Highlights

• Kalyan Jewellers’ stock dropped nearly 19% over the past week, trading at ₹385.40 as of 22 January 2026.

• Despite the decline, analysts maintain a “strong buy” rating with a target price of ₹679.44 ahead of the Q3FY26 earnings on 6 February 2026.

• Q3 FY2026 revenue rose approximately 42% YoY in India, international operations grew 36% YoY, and Candere’s digital platform revenue surged 147% YoY.

Kalyan Jewellers India Limited (NSE:KALYANKJIL) has experienced a quiet but steady decline in its share price over the past week, dropping nearly 19%, despite no major announcements signaling business disruptions. As of 22 January 2026, the stock is trading at ₹385.40, down ₹11.15 or 2.81% on the day. Meanwhile, market analysts maintain a “strong buy” rating with a target price of ₹679.44, indicating investor confidence ahead of the company’s December quarter earnings, scheduled for 6 February 2026.

The share price might be impacted by the easing gold market, with gold prices falling over 1% to around USD 4,780 per ounce after reaching a record high in the previous session. The pullback in global gold prices followed news of President Donald Trump backing away from a proposed tariff threat on Europe over Greenland.

Q3 FY2026 Performance Signals Revenue Growth

Kalyan Jewellers reported encouraging results for Q3 FY2026. Consolidated revenue grew approximately 42% year-on-year, driven largely by festive season demand in India. Same-store-sales growth stood at around 27%, with gains spread across both plain gold and studded jewellery segments. International operations contributed approximately 11% to consolidated revenue, recording 36% growth year-on-year. In the Middle East, revenue growth reached 28%, fueled by same-store-sales expansion.

Expansion and Digital Push Continue

The company has actively expanded its footprint. During the quarter, Kalyan Jewellers launched 21 new showrooms in India, one in the United Kingdom, and 14 new Candere digital-first jewellery outlets in India. Candere’s revenue recorded a significant 147% growth year-on-year, emphasizing the increasing contribution of online channels to overall business.

Corporate Updates

On 14 January 2026, Kalyan Jewellers announced the appointment of Ms. Radhika Ramani and Mr. C.R. Rajagopal as Additional Directors (Non-Executive & Independent) to its Board, effective immediately. This addition aligns with the company’s governance and strategic expansion plans.

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