Kalyan Jewellers India Limited shares surged over 14% on Monday, February 9, after the company delivered better-than-expected third-quarter (Q3 FY26) results. On the NSE, the jewellery stock jumped 14.74% to ₹436.10, compared with its previous close. After the announcement of the Q3 results, the stock price hit 10% upper circuit.
Trading activity remained strong, with volumes significantly higher than recent averages. As of 02:44 am, the stock price saw a spurt in volume by more than 11.38 times on the BSE.
With Monday’s sharp rally, Kalyan Jewellers pared its year-to-date losses to 9.70%. However, the stock remains under pressure on a longer-term basis, having declined 18.94% over the last 12 months, compared with a 10.56% gain in the benchmark Nifty 50 index. Notably, the stock had fallen 36% in the previous calendar year, marking its steepest annual decline since listing.
Kalyan Jewellers India Limited reported a stellar financial performance for the third quarter ended December 31, 2025 (Q3 FY26), marked by robust revenue growth, margin expansion, and a sharp rise in profitability. The company’s consolidated Profit After Tax (PAT) surged 90% year-on-year (YoY) to ₹416.3 crore, compared with ₹218.7 crore in Q3 FY25, reflecting strong execution across geographies and business segments.
Kalyan Jewellers delivered broad-based growth across all major financial parameters during the quarter. Consolidated revenue from operations rose 42% YoY to ₹10,343.4 crore, up from ₹7,278.1 crore in the corresponding quarter last year, supported by healthy demand, showroom expansion, and an improved product mix.
Operating profitability also witnessed a sharp improvement. EBITDA increased 75% YoY to ₹750.5 crore, with EBITDA margins expanding to 7.3% from 5.9% in Q3 FY25. Gross profit for the quarter grew 52% YoY to ₹1,357.7 crore, aided by procurement efficiencies and a higher contribution from studded jewelry.
India operations remained the key growth driver during Q3 FY26. Standalone India revenue stood at ₹9,047.7 crore, registering a strong 42% YoY growth.
The company reported a robust Same-Store Sales Growth (SSSG) of 27% in India, highlighting sustained consumer demand. During the quarter, Kalyan Jewellers added 21 new showrooms (18 net additions), taking the total number of showrooms in India to 318.
Kalyan Jewellers’ hyperlocal strategy continued to deliver strong results, particularly in Non-South markets. These regions contributed 58.5% of total India revenue during the quarter.
SSSG in Non-South markets stood at 29%, outperforming South markets, which reported SSSG of 25%. The company also recorded a meaningful improvement in product mix, with studded jewelry contributing 31.2% of total India revenue, up from 29.5% in the base year.
Despite volatility in gold prices, Kalyan Jewellers’ Middle East business delivered resilient growth in Q3 FY26. Revenue from the region increased 28% YoY to ₹1,072.6 crore, supported by an SSSG of approximately 24%.
Profitability in the Middle East segment improved significantly, with PAT rising 54% YoY to ₹23.6 crore, reflecting improved operating leverage.
Candere, the company’s digital-first lifestyle jewelry platform, continued to expand its footprint. The platform reported revenue of ₹323.1 crore over the last twelve months.
As of December 31, 2025, Candere operated 110 showrooms across India, strengthening its omnichannel presence and brand visibility.
During the quarter, Kalyan Jewellers recorded a one-time exceptional expense of ₹41.5 crore, arising from changes in employee benefit provisions following the notification of New Labour Codes by the Government of India.
Despite this impact, the company continued to strengthen its balance sheet. Kalyan Jewellers repaid ₹646.1 crore of working capital loans in India between April 2023 and September 2025. As of September 30, 2025, the Consolidated Return on Capital Employed (ROCE) stood at a healthy 28.2%.
Kalyan Jewellers is accelerating its transition toward a capital-efficient, asset-light growth strategy through the FOCO (Franchisee Owned Company Operated) model. Of the 318 showrooms in India, 195 are currently operated under the FOCO framework.
The company plans to launch 84 additional FOCO showrooms in India during the remainder of FY26. International expansion in the Middle East and the United States will also be primarily driven through the FOCO model.
To deepen regional engagement, Kalyan Jewellers plans to introduce new regional brands with exclusively localized designs. The first such brand is scheduled for launch within FY26, supporting the company’s hyperlocal strategy.
Founded in 1993 by Mr. T.S. Kalyanaraman, Kalyan Jewellers has built a strong global footprint. As of December 31, 2025, the company operates 469 showrooms across India, the Middle East, the USA, and the UK, supported by a workforce of over 15,000 employees.
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