kalyan jewellers share price

Kalyan Jewellers stock jumps over 7%, hits new record high for 3rd day in a row: What’s driving the surge? kalyan jewellers share price
Shares of Kalyan Jewellers India, one of the country’s largest jewellery firms, continued their winning streak for a third consecutive session on Friday, reaching a new all-time high of ₹739.80 per share with a 7.3 per cent gain. This brought the total three-day cumulative rise to 15.5 per cent.

The recent surge in the stock followed a target price upgrade by global brokerage HSBC Securities, which raised its target on the stock to ₹810 per share, up from the previous target of ₹610, while maintaining a ‘buy’ rating. This revised target suggests a potential upside of 23.5 per cent from the stock’s most recent closing price.

Despite an 800 per cent rally over the past two years, HSBC believes the stock is still in the early stages of its value-creation journey. The firm also notes that, despite the significant increase in value, Kalyan Jewellers is trading at an estimated FY26 P/E ratio of approximately 56x, which represents a 10 per cent discount compared to the market leader, Titan.

HSBS said, “Kalyan’s stock price has risen 8x in the past two years as the business model successfully transformed through the capital-light franchise model (leading to a three-year revenue CAGR of 30 per cent and a PAT CAGR of 58 per cent), unlocking the structurally high growth.”

HSBC Securities noted that Kalyan Jewellers is at a comparable stage to Titan in FY17. As of the end of FY24, Kalyan Jewellers operates 204 stores and has achieved a revenue CAGR of 30% over the past three years, with an FY26 PE ratio of 56x. This mirrors Titan’s position in FY17, when it had 209 stores (including Tanishq and Zoya) and a 12-month forward PE ratio of 56x.

The brokerage highlighted that Titan’s P/E consistently expanded as it grew structurally and expanded its store network, rather than contracting. If Kalyan can execute effectively in capability building, market execution, and network expansion, it could emerge as another long-term compounding opportunity. Despite the stock’s significant rise, the brokerage views it as a risk worth taking.

Key drivers behind its bullish outlook

Exponential Growth Potential: With 217 stores, less than half of Titan’s, Kalyan Jewellers has significant room for expansion. The brokerage sees potential for the store count to quadruple within this decade, driving industry-leading revenue growth and positioning Kalyan as a compelling long-term compounding opportunity. kalyan jewellers share price

Established National Brand: Kalyan has evolved into a well-recognized national brand, similar to Titan, which sets it apart from regional competitors. This brand strength supports its right to pursue capital-light expansion across India, enhancing its competitive edge. kalyan jewellers share price

Resilient “Aspirational Yet Value” Positioning: Kalyan’s positioning as an “aspirational yet value-driven” brand makes it less vulnerable to disruptive competition. To an extent, Kalyan is somewhat of a disruptor itself that is reshaping the value proposition in the organised jewellery segment, said the brokerage.  kalyan jewellers share price

Scaling Opportunities with Candere: After successfully expanding the Kalyan format through the franchise model, the brokerage said there is an opportunity to scale up Candere (studded jewellery), similar to how Titan scaled Caratlane. A successful scale-up could serve as a catalyst for further stock performance. kalyan jewellers share price

Long-Term Margin Expansion

The brokerage lists the following 2 key factors that could drive margin expansion:

Owned Stores: Kalyan can capture greater value and trigger gradual long-term margin growth by opening more owned stores in lucrative markets instead of relying on franchise partners.

Improved Trade Terms: With a stronger track record, Kalyan could benefit from better trade terms, such as reduced gold loan interest rates, further boosting margins. kalyan jewellers share price kalyan jewellers share price

Attractive Valuation: At an FY26 P/E of 56x, the brokerage believes the stock still appears attractively valued compared to other high-growth consumer companies like Dmart and Titan. This valuation is appealing given the company’s structural growth prospects. kalyan jewellers share price

Growing Investor Confidence: A rising investor base has contributed to lowering Kalyan’s hurdle rate, as its return on equity (ROE) has consistently improved, and growth appears sustainable. This strong investor sentiment further supports Kalyan’s long-term outlook, it underscored.  kalyan jewellers share price kalyan jewellers share price

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

Kalyan Jewellers India stock up 945% in 3 years; HSBC says ‘Buy’, shares 7 reasons

Multibagger stock: Shares are Kalyan Jewellers India Ltd are up 945 per cent in the past three years but HSBC believes there is more steam left. The stock has potential to deliver 17 per cent potential upside over the prevailing price, HSBC’s fresh target price suggests. Kalyan’s capital light expansion has continued and its exponential growth will likely prevent any multiple de-rating, the foreign brokerage said. kalyan jewellers share price

Despite the Kalyan’s stock rallying 8 times in the past two years, HSBC said it is still midway into its value creation journey. HSBC said it sees see several long-range catalysts for Kalyan Jewellers and Titan’s journey as a useful guide, as it raised its target price on the stock to Rs 810 from Rs 600 and suggested a ‘Buy’ rating on the counter. The brokerage shared seven reasons for its optimistic view on the Kalyan Jewellers India stock. kalyan jewellers share price

First, Kalyan is still in the midway of its value creation journey, with 217 stores that is less than half of Titan’s, HSBC said. It said there is clear potential to quadruple this count in this decade. “Hence we see industry leading revenue growth continuing making Kalyan an appealing compounding opportunity,” the foreign brokerage said. kalyan jewellers share price

Second, Kalyan has emerged as an entrenched national brand (like Titan), which differentiates Kalyan from other regional rivals and gives it a natural right for the pan India capital light expansion, the brokerage said.

kalyan jewellers share price

Third, the aspirational yet value positioning makes Kalyan less prone to disruptive competition. To an extent, HSBC feels Kalyan is somewhat of a disruptor itself that is reshaping value proposition in the organised jewellery segment.

Fourth, having scaled up the Kalyan format through the franchise route, HSBC sees opportunity for Kalyan to scale up Candere (studded jewellery), emulating Caratlane of Titan. HSBC said a successful scale up would act as a catalyst for stock performance.

Fifth, HSBC sees two long-range sources of margin tailwinds. Having achieved large scale, there is clear incentive for Kalyan to capture larger value by opening owned stores instead of allocating to franchise partners in lucrative micro markets, which would trigger the cycle of gradual long-range margin expansion which should be a very sensitive lever for value creation

Besides, it said, a successful track-record the terms of trade such as gold loan interest may start to come down as well.

Lastly, HSBC believes Kalyan Jewellers’ valuations look appealing if pitted against the high growth of other consumer opportunities. At FY26 PE of 56 times, Kalyan still looks attractively valued, relative to other structural high growth companies of equivalent economics such as DMart and Titan.

“A growing investor base has also led to a fall in the hurdle rate for Kalyan as ROE has risen consistently and growth appears structural,” HSBC said. kalyan jewellers share price

kalyan jewellers share price,
kalyan jewellers share price nse,
kalyan jewellers share price today live chart,
kalyan jewellers share price bse,
kalyan jewellers share price today,
kalyan jewellers share price graph,
kalyan jewellers share price history,
kalyan jewellers share price chart,
kalyan jewellers share price target,
kalyan jewellers share price target 2025,
kalyan jewellers share price target 2030,
kalyan jewellers share price screener,
kalyan jewellers share price ipo,
kalyan jewellers share price last 5 years,
kalyan jewellers share price nse screener,
kalyan jewellers share price nse today,
kalyan jewellers share price target 2024,
kalyan jewellers share price live,
kalyan jewellers share price nse chart,
kalyan jewellers share price nse graph,