Kalyan Jewellers Shares Rise as UBS Starts Coverage With ₹900 Target Price

Kalyan Jewellers India shares moved higher in early trade on September 15 after UBS initiated coverage on the jewellery retailer with a ‘buy’ rating and set a target price of ₹900 per share. 

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The stock was trading 1.5% higher at ₹610 in early deals. It had closed at ₹601.15 on Friday, down 1.89%. Indian equity markets were shut on Monday for a holiday. 

The ₹900 target set by UBS implies an upside of nearly 50% from Friday’s closing price. The brokerage based its assessment on Kalyan Jewellers’ store expansion, growth expectations and valuation relative to Titan. 

UBS Points to Store Expansion and Franchise Model 

Kalyan Jewellers has expanded its presence across India while building its business around a hyper-local approach. UBS also drew attention to the company’s franchise-owned, company-operated model, which allows it to add stores without relying entirely on company-owned expansion. 

According to the brokerage, Kalyan Jewellers is currently adding stores at nearly twice the pace of Titan. 

The company’s revenue recorded a compound annual growth rate of around 35% between FY22 and FY26, which UBS identified as one of the stronger growth rates within the organised jewellery industry. 

For the next five years, the brokerage expects revenue and earnings to compound at around 23% annually, with continued network expansion forming an important part of those estimates. 

Stock Trades at Discount to Titan, According to UBS 

UBS also compared the valuations of Kalyan Jewellers and Titan. Kalyan Jewellers is trading at around 30 times estimated FY28 earnings, representing a discount of roughly 45% to Titan, according to the brokerage. 

This follows a substantial rise in the stock over the past few years. Kalyan Jewellers shares appreciated six-fold between FY22 and FY26. 

The stock has continued to outperform the broader market in 2026. It has gained more than 24% so far this year, while the Nifty 50 has declined around 10.5% over the same period. 

At Friday’s close, Kalyan Jewellers had a market capitalisation of around ₹62,100 crore. 

Broader Market Opens Higher 

Indian equities were also trading in positive territory on Tuesday morning. At 9:25 am, the Sensex was up 266 points, or 0.36%, at 75,047.91. The Nifty 50 gained 69 points, or 0.29%, to 23,466.80. 

Kalyan Jewellers’ early gain came alongside this broader market rise, with the stock trading at ₹610 after the opening bell.