Is it a good time to buy Kalyan Jewellers? Explained

Kalyan Jewellers has been one of the most talked-about stocks in India's organised jewellery space. After delivering blockbuster Q3 FY26 numbers, the stock still trades significantly below its 52-week high, which raises a natural question for investors: Is this a buying opportunity, or is caution still warranted?

Strong Financials

Kalyan Jewellers reported a revenue of Rs 10,343 crore in Q3 FY26, a jump of 42 percent year-on-year, while EBITDA surged 75 percent to Rs 750 crore. EBITDA margins also improved from 5.9 percent in Q3 FY25 to 7.3 percent in Q3 FY26.

The company reported a net profit of Rs 416 crore in Q3 FY26, which is nearly double (90 percent) from Rs 219 crore in Q3 FY25. This exceptional performance during this quarter has featured this company in te eyes of the investors.

Also, the company’s share price is trading at a P/E of just 32.4x, which is below its 5-Year median P/E of 47.7x. However, it is trading at a slightly higher P/E as compared to its industry peers.

For the first time, non-southern markets contributed more revenue than southern markets, with non-south sales rising 47 percent to Rs 5,289 crore, with southern sales growing by 34 percent to Rs 3,758 crore.

The company's e-commerce arm, Candere, turned profitable during the quarter, posting 117 percent revenue growth during the quarter, with 110 stores now operational. Additionally, International operations also held steady, with overseas revenue rising 38 percent to Rs 1,164 crore.

Promoters Are Buying 

Promoters of Kalyan Jewellers acquired 9.25 lakh shares since February 9, 2026. When promoters buy shares from the open market with their own money, it is generally seen as a vote of confidence in the company's prospects and this is worth noting.

As of March 23, 2026, the stock trades around Rs 363, with a 52-week high of Rs 617.70 and a 52-week low of Rs 347.50, which means that the stock is currently sitting nearly 54 percent below its peak, despite the strong fundamentals.

Key Risks to Watch

Not everything is straightforward. Gold price volatility remains a constant risk for any jewellery retailer. Kalyan Jewellers generates around 12 percent of its revenue from West Asia, which adds geopolitical exposure. Additionally, the company has approached SEBI regarding alleged market manipulation concerns and has sought suspension from the F&O segment. An investor should monitor these situations closely before making any future commitments.

Kalyan Jewellers presents a mixed but broadly positive picture. The business is growing fast, margins are improving, non-South expansion is working, and promoters are buying. However, near-term risks around gold prices and the SEBI matter deserve attention. For long-term investors with patience, the current price level may offer a reasonable entry, but staggered buying rather than a lump sum would be the prudent approach given the ongoing uncertainty.

Note that it's not buy/sell advice and is only used for educational purposes.