Kalyan Jewellers shares have fallen more than 40% from their peak, cutting into investor wealth by about Rs 27,000 crore. The drop comes after Prime Minister Narendra Modi asked people to pause gold purchases and the government raised import duties. Analysts cite policy headwinds plus technical weakness as the stock struggles to stabilize.
Shares of Titan and Kalyan Jewellers tumbled after Prime Minister Narendra Modi urged Indians to temporarily reduce non-essential gold consumption to protect foreign exchange reserves. Speaking in Hyderabad, he linked gold conservation to national strength as global oil prices rise. Traders said the comments, though not a formal ban, hit sentiment hard and could cool volumes during the wedding season.
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Titan, Kalyan Jewellers and other gold-linked stocks are expected to stay in focus after Prime Minister Narendra Modi urged people to avoid buying gold for weddings for a year. Despite the demand-related message, investors are reacting to strong Q4FY26 earnings from major jewellery companies, keeping sentiment active for the sector Monday.
Kalyan Jewellers reported a blockbuster March quarter for FY26, with net profit more than doubling to Rs 409.5 crore. Revenue from operations jumped 66.2% to Rs 10,274.9 crore, alongside strong EBITDA growth. The firm also recommended a final dividend of Rs 2.50 per equity share, citing solid performance from international operations and its Candere platform.
India’s jewellery market is shedding its local-only identity as Kalyan Jewellers scales up. The shift blends traditional town-level advantages with modern store practices and product validation tools, while also leveraging local brand momentum. The result: a faster move from regional presence to national reach, challenging how customers shop for trust, pricing, and craft.
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