Why Kalyan Jewellers Shares Hit the 15% Upper Circuit Today and How the 90% Profit Surge is Redefining Organized Retail

If you were watching the ticker today, February 9, 2026, you witnessed a rare “Gems & Jewellery” explosion. The truth is, Kalyan Jewellers India Ltd shares didn’t just rise—they rocketed up to 15% in intraday trade, hitting a high of ₹426.90.

But here is the catch: This isn’t just a “relief rally” for a stock that was down 45% year-to-date. It is the market’s response to a 90% surge in net profit and a “Power Move” by the management to clean up the F&O segment.

The Shocking Numbers: Why Profit Jumped 90%

The Q3 FY26 earnings, released over the weekend, were a “Blockbuster” by any standard. Despite high gold price volatility, the company proved that the “Common Man” is still flocking to trusted organized brands for the wedding season.

Kalyan Jewellers Q3 FY26 vs Q3 FY25: The Growth Snapshot

Financial Metric	Q3 FY25	Q3 FY26	Growth (%)
Revenue from Operations	₹7,278 Cr	₹10,343 Cr	+42.1%
Consolidated Net Profit	₹218.7 Cr	₹416.3 Cr	+90.4%
EBITDA	₹430 Cr	₹750.5 Cr	+74.3%
EBITDA Margin	5.9%	7.3%	+140 bps Expansion

---

The “F&O Suspension” Secret: Why the Stock is Flying

While the earnings were the engine, the “Fuel” for today’s 15% surge was a specific regulatory move.

1. The Fight Against Manipulation

Kalyan Jewellers has reportedly approached SEBI alleging manipulative trading practices in its stock. In a bold “Secret Blueprint” to protect shareholder value, the firm has requested a temporary suspension from the F&O segment until an inquiry is complete. This move has drastically reduced “Shorting” pressure, allowing the stock to rise freely on its fundamental strength.

2. The “Candere” Turnaround

For the first time, Kalyan’s digital-first brand, Candere, turned net-profit positive this quarter. With Bollywood icon Shah Rukh Khan as the brand ambassador, Candere is now a serious contender in the omnichannel jewelry space, adding a “Tech Premium” to the company’s valuation.

3. Debt-Free Goal by 2027

The company has utilized its massive cash flows to repay ₹6,461 Crore in working capital loans. The management’s commitment to becoming Net Debt-Free by FY27 is the primary reason why institutional investors like Motilal Oswal and JM Financial are currently chasing the stock.

What the Analysts are Saying: New Target Prices

The brokerage community has issued an “Ultra-Bullish” verdict on the stock.

• JM Financial: Maintained a BUY rating with a “Shocking” target price of ₹750, implying a potential 80% upside from current levels.
• Centrum Broking: Set a target of ₹600, citing the industry-leading 42% revenue growth and the success of the asset-light “Franchise” model (which now contributes over 51% of revenue).
• Motilal Oswal: Reiterated BUY with a target of ₹600, projecting a 22% PAT CAGR through FY28.

Also Read: Why Zydus Lifesciences’ Profit Growth is Slowing Despite a 32% Revenue Jump: The “New Labour Code” Shock

💡 Pro-Tip: The “Non-South” Growth

While Kalyan is a southern giant, its Non-South revenue grew 47% this quarter—outpacing the 34% growth in its home markets. As an investor, the “Real” wealth creation will happen as Kalyan becomes the dominant player in Northern and Western India, rivaling Titan’s Tanishq.

---

The Bottom Line

Today’s 15% rally in Kalyan Jewellers is a “Warning” to those who doubted the brand’s resilience. Between the 90% profit surge and the strategic SEBI intervention, the stock has blueprinting a massive recovery. For the Retail Investor, the current breakout above ₹420 is a signal that the “Golden Era” for the stock might just be starting.