The brokerage highlighted that store expansion during the quarter was marginally ahead of expectations. According to JM Financial, "Store addition above estimates: Kalyan (India) added 21 stores in India and closed 3 stores during Q3 (net 18 store addition; Total Stores – 318). We expected 20 net stores additions."
Technically, the stock traded above the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs).
kalyan Jewellers India said its India operations witnessed revenue growth of approximately 31 per cent in Q2 FY2026 versus Q2 FY2025, led by robust wedding demand and a strong start to the festive season.
Kalyan is seen well-positioned to outperform its peers, supported by aggressive store expansion through its asset-light FOCO model, the addition of new growth levers, and an improving balance sheet.
On the earnings side, the jewellery retailer reported a 48.73 per cent jump in consolidated profit after tax (PAT) at Rs 264.08 crore for the quarter ended June 30, against Rs 177.55 crore in the same period last year.
Kalyan Jewellers India: ICICI Securities largely maintained its earnings estimates, modelling revenue, Ebitda and PAT CAGRs of 28 per cent, 33 per cent and 51 per cent, respectively over FY25-FY27.
A strong double-digit same-store sale growth continued for Kalyan Jewellers, but Titan's domestic like-for-like growth was in low double digits, MOFSL said.
Select jewellery firms- Titan Company, Kalyan Jewellers and PN Gadgil Jewellers shared their quarterly business updates and brokerage firms continue to remain positive on them.
Kalyan Jewellers share price: Kalyan Jewellers shares were down 3.41 per cent at Rs 470.50. At this price, the stock has corrected 39.24 per cent in 2025 so far.
Kalyan Jewellers has displayed a healthy growth in the fourth quarter, even with gold prices shooting up by 15 per cent quarter-on-quarter, ICICI Securities said.
Kalyan Jewellers share price: Bourses BSE and NSE have put the securities of Kalyan Jewellers under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
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