HSBC has increased its target price for Kalyan Jewellers to ₹810 per share, up from ₹600, indicating a 23% potential upside from the stock’s September 11 closing price of ₹656.8. This upgrade underscores HSBC’s confidence in Kalyan Jewellers’ ongoing growth trajectory and value creation.
The stock has surged eightfold over the past two years, and HSBC believes it is still in the midst of its value creation journey. The company continues to expand at a capital-light pace, and its exponential growth is expected to sustain its valuation without facing a multiple de-rating.
HSBC also notes several long-range catalysts and draws parallels with Titan’s growth journey as a useful guide, suggesting that Kalyan Jewellers has significant room for continued expansion and value enhancement.
