Kalyan Jewellers India Ltd.

“Kalyan Jewellers is a credible organized-sector share gainer in India's large and formalizing jewellery market, with a smart FOCO expansion model that lowers reinvestment risk. However, the business earns thin margins, generates weak free cash flow, and carries a persistent governance overhang from unresolved ED proceedings and high promoter concentration. At 26x forward earnings — comparable to Titan's multiple despite structurally inferior returns — there is no margin of safety. The base case offers ~13% annual returns to FY30, adequate but insufficient given the governance risk premium that should apply. This is a NEUTRAL: not a structurally broken business, but not investible at current price and risk profile.”