Kalyan Jewellers Share Price: Stock falls 10% in 4 sessions; Q1 revenue jumps 47%

Kalyan Jewellers shares came under pressure on Wednesday, falling as much as 2.22% to hit an intraday low of Rs 560.90. The stock has now fallen 10.4% in the last four trading sessions.

At 10:14 am, Kalyan Jewellers was trading 1.48% lower at Rs 565.15. The Sensex was down 0.74% at 76,371 at the same time.

Trading volumes were also higher. Around 2.67 lakh shares worth Rs 15.13 crore were traded on the BSE. On the NSE, 22.50 lakh shares worth Rs 138.67 crore changed hands.

Q1 revenue rises 47%

Kalyan Jewellers reported a 47% year-on-year rise in revenue during the quarter. Same-store sales grew 28%, according to Nuvama.

Nuvama said higher gold prices helped drive value growth across the jewellery sector in Q1 FY27, while volume growth remained mixed.

Gold exchange also became a bigger part of Kalyan Jewellers' business after the import duty was raised from 6% to 15%. Recycled gold accounted for more than 46% of the company's revenue during the quarter.

For comparison, gold exchange made up more than 50% of Tanishq's business. At Senco Gold, exchange accounted for 43% of sales by quantity.

How jewellery peers performed

Senco Gold reported 67% revenue growth, while PNG Jewellers reported a 41% rise. Their same-store sales grew around 39% and 46%, respectively.

Titan's standalone jewellery revenue increased 38%, while Tanishq reported like-for-like growth of 33%.

BlueStone's revenue grew 49%, supported by 39% same-store sales growth across mature and newer stores. CaratLane's growth increased to 40%.

Sky Gold reported 78% year-on-year revenue growth. The company also recorded 7-9% volume growth, helped by higher demand for studded and lower-karatage jewellery.

Store expansion and margins

Kalyan Jewellers, Senco Gold and PNG Jewellers are planning to add more stores in FY27. Franchise and FOCO models are being used to support the expansion.

Nuvama said companies are increasingly looking at Tier-2 and Tier-3 cities and regional markets for new stores. BlueStone is targeting around 20% annual growth in its store network through larger-format stores.

Margins remained largely stable across the sector. Titan's normalised EBIT margin was 10.9%, while Kalyan Jewellers saw some margin pressure from exchange-related promotions.

BlueStone's EBITDA margin improved to 7.5% due to operating leverage. PNG Jewellers and Sky Gold also benefited from a higher share of studded and lower-karatage jewellery.

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