Kalyan Jewelers India shares jumped 10.98 per cent to ₹421.95 on Monday morning, extending gains after the jewelery retailer reported better-than-expected third-quarter results. The stock opened at ₹405 and touched an intraday high of ₹426.90, with over 36 lakh shares traded on the buy side compared to 13 lakh on the sell side by late morning.
The rally follows Friday’s earnings announcement, where the company posted consolidated revenue of ₹103.4 billion for Q3FY26, marking 42 per cent year-on-year growth. EBITDA margin expanded 50 basis points to 7.3 per cent, while profit after tax surged 72 per cent to ₹4.5 billion. The India business delivered particularly strong performance with 27 per cent same-store sales growth and 42 per cent revenue growth to ₹90.5 billion.
Brokerages responded positively to the results. JM Financial maintained its ‘Buy’ rating but revised its target price to ₹750 from ₹775, citing strong revenue momentum and operating leverage benefits. The firm raised FY26-28 EPS estimates by 4-5 per cent, though it reduced the target P/E multiple to 40x from 45x. Motilal Oswal kept its ‘Buy’ rating with a ₹600 target price based on 35x December 2027 P/E, while ICICI Securities maintained ‘Buy’ with an unchanged ₹670 target.
Management commentary highlighted robust demand momentum continuing into January 2026 despite gold price volatility. The company added 32 stores in India during the quarter, taking the total to 428, with franchise-operated stores now contributing over 50 per cent of revenue. The subsidiary Candere turned profitable for the first time, reporting ₹30 million profit versus a ₹70 million loss last year.
The company plans to reduce non-gold metal loan debt by ₹1.5 billion in Q4FY26, targeting ₹4 billion debt by March 2026 and a debt-free status by FY27.
Published on February 9, 2026