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Kalyan Jewellers Share Price: The gold stock on Monday (Feb 9) hit its day's high of Rs 424.85, up around 11 per cent from its previous Friday closing. The stock price movement comes days after the company reported its Q3 results for financial year 2025-26. It reported a 90.36 per cent growth in consolidated net profit to Rs 416.29 crore. The company's net profit stood at Rs 218.68 crore during the corresponding quarter of the previous fiscal year.
On BSE, the stock gained 11.86 per cent from its previous closing of Rs 379.80.
Kalyan Jewellers Share Price Target
Motilal Oswal has reviewed the stock and recommended a Buy rating with a target price of Rs 600 (upside of 58 per cent).
"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)," the brokerage noted.
Key takeaways from the management commentary
- The on-ground momentum remained robust through most of 3QFY26, with the festive period delivering stronger growth than anticipated. During the 30 days leading up to Diwali, Kalyan Jewellers reported LFL growth of over 30%, reflecting sustained festive demand.
- The gold saving scheme gained strong traction, aiding customer acquisition, while the gold exchange program also saw improved participation during the
- quarter (typically ~30% of sales, slightly higher in 3QFY26).
- The company repaid Rs 1,300m in 2QFY26, reducing non-GML debt to Rs 5,500m as of Sep’25. No debt was repaid in 3QFY26; however, management plans to repay ~Rs 1,500m in 4QFY26, targeting Rs 4,000m debt by Mar’26 and a debt-free status by FY27.
- Kalyan Jewellers plans to add 80-90 stores over the medium term in India and 6–7 overseas stores annually over the medium term.
Kalyan Jewellers Q3 Results FY26
Jewellery retailer on Friday reported a 90.36 per cent growth in consolidated net profit to Rs 416.29 crore. The company's net profit stood at Rs 218.68 crore during the corresponding quarter of the previous fiscal year.
Revenue from operations of the company grew 42.11 per cent during the quarter under review to Rs 10,343.41 crore compared to Rs 7,278.09 crore in the year-ago period.
Total revenue from international operations during the third quarter of FY26 saw a 38 per cent growth to Rs 1,164 crore as against Rs 842 crore a year earlier.
The international operations recorded a PAT of Rs 12 crore for the quarter compared to Rs 8 crore for the corresponding period in the previous year, a growth of 64 per cent.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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