Shares of Kalyan Jewellers India fell nearly 8 percent in early trading on Tuesday despite the company reporting a strong business update for the April-June quarter.
The decline reflected investor disappointment over growth numbers that appeared modest compared with larger rival Titan and came amid elevated expectations from the jewellery sector.
The stock dropped as much as 7.8 percent to ₹351.55 during morning trade, extending its decline in 2026 to more than 27 percent.
The fall came even as Kalyan Jewellers reported healthy double-digit growth across both domestic and international operations during the first quarter.
The company said its India business recorded approximately 38 percent year-on-year revenue growth during the June quarter. Same-store sales growth stood at around 28 percent, indicating strong demand from existing outlets.
Its international business, mainly driven by West Asia markets, reported revenue growth of nearly 35 percent, with the region itself growing around 30 percent during the quarter. International operations contributed about 14 percent to the company’s consolidated revenue.
Kalyan Jewellers’ digital jewellery platform, Candere, continued to show strong momentum, with revenue increasing 112 percent year-on-year.
During the quarter, the company expanded its retail footprint by opening 12 new Kalyan showrooms and five Candere stores. As of June 30, its total showroom network stood at 524 outlets.
The management said the company entered the second quarter with positive momentum, supported by strong consumer sentiment ahead of the upcoming festive and wedding season, which typically drives higher jewellery demand.
However, the market reaction remained muted as investors appeared to benchmark Kalyan Jewellers’ performance against Titan’s recent quarterly update.
Titan reported a 41 percent growth in consumer business revenue, led by a 39 percent rise in its jewellery segment. Its international business also recorded a sharp 128 percent year-on-year increase, prompting its shares to rise over 3.5 percent after the announcement.
Analysts noted that while Kalyan Jewellers delivered solid operational growth, investor expectations had risen significantly due to strong sector-wide momentum.
The company’s expanding store network, international presence and digital growth remain key positives, but market participants are closely tracking whether growth rates can match the pace set by larger industry players.
