Highlights

• Kalyan Jewellers shares declined more than 9 percent during Monday’s trading session.
• Company reported FY26 consolidated revenue growth of 43 percent to INR 35,743 crore.
• Investors monitored valuation levels despite higher quarterly and annual profit growth figures.

Shares of Kalyan Jewellers India Limited (NSE:KALYANKJIL) declined sharply during Monday’s trading session after the company announced its audited financial results for the quarter and year ended March 31, 2026.

The stock fell more than 9 percent to around INR 385 on the NSE after opening at INR 411. The decline came despite the company reporting higher consolidated revenue and profit for FY26.

Source: TradingView

FY26 Revenue Crosses INR 35,700 Crore

The company reported consolidated revenue of INR 35,743 crore for FY26 compared with INR 25,045 crore in FY25, reflecting a growth of 43 percent.

Consolidated profit after tax increased to INR 1,350 crore in FY26 from INR 714 crore in the previous financial year, marking a rise of 86 percent.

For Q4FY26, consolidated revenue stood at INR 10,275 crore, while consolidated PAT reached INR 410 crore. The company reported quarterly growth of 66 percent in revenue and 118 percent in PAT compared with Q4FY25.

Standalone India operations recorded Q4FY26 revenue of INR 8,994 crore and PAT of INR 366 crore.

International Operations And Candere Business

Kalyan Jewellers stated that international operations generated revenue of INR 1,157 crore during Q4FY26 compared with INR 807 crore in the corresponding quarter last year.

International operations reported PAT of INR 29 crore during the quarter against INR 14 crore in Q4FY25.

The company’s lifestyle jewellery platform Candere reported Q4FY26 revenue of INR 131 crore and profit of INR 3 crore.

Kalyan Jewellers said it operates 507 showrooms across India, the Middle East, the United Kingdom, and the United States.

Source: Company Filing

Investors Track Valuation And Sector Trends

The decline in the stock price came even as jewellery retailers reported higher revenues during the festive and wedding season.

Market participants continued tracking valuation levels in jewellery retail companies following recent rallies across the sector. Investors also monitored sustainability of demand amid elevated gold prices.

Kalyan Jewellers shares have witnessed significant gains over the past year before Monday’s decline.

Management Commentary

Mr Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We ended the previous financial year on a very strong and have carried the momentum into the ongoing financial year. We witnessed strong growth in our Akshaya Tritiya sale this year and we continue to see encouraging momentum in consumer demand, especially around the wedding purchases during the current quarter.”

Key Risks

• Rising gold prices may impact jewellery affordability and consumer purchasing patterns.
• Volatility in discretionary spending could affect retail demand across markets.
• High valuation levels may increase post-results stock price fluctuations.
• International business performance may face currency and regional demand risks.

Summary

Kalyan Jewellers (NSE:KALYANKJIL) shares declined over 9 percent after the company announced FY26 earnings despite reporting higher revenue and profit growth. Consolidated FY26 revenue reached INR 35,743 crore, while PAT rose to INR 1,350 crore.

Investors tracked valuation concerns, jewellery sector trends, and demand sustainability amid elevated gold prices even as the company reported growth across domestic and international operations.

FAQs

Q: Why did Kalyan Jewellers shares fall despite higher FY26 profit?

A: Investors monitored valuation concerns and sustainability of jewellery demand despite strong quarterly and annual financial growth reported.

Q: What was Kalyan Jewellers’ FY26 consolidated revenue?

A: Kalyan Jewellers reported consolidated FY26 revenue of INR 35,743 crore compared with INR 25,045 crore in FY25.

Q: How many showrooms does Kalyan Jewellers operate globally?

A: Kalyan Jewellers operates 507 showrooms across India, the Middle East, the UK, and the United States.