The jewellery retailer said festive demand drove strong traction across categories in India, resulting in a broad-based growth of ~42% in domestic operations.
Same-store-sales-growth stood at 27%, with revenue momentum sustained despite gold price volatility. International operations also logged a 36% rise in revenue, led by 28% growth from Middle East markets, primarily driven by same-store-sales expansion.
The company’s digital-first jewellery platform, Candere, recorded a 147% revenue surge over the same period last year.
During the quarter, the company opened 21 new showrooms in India, 1 in the UK, and 14 Candere showrooms. As of December 31, 2025, Kalyan Jewellers’ total showroom count stood at 469 across India and international markets, including the Middle East, the USA, and the UK.
Post the company’s Q3 business update, domestic brokerage firm Motilal Oswal has stated that it maintains a bullish view on the stock, assigning a ‘Buy’ rating with a target price of Rs 650, an upside potential of 25% from the stock’s previous closing price of Rs 520.75.
Kalyan Jewellers’ share price performance over the last year has been a mixed bag.On a one-year basis, the stock has seen a sharp decline of 27%, reflecting a significant correction. However, the recent trend has been more encouraging; on a year-to-date basis, it is up 6.55%.
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Over the past month, the stock has gained 8.61%, while in the last three months, it has been up by 7.03%. That said, the six-month trend still shows a decline of around 10.16%, indicating some lingering weakness from the earlier half of the period.
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