Trent Ltd. (already covered earlier – giving another name) – Kalyan Jewellers India Ltd.

is a large organized jewellery retailer with strong presence in South India and Middle East. It benefits from brand recall, regional trust, and shift from unorganized to organized jewellery. Working-capital discipline and improving margins have led to earnings and ROE expansion. Risks include gold price volatility, regulatory changes on gold, and competition from national chains.