Kalyan Jewellers stock falls 8% despite strong Q1 update; business growth trails Titan

Shares of Kalyan Jewellers India fell nearly 8 percent on Tuesday even after the company reported a healthy Apri-June quarter business update. Investors appeared to be disappointed as the retailer's growth lagged larger rival Titan and came against elevated expectations for the jewellery sector.

The stock dropped as much as 7.8 percent to Rs 351.55 in morning trade, taking its losses for 2026 so far to over 27 percent. The decline came even as the company reported robust double-digit growth across its domestic and international operations during the June quarter.

Kalyan Jewellers said its India operations recorded revenue growth of approximately 38 percent year-on-year in the June quarter, supported by a same-store sales growth of around 28 percent. Its international business, led by West Asia, delivered revenue growth of about 35 percent, with the region alone growing around 30 percent during the quarter. International markets contributed roughly 14 percent to consolidated revenue.

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The company's digital-first jewellery platform, Candere, continued to outperform, with revenue surging 112 percent year-on-year. During the quarter, Kalyan opened 12 Kalyan showrooms and five Candere stores, taking its total showroom network to 524 outlets as of June 30.

Management said the company entered the second quarter on a positive note, aided by healthy consumer demand ahead of the festive and wedding season.

Despite the strong operational performance, the update appeared to fall short of the market's high expectations. Earlier, rival Titan reported a 41 percent growth in consumer business revenue, driven by a 39 percent increase in its jewellery business, while its international business surged 128 percent year-on-year. Titan shares rose more than 3.5 percent following its update, highlighting the contrasting market reaction.

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