Kalyan Jewellers India Ltd’s shares surged 9% on Friday after the company reported a 40% rise in Q3 consolidated revenue, in line with Motilal Oswal Financial Services Limited (MOFSL) estimates. MOFSL maintained a ‘Buy’ rating, targeting a 42% upside, citing strong growth in non-southern markets and franchise businesses. However, urban market slowdowns may pressure discretionary spending by FY26. The stock hit Rs 481.30 but remains down 38.47% in January. Expansion in the Middle East and the US could drive future growth.
