Kalyan Jewellers Stock Surges Nearly 12% After Q3 Profit Jump to INR 416 Crore

Kalyan Jewellers India Ltd saw its shares surge nearly 12% on February 9, 2026, following strong third-quarter (Q3 FY25) financial results. The company reported a net profit of INR 416 crore, marking a 90% increase year-on-year, while revenue rose 42% to INR 10,343 crore. The positive performance came despite previous market volatility and past regulatory concerns.

Kalyan Jewellers' Strong Q3 Performance Drives Investor Confidence

The Q3 results reflected robust consumer demand for jewellery, even amid fluctuating gold prices. Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 74.3% to INR 750 crore, with margins expanding to 7.3%. These figures underscore Kalyan Jewellers’ operational resilience and have helped restore investor confidence after a challenging period in 2025.

On the trading front, the stock reached an intraday high of INR 424.70, up almost 10%, with trading volumes hitting 1.44 crore shares valued at INR 595.18 crore. As of February 9, 2026, shares were trading around INR 418-420, showing recovery from earlier lows but still below the December 2024 peak of INR 770.

Impact of India-US Trade Deal

Analysts attribute part of the stock rally to the recent India-US trade agreement, which provides clarity on tariffs and strengthens export prospects for the Indian jewellery sector. This macroeconomic tailwind has bolstered investor sentiment, with Kalyan Jewellers benefiting alongside sector peers.

For context, Titan Company, a leading competitor, trades at a P/E ratio of 89 compared to Kalyan Jewellers’ 42.8, highlighting potential upside for investors seeking growth opportunities in the jewellery segment.

Market Volatility and Regulatory Concerns

Kalyan Jewellers’ recent surge comes after a period of significant market turbulence. In early 2025, the company faced stock manipulation allegations, resulting in a 41% drop in share price from INR 745 to INR 440.65 and a sharp reduction in market capitalisation. Kalyan had approached SEBI over unusual trading patterns and short-selling activities, which contributed to investor uncertainty.

Despite the strong Q3 results, concerns remain over potential regulatory scrutiny and the impact of historical volatility on investor confidence. The stock’s past price swings, including a 45% correction from its December 2024 high, highlight the inherent risks in the market.

Outlook for Investors

With its strong quarterly performance and supportive trade environment, Kalyan Jewellers appears well-positioned for potential growth. Analysts suggest that maintaining operational efficiency and sustaining investor trust will be key to continuing this upward momentum. However, any resurgence of regulatory or market integrity issues could quickly alter its trajectory.

Kalyan Jewellers’ Q3 performance and sector developments signal a cautious optimism among investors, balancing past volatility with current growth prospects.

Kalyan Jewellers stock Crashes 14%: Buy or Stay Away?

- The crash continues, hitting a 19-month low and dropping 25% in two weeks. - The price fell below key support at INR 394–INR 398, and market experts are overall negative. - Kalyan’s revenue numbers have remained strong over the last few quarters, giving it a breather.

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