Kalyan Jewellers stock hit the upper trading circuit after reporting a huge 90.36% jump in consolidated net profit to Rs 416.29 crore for the quarter, up from Rs 218.68 crore last year. Revenue climbed 42.11% to Rs 10,343.41 crore compared to Rs 7,278.09 crore in the same period a year ago. JM Financial leads the optimism with a Rs 750 price target and a BUY rating. The brokerage raised its earnings forecasts for fiscal 2026-28 by 4-5%. It lowered its price-to-earnings ratio target to 40 from 45 due to recent stock volatility but extended estimates to December 2027. JM Financial noted, "Management highlighted sustained strong growth in Jan'26 in the face of volatility in gold prices, and noted they expect to end FY26 on a good note." Strong same-store sales growth was seen across regions, with India up 27% year-on-year and the Middle East up 24%. Motilal Oswal also keeps a BUY rating with a Rs 600 target price based on a 35 times December 2027 price-to-earnings ratio. It raised earnings forecasts by 3-4% for 2027-28, citing margin improvements in Q3. "We are extremely excited with the way the current year has progressed so far," said Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers India. "The current quarter has started very well despite the volatility in gold prices. We are upbeat about the ongoing wedding season and expect to end the financial year on a strong note." Motilal Oswal pointed out the company’s expanding franchise, which now contributes over 45% of revenue, aided by growth beyond Southern India and an increased focus on studded jewellery. The asset-light operating model helps cash flow and reduces debt interest expenses. The brokerage projects a compound annual growth rate of 21% revenue, 18% EBITDA, and 22% net profit for fiscal 2026-28. The digital brand Candere turned net profit-positive this quarter, meeting guidance. Management aims to be net debt-free by end fiscal 2027 through asset sales and cash inflows, according to JM Financial. Kalyan Jewellers plans to open 4 to 5 regional stores over the next year, including some in Q4 of fiscal 2026. This strong set of results and growth outlook has investors buzzing and keeps Kalyan Jewellers in the spotlight as a key player in the jewellery market.