Kalyan Jewellers Stock Jumps 10% on Strong Q3, Brokers Lift Targets
Kalyan Jewellers Stock Jumps 10% on Strong Q3, Brokers Lift Targets
Kalyan Jewellers posts a 90% jump in Q3 profit; shares rise 10% as brokerages lift targets, with JM Financial eyeing ₹750 and Motilal Oswal ₹600.
Kalyan Jewellers India Ltd saw its stock rise 10% to ₹417.75 on the BSE after reporting a 90.36% jump in consolidated Q3 net profit to ₹416.29 crore. Revenue from operations climbed 42.11% to ₹10,343.41 crore, underscoring a strong pulse in demand for jewellery even as gold prices fluctuated.
Brokerage houses turned upbeat: JM Financial set a ₹750 target, keeping a BUY rating and lifting its FY26-28 earnings estimates by 4-5% on expectations of margin expansion. It trimmed its target P/E from 45x to 40x to reflect recent volatility but rolled forward estimates to December 2027.
Motilal Oswal also joined the chorus, projecting ₹600 as the target price on a 35x December 2027 P/E and reiterating BUY. It highlighted robust same-store sales growth and margin improvements, noting India grew about 27% year-on-year while the Middle East advanced around 24%.
Management commentary echoed confidence: Executive Director Ramesh Kalyanaraman said the current year has progressed well and the quarter started strongly despite volatility in gold prices. He added the company is upbeat about finishing FY26 on a positive note.
The stock moved into the 10% upper circuit, reflecting investor optimism in the jewellery retail segment amid fluctuating gold prices and a continued appetite for branded jewellery.
