Kalyan Jewellers India Ltd shares jumped 10.5% on February 9, 2026, hitting ₹417.75 after reporting a 90% YoY rise in Q3 net profit to ₹416 crore. Robust revenue growth, festive demand, and bullish brokerage calls from Motilal Oswal and JM Financial fueled investor optimism, extending the stock’s rally.
Key Highlights
Market Rally: Shares of Kalyan Jewellers (KALN.NS) surged 10.5%, extending recent gains and touching the upper circuit at ₹417.75.
Earnings Boost: Q3 FY26 net profit soared 90% YoY to ₹416.3 crore, while revenue rose 42% to ₹10,343 crore, driven by festive demand and store expansion.
Brokerage Outlook:
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JM Financial: Raised target to ₹750, citing strong same-store sales growth and management confidence.
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Motilal Oswal: Retained BUY rating, setting a ₹600 target price, highlighting margin expansion and asset-light expansion strategy.
Expansion Strategy: Growth in non-South markets, Middle East, and US operations boosted studded jewellery sales and improved profitability.
Sector Context: Jewellery stocks rallied broadly after India-US interim trade deal announcement, offering tariff clarity and export optimism.
Why It Matters
The surge underscores investor confidence in Kalyan Jewellers’ scalable franchise model, festive-driven demand, and international expansion. With strong fundamentals and bullish analyst calls, the company is positioned as a key player in India’s jewellery retail sector, riding both domestic consumption and global trade tailwinds.
Sources: Economic Times, Motilal Oswal Financial Services, Hindustan Times