Kalyan Jewellers Share Price Today: Kalyan Jewellers shares extended their decline on Wednesday, with the scrip falling as much as 2.22% to hit an intraday low of Rs 560.90 apiece.
The stock has now fallen 10.4% over the past four trading sessions, including Wednesday's decline.
At 10:14 am, Kalyan Jewellers shares were trading 1.48% lower at Rs 565.15. In comparison, the BSE Sensex was trading 0.74% lower at 76,371 levels.
Trading activity in the stock also increased. Around 2.67 lakh shares worth Rs 15.13 crore changed hands on the BSE, while 22.50 lakh shares worth Rs 138.67 crore were traded on the NSE at the time of writing.
What Nuvama Said On Jewellery Sector
In its Q1 FY27 review of the jewellery sector, Nuvama Institutional Equities said the industry sustained strong growth momentum during the quarter, primarily supported by a nearly 60% year-on-year (YoY) increase in average gold prices.
The brokerage noted that the sector navigated several challenges, including fewer wedding dates, the Adhik Maas period, intense summer heatwaves, regional elections in West Bengal and a customs duty increase to 15% in May 2026.
A sharp increase in consumer gold recycling also supported overall retail sales volumes. However, the rising contribution of old gold weighed on operating profitability because of its lower margins. Higher import duties also muted investor demand for physical gold bars and coins, Nuvama said.
Kalyan Jewellers Q1 Performance
Kalyan Jewellers reported 47% year-on-year (YoY) growth in revenue during the quarter, supported by a strong same-store sales growth of 28%, according to Nuvama.
The brokerage said value-led growth remained a key feature across the jewellery sector during Q1 FY27, with higher gold prices driving topline growth even as underlying volumes faced a more mixed environment.
The increased focus on gold exchange was particularly notable after the import duty hike from 6% to 15%. Nuvama said recycled gold accounted for more than 46% of Kalyan Jewellers' revenue during the quarter.
For comparison, gold exchange contributed more than 50% of Tanishq's business, while Senco Gold's exchange accounted for 43% of sales' quantity.
Jewellery Sector Growth
Nuvama said Senco Gold and PNG Jewellers reported topline growth of 67% and 41%, respectively, supported by same-store sales growth of around 39% and 46%.
Titan reported standalone jewellery revenue growth of 38%, with Tanishq posting like-to-like growth of 33%, while BlueStone's revenue increased 49%, backed by same-store sales growth of 39% across mature and younger stores.
CaratLane's growth accelerated to 40%, while B2B manufacturer Sky Gold reported 78% year-on-year growth. The latter was supported by volume growth of 7-9% and a structural shift towards value-added studded and lower-karatage jewellery.
Store Expansion, Margins In Focus
Jewellery companies including Kalyan Jewellers, Senco Gold and PNG Jewellers are targeting sizeable store additions in FY27, with capital-light franchise and FOCO models increasingly being used to support expansion.
Nuvama said expansion is increasingly focused on Tier-2 and Tier-3 cities and regional markets, while BlueStone is targeting around 20% store CAGR through larger-format stores.
Margins across the sector remained relatively resilient. Titan's normalised EBIT margin stood at 10.9%, while Kalyan Jewellers faced temporary margin pressure from exchange-led promotions.
BlueStone's EBITDA margin expanded to 7.5% on strong operating leverage, while PNG Jewellers and Sky Gold benefited from a higher mix of studded and lower-karatage jewellery.
Nuvama said it continues to like the jewellery business, although it downgraded Titan to ‘Hold' following the sharp rise in its stock price.
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