Kalyan Jewellers Shares Sink 8.21% After PM Modi’s Gold Appeal Despite Strong Q4 Results

Overview

• Kalyan Jewellers share price dropped 8.21% to Rs. 389.70 even after the company reported a 118.2% rise in quarterly profit for FY26.

• Over 2.22 crore shares exchanged hands, while the price moved between Rs. 382.10 and Rs. 411 in intraday.

• Brokerage firm Motilal Oswal kept a ‘Buy’ rating on the stock with a target price of Rs. 575, supported by strong earnings growth and franchise expansion.

Kalyan Jewellers share price dropped by 8.21% to Rs. 389.70 at press time. This move surprised many since it came right after the company shared strong quarterly results. The stock opened at Rs. 411, which was already lower than its previous close of Rs. 424.55. Throughout the morning, the price hit a high of Rs. 411 and a low of Rs. 382.10, making investors wary.

Here is everything you need to know about Kalyan Jewellers share price today, based on Moneycontrol data.

Market Data and Performance Metrics

The current market cap for Kalyan Jewellers is Rs. 40,307 crore. Despite the daily drop, the stock shows some long-term strength when you look at its 52-week range. It has moved between a low of Rs. 347.50 and a high of Rs. 617.70 over the last year.

Over 2.22 crore shares exchanged hands today with a total value of Rs. 86,835.84 lacs. Volume Weighted Average Price or VWAP is Rs. 388.79, which is close to the current market price. This shows that most of the trading today is happening at lower levels.

Kalyan Jeweller share price chart on Moneycontrol shows a loss of 8.28% during the afternoon trading hours.

Also Read: Best Low-Price Stocks Under Rs. 30 in India for 2026

Record Growth vs. National Austerity

The fall in share price is a bit of a puzzle when you look at the company's growth. In the fourth quarter of FY26, Kalyan Jewellers saw its net profit jump by 118.2%. It rose to Rs. 409.5 crore from Rs. 187.6 crore in the same period last year. Revenue also went up by 66.2%, reaching Rs. 10,274.9 crore. The company even suggested a final dividend of Rs. 2.5 per share.

These optimistic figures were overshadowed by a recent speech from Prime Minister Narendra Modi at an event in Hyderabad. He asked Indians to stop buying gold for a year to save foreign exchange. Since India spends about $6 billion a month on gold imports, the government wants to reduce this cost during the Middle East crisis. This news scared investors, who now worry that gold demand in India might dry up soon.

Future Outlook and Analyst Views

Even with the current drop, expert firms like Motilal Oswal still feel good about the stock. The firm kept a ‘Buy’ rating for Kalyan Jewellers shares with a target price of Rs. 575 per share. It believes that the company’s move into non-South Indian markets and its new franchise model will help it stay profitable.

Motilal Oswal expects the company to see a 22% growth in profit over the next two years. Currently, the stock has a Price-to-Earnings or PE ratio of 31.37, which is lower than the sector PE of 65.11. This suggests the stock might be undervalued despite the 8% hit it took today.

Also Read: SBI Share Price Today Nears Rs. 1,090 Ahead of Q4 Results and Dividend Decision

A Temporary Setback or a Long Trend?

The 8% crash in Kalyan Jewellers' price is a classic case of macro news beating micro success. While the company is doing better, the Prime Minister’s call to avoid gold is a huge hurdle for the whole jewellery sector.

For a long-term investor, the low PE ratio and high profit growth look like a good deal. On the other hand, traders should be careful. If the public actually stops buying gold for a year, the next few quarters could be tough for the stock.

FAQs

1. Why did Kalyan Jewellers share price fall?

Kalyan Jewellers shares fell after Prime Minister Narendra Modi asked citizens to avoid buying gold for weddings for one year to help save foreign exchange. Investors worried this could reduce gold demand in India. Even though the company reported very strong profit and revenue growth, market sentiment turned negative because traders fear lower future jewellery sales.

2. How were Kalyan Jewellers’ quarterly results?

Kalyan Jewellers India reported excellent Q4FY26 earnings. Net profit rose 118.2% year-on-year to Rs. 409.5 crore compared to Rs. 187.6 crore last year. Revenue from operations increased 66.2% to Rs. 10,274.9 crore. The company also announced a final dividend of Rs. 2.5 per share, showing confidence in its business growth and cash flow position.

3. What is the target price for Kalyan Jewellers shares?

Brokerage firm Motilal Oswal has maintained a ‘Buy’ rating on Kalyan Jewellers shares with a target price of Rs. 575. The brokerage believes the company’s franchise expansion, growth in non-South Indian markets, and better profitability can support future earnings growth. Analysts also expect healthy profit growth over the next two financial years.

4. Is Kalyan Jewellers stock undervalued?

Some analysts believe the stock may look attractive after the recent correction. Kalyan Jewellers currently trades at a PE ratio of 31.37, while the sector PE stands at 65.11. This means the stock is valued lower than many companies in the same sector. However, investors are still watching how gold demand changes after recent government comments and market uncertainty.

5. Should I buy Kalyan Jewellers stock?

Kalyan Jewellers India stock may still interest long-term investors because the company reported strong profit and revenue growth in Q4FY26. Analysts also maintain a positive outlook, with a target price of Rs. 575. However, the recent 8.21% decline suggests the stock may remain volatile in the short term due to concerns about gold demand and market sentiment. Investors should track future earnings, gold demand trends, and support levels before making a decision.