Kalyan Jewellers shares jump 12% after Q3 results beat estimates: Check latest target prices

Kalyan Jewellers share price

• Kalyan Jewellers shares jumped nearly 12 percent after strong Q3 FY26 results
• Q3 net profit rose over 90 percent YoY to Rs 416.3 crore; revenue up 42 percent
• Brokerages keep 'Buy' calls due to strong growth and solid demand momentum.

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The shares of Kalyan Jewellers India jumped nearly 12 percent on February 9 after the company reported strong results for the October-December quarter of the ongoing financial year 2026.

The shares of the company rose to Rs 424.70 apiece in the morning trading hours of Monday. This is the highest level seen by the stock since January 21.

Kalyan Jewellers Q3 Results:

Kalyan Jewellers on February 6 reported a consolidated net profit of Rs 416.3 crore for the October-December quarter of the ongoing financial year 2026. This marks a jump of more than 90 percent year-on-year (YoY) from the Rs 218.8 crore net profit reported in the same period of the previous financial year.

The firm’s revenue from operations meanwhile grew more than 42 percent YoY to Rs 10,343.4 crore in Q3 FY26 from Rs 7,278.1 crore in Q3 FY25.

JM Financial on Kalyan Jewellers:

JM Financial said that Kalyan Jewellers posted Q3 FY26 operational results which were ahead of its estimates with strong revenue growth of 40 percent-plus unleashing operating leverage and benefits of debt repayment beginning to kick in.

"Management highlighted sustained strong growth in Jan’26 in the face of volatility in gold prices, and noted they expect to end FY26 on a good note. SSSG growth also remained robust across regions with India registering SSSG of 27% YoY with 24% YoY SSSG for the Middle East. Candere is also shaping up along expectations and turned PAT-positive this quarter in line with guidance. Debt repayment plans stay intact with a target to be net debt-free by end-FY27E led by a combination of sale of non-core assets and cash flows. The regional brand will see some store openings in Q4FY26E with a total of four–five stores to be opened over one year initially," it said.

The domestic brokerage raised FY26–28E EPS by 4–5 percent given the robust revenue growth momentum. However, it reduced its target price for the stock to Rs 750 per share from Rs 775 per share, based on a cut in target P/E to 40x (due to higher beta over last 6M; from 45x) along with a rollover to Dec’27E EPS, while maintaining its ‘Buy’ call. The latest target price implies an upside potential of more than 97 percent from the stock’s previous closing price.

Motilal Oswal on Kalyan Jewellers:

Motilal Oswal kept a ‘Buy’ call on the stock, statin that the company delivered an “all-round beat” through its earnings. “Management indicated that on-ground demand momentum remained healthy in 3QFY26. During the 30 days leading up to Diwali, the company reported LFL growth of over 30%, reflecting strong festive traction. Demand in Jan’26 also remained robust, supported by healthy consumer footfalls despite volatility in gold prices,” it said.

“With the successful scale-up of franchise businesses (>50% revenue contribution) and stable success in non-Southern markets, the company has established itself as a leading brand in the industry. Consistent success on customer acquisition, improving operating margin, and deleveraging balance sheet remain the key rationale for our constructive view on the business. We model a 21%/18%/22% revenue/EBITDA/PAT CAGR during FY26-28E. We reiterate our BUY rating with a TP of INR600 (based on 35x Dec’27 P/E),” it added.

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