Planning to Buy Kalyan Jewellers Shares? Read This Before You Buy

The Indian equity benchmark indices are taking a breather on Wednesday, February 11, 2026, after logging gains for the third straight session on Tuesday. The broader market indices are also witnessing some profit booking. The same is true for Kalyan Jewellers India Ltd, which rallied nearly 16 per cent in just two trading sessions between February 6 and 9, now witnessing profit taking after a sharp run-up following its Q3FY26 quarterly earnings announcement.  The stock is down about 3 per cent in the last two trading sessions.  

On Wednesday, Kalyan Jewellers’ share price is trading down by 1.72 per cent as of 1:00 PM. The stock has been in the news recently for multiple reasons, with the Q3FY26 earnings update being the most significant.  Before we go further, let's understand the business model of the company. As the name suggests, Kalyan Jewellers operates in the jewellery business. It is one of India’s largest jewellery companies, offering a wide range of jewellery products from wedding jewellery to daily wear.  

Kalyan Jewellers’ Q3FY26 Performance

In Q3FY26, Kalyan Jewellers consolidated net profit jumped by 90 per cent YoY to Rs 416.3 crore from Rs 219 crore in the same quarter last year. Revenue surged 42 per cent YoY to Rs 10,343.3 crore. EBITDA margins improved from 5.9 per cent in Q3FY25 to 7.3 per cent in Q3FY26, while PAT margins rose to 4 per cent from 3 per cent over the same period.

Revenue growth across markets and categories was supported by strong same-store-sales growth (SSSG). SSSG in the South stood at 25 per cent, while the non-South reported at 29 per cent. The non-South region contributed 58.5 per cent of the total revenue. Meanwhile, the studded share improved across key markets to ~31.2 per cent compared to 29.5 per cent YoY. Margin expansion was also driven by a better mix, procurement efficiencies, operating leverage, a higher share of Franchisee Owned Company Operated (FOCO) revenue and gains in platinum and silver. Customer additions also remained healthy, with new customers accounting for over 39 per cent of the base.

Kalyan Jewellers Records Sharpest Single-day Rally

Following the result, Kalyan Jewellers’ share price surged by 15 per cent on Monday, February 9, 2026, registering its sharpest single-day upmove in history. The price action was supported by strong volume, which rose multiple times versus the 30-day average and was the highest in the last year.

With the robust Q3FY26 performance and notable improvement in price and volume action, a key question for market participants is: Is this a good time to bet on Kalyan Jewellers stock?

Kalyan Jewellers: What Triggered the Sharp Sell-off After a multibagger Rally?   

Kalyan Jewellers’ share price delivered multibagger returns of over 1200 per cent between June 2022 and January 2025. However, after hitting highs in January 2025, the stock price corrected sharply amid rumours and reports of additional pledge creation. The company, however, clarified the matter in a press release stating:

“At the outset, we wish to deny the contents of the news item which state that an 'additional' pledge has been created by the promoters, for the following reasons:

1. Pledge of 60,97,561 shares in favour of HSBC Investdirect Financial Services (India) Limited has been released and the same number of shares, i.e. 60,97,561 shares, have been pledged by TK Seetharam, Promoter of the Company, on February 03, 2025, in favour of Catalyst Trusteeship Limited.
2. Accordingly, Mr TK Seetharam has not created any “additional” pledge on shares as there is no change in the percentage of the shares pledged.
3. The pledge created by the Promoters is through depositories and disclosed to the exchanges through SDD as per the notification - SEBI/HO/CFD/DCR-3/P/CIR/2022/27 dated March 07, 2022, issued by the Securities and Exchange Board of India (SEBI).”

Following the clarification, the stock saw some respite. However, sentiment remained weak, as reflected in the continued correction in the share price.  With its recent Q3FY26 performance, market participants have once again put this jewellery stock back on their radar, but is it worth it now?

Here’s the Technical Perspective on Kalyan Jewellers – Key Resistance Level for Kalyan Jewellers

Kalyan Jewellers has staged a decent recovery of about 28 per cent from the January 27 lows.  However, the recovery halted near the polarity change zone, where a previously broken support level turns into a resistance. As marked on the chart, the stock reversed from this region. It is also trading below its key moving averages, such as the 50, 100 and 200-DMA and these averages are sloping downward, which does not bode well for the technical set-up. Overall, the recent revival in the share price appears to be driven by the Q3F26 results. For the up move to sustain, Kalyan Jewellers' share price needs to close above the Rs 445-455 zone on a weekly basis.