Shares of Kalyan Jewellers India Ltd experienced a significant decline on Tuesday, falling by nearly 7% to Rs 572.75 on the BSE. This marks the third consecutive session of losses for the jewellery retailer, despite an earlier report of strong first-quarter earnings for fiscal year 2027.
PM Modi's Comments Impact Gold Demand
The primary factor driving the recent selling pressure is growing concern over gold demand in India. Ravi Singh, Chief Research Officer at Master Capital Services, highlighted that Prime Minister Narendra Modi's repeated appeals to consumers to limit gold purchases have fueled worries about a potential slowdown in jewellery sales. These remarks, according to Singh, have historically made investors cautious and are currently weighing on Kalyan Jewellers' sales and growth outlook.
Singh noted that the current weakness is sentiment-driven, and if the selling pressure persists, the stock could potentially drop towards the Rs 550 level in the near term.
Technical Outlook and Q1 Performance
From a technical perspective, AR Ramachandran, a Sebi-registered research analyst at Tips2trades, indicated that Kalyan Jewellers' stock is exhibiting bearish signs on daily charts. He identified strong resistance at Rs 615 and warned that a daily close below the Rs 585 support level could trigger a further fall towards Rs 541.
Despite the recent stock performance, Kalyan Jewellers reported robust financial results for the first quarter of fiscal 2027. The company announced a 32% year-on-year (YoY) increase in consolidated net profit, reaching Rs 349 crore, up from Rs 264 crore in the same period last year. Consolidated revenue from operations also saw a substantial 46% YoY rise, climbing to Rs 10,589 crore from Rs 7,268 crore previously.
As of June 30, 2026, Kalyan Jewellers operated a total of 524 showrooms across India and international markets, including 354 Kalyan India stores, 38 Kalyan Middle East stores, and a significant presence for its Candere outlets.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.