Kalyan Jewellers Share Price Falls: Kalyan Jewellers’ share price took a sharp hit of over 9% on the BSE even after the company reported an impressive 49% year-on-year jump in net profit for the first quarter of FY26. The stock opened at ₹615.65 compared to its previous close of ₹590.75 but quickly dropped to an intraday low of ₹534.95, with volatility in gold prices playing a major role in triggering the sell-off. By 10:50 AM, the jewellery retailer’s shares were trading 6.90% lower at ₹550, reflecting cautious investor sentiment despite the strong earnings report.
For Q1FY26, Kalyan Jewellers posted a consolidated profit after tax (PAT) of ₹264 crore, up from ₹178 crore in the same period last year, with PAT margins improving to 3.6% from 3.2%. Revenue surged 31% year-on-year to ₹7,268 crore from ₹5,528 crore, supported by robust growth in both India and international markets. EBITDA rose 38% to ₹508 crore, with the margin improving to 7% compared to 6.7% in the previous year. However, its lifestyle jewellery platform Candere reported revenue of ₹66 crore and a net loss of ₹10 crore during the quarter.
The company remains optimistic about future growth despite gold price fluctuations. Executive Director Ramesh Kalyanaraman stated that Kalyan Jewellers has started the ongoing quarter on a positive note and is gearing up for the festive season with new collections and campaigns. The brand’s extensive presence in India, the Middle East, and the US positions it well for long-term expansion.
Brokerage firms remain bullish on the stock’s prospects. Motilal Oswal Financial Services has maintained a buy rating with a target price of ₹700, citing expectations of a 21% revenue CAGR, 17% EBITDA CAGR, and 21% PAT CAGR over FY26–28. The brokerage also highlighted the company’s asset-light expansion strategy, which is improving profitability, reducing debt, and expanding the studded jewellery mix in non-South markets. Similarly, JM Financial has reiterated its buy call with a target price of ₹700, pointing to Kalyan Jewellers’ strategy of launching new regional brands to cater to local tastes and capture a wider market.
While the long-term outlook remains strong, technical analysts caution short-term traders. Jigar S. Patel from Anand Rathi noted that the stock has faced repeated resistance around ₹620, with RSI levels below 40 indicating bearish momentum. He advised booking profits on upward bounces until the technical trend improves.
For investors, the current decline may offer a buying opportunity if they believe in the company’s growth trajectory, strong brand positioning, and expansion strategy. However, given the ongoing volatility in gold prices and the near-term technical weakness, it may be wise to accumulate gradually rather than make aggressive entries at once. Long-term holders could benefit from Kalyan Jewellers’ robust business model, rising market share, and festive season demand, but short-term traders should remain cautious until momentum shifts in their favor.