Kalyan Jewellers shares may rally up to Rs 700, JM Financial says as it begins coverage with buy call

JM Financial initiates coverage with a ‘Buy’, citing strong fundamentals and 19.4% upside from current levels.

Kalyan's capital-light model supports aggressive expansion—85–90 new stores annually till FY28.

Poised to gain from shift toward organised jewellery retail; expected to outpace industry CAGR of 20%.

Trades at discount to peers like Titan; strong near-term technicals support bullish view.