“Bullish on Kalyan Jewellers, retaining a Buy rating with a target price of ₹770 per share. The company is well-positioned to capitalize on growth opportunities in the Indian jewellery segment. HSBC uses a P/E-based sum-of-the-parts (SOTP) valuation, applying a target P/E multiple of 40x, which is at a discount to its three-year average of 45x due to increased stock volatility and risk profile, despite strong operational performance.”