Kalyan Jewellers Shares Slip 1% Despite Strong 42% Revenue Growth in Q3 Update
Kalyan Jewellers reported strong Q3 performance with 42% revenue growth driven by festive demand and 27% same-store sales growth, yet shares fell 1% to ₹515.50. The company expanded its retail presence significantly, adding 36 new showrooms globally, while its digital platform Candere surged 147%. Despite mixed yearly performance, analysts remain bullish with a ₹650 target price.
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Kalyan Jewellers shares edged 1.00% lower to hit an intraday low of ₹515.50 on the BSE on Thursday, despite the company reporting robust financial performance for the third quarter. The jewellery retailer's stock movement contrasted with its strong operational metrics, highlighting mixed market sentiment in the sector.
Strong Q3 Financial Performance
The company delivered impressive growth across all business segments during the third quarter. The following table shows the key performance metrics:
| Segment: | Growth Rate | Key Driver |
|---|---|---|
| Consolidated Revenue: | +42% YoY | Broad-based growth |
| Domestic Operations: | ~42% YoY | Festive demand |
| Same-Store Sales: | +27% | Revenue momentum |
| International Operations: | +36% | Middle East expansion |
| Candere Platform: | +147% | Digital-first strategy |
Festive demand drove strong traction across categories in India, resulting in broad-based growth despite gold price volatility. International operations logged significant growth, with the Middle East markets contributing 28.00% growth primarily driven by same-store sales expansion.
Expansion Strategy and Store Network
Kalyan Jewellers continued its aggressive expansion strategy during the quarter, adding substantial retail presence across multiple markets:
| Expansion Details: | Count | Market |
|---|---|---|
| New Showrooms (India): | 21 | Domestic market |
| New Showrooms (UK): | 1 | International |
| Candere Showrooms: | 14 | Digital platform |
| Total Showrooms: | 469 | Global presence |
As of December 31, 2025, the company's total showroom count reached 469 across India and international markets, including the Middle East, the USA, and the UK. The expansion reflects the company's commitment to capturing market share in key growth regions.
Analyst Outlook and Stock Performance
Despite the recent price decline, analysts remain optimistic about the company's prospects. Domestic brokerage firm Motilal Oswal maintains a bullish view on the stock, assigning a 'Buy' rating with a target price of ₹650.00, representing an upside potential of 25.00% from the stock's previous closing price of ₹520.75.
| Time Period: | Performance | Trend |
|---|---|---|
| One Year: | -27.00% | Sharp decline |
| Year-to-Date: | +6.55% | Positive momentum |
| One Month: | +8.61% | Recent gains |
| Three Months: | +7.03% | Steady growth |
| Six Months: | -10.16% | Lingering weakness |
The mixed performance reflects broader market volatility and sector-specific challenges, though recent trends show improvement in investor sentiment toward the jewellery retail segment.
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