Editor’s Note
Kalyan Jewellers’ shares surged to the upper circuit limit today, driven by robust quarterly results that spurred significant buying activity. This rally coincides with a broader uptrend in precious metals markets.
Shares of Kalyan Jewellers India hit the upper circuit today. Buyers have become active following the company’s strong quarterly results.
Amid a sharp rally in gold and silver prices in the domestic market on Monday, February 9, a bumper surge is also being seen in jewelry stocks. In today’s trading, shares of leading retailer Kalyan Jewellers India witnessed a stormy rally. Its shares reached a level of Rs 417.75 with a 10% upper circuit. The company’s shares have recorded a surge due to its blockbuster performance in the December 2025 quarter. Several major brokerages are adopting a bullish stance on it. They believe it has the potential to deliver returns of up to 80% in the coming period.
Kalyan Jewellers registered a robust near two-fold increase in consolidated net profit for the third quarter of the financial year 2025-26. It increased to Rs 416.29 crore. In the same quarter last year, it was merely Rs 218.68 crore. This means the company’s profit has directly increased by over 90%. During this period, the company also achieved a strong 42% growth in revenue from operations, which was recorded at Rs 10,343.41 crore.
After the company presented strong quarterly results, JM Financial adopted a highly positive stance in its report. They have set a target price of Rs 750 for this share. However, considering the volatility in the stock over the past few months, they have reduced the PE multiple from 45 to 40, but looking at the guidance until December 2027, they remain fully bullish on it. The brokerage says that the company’s 27% growth in store sales and 24% growth in Middle East markets indicates that the brand’s grip has remained strong across all sectors.
Meanwhile, news has emerged that Kalyan Jewellers has contacted market regulator SEBI, alleging unfair and manipulative trading in its stock. The company has requested a temporary halt to trading in the Futures & Options (F&O) segment until the investigation into this matter is completed. In a letter written to SEBI’s Integrated Department, Kalyan Jewellers stated that it has observed unusual trading patterns and the promotion of unconfirmed rumors, which in its view could create an atmosphere of fear among investors. This could affect the share price. According to Money Control, this letter was sent back in 2025. However, no information about SEBI’s response has come to light. The company had not previously disclosed information about this letter.