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HSBC backs Titan and Kalyan as daily-wear jewellery and B2B manufacturing reshape demand

HSBC sees India’s jewellery market shifting beyond wedding demand toward daily-wear products and outsourced B2B manufacturing. It retained Buy ratings on Titan and Kalyan, citing concentrated daily-wear opportunities, while flagging working-capital pressure and the importance of cash flow and RoCE.

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Reported figures

From the report. Source details below

Regional jewellers' gross margins: around 12-13%
Studded jewellery contribution for regional operators: less than 10% of sales
Titan Company price target: Rs 5,550
Kalyan Jewellers India price target: Rs 770

The source

Source Read the source at NDTV Profit Published

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