks to be reasonably priced.

We believe the organized players in jewellery segment should get healthy traction in the coming years due to increased preference for branded jewellery.

Further, KJIL’s focus on increasing revenue contribution from high-margin studded jewellery is expected to improve its overall margin.

This along with continued addition of new showrooms is expected to ensure a sustainable growth for KJIL in the long-run.

Click on the attachment to read the full report:

Reliance Securities Kalyan Jewellers India IPO.pdf

Also read: Kalyan Jewellers IPO: All You Need To Know

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