Kalyan Jewellers Shares Plunge Over 9% As Concerns Over Tariffs Overshadow Earnings

Shares of Kalyan Jewellers Ltd. dropped over 9% on Friday after the company announced the first-quarter results for the fiscal year 2026. The company's net profit rose 49% during the first quarter.

The jewellery retailer's bottom line surged to Rs 264.08 crore during the April-June period, against Rs 177.77 crore for the same period last year, according to an exchange filing on Thursday.

Kalyan Jewellers' international operations posted a 32% rise in its top line to Rs 1,070 crore during the first quarter.

The fall also comes at a time when there are heightened concerns over the US' additional 25% tariff on India. Gems & jewellery industry is among the sectors likely to be affected by the announcement.

Shares of Kalyan Jewellers fell as much as 9.47% to Rs 535 apiece. They pared losses to trade 6.89% lower at Rs 550.25 apiece, as of 9:50 a.m. This compares to a 0.46% decline in the NSE Nifty 50.

The stock has risen 2.40% in the last 12 months and fallen 28.26% year-to-date. Total traded volume so far in the day stood at 2.90 times its 30-day average. The relative strength index was at 28.88.

Out of the nine analysts tracking the company, eight have a 'buy' rating on the stock and one recommends 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 12.6%.