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Kalyan Jewellers Shares Slump 9% as US Tariff Fears Overshadow Robust Q1 Earnings

Analysts remain bullish after the selloff on confidence in the company’s expansion strategy.

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Overview

  • Kalyan Jewellers posted a 49% jump in net profit to Rs 264.08 crore in Q1 FY26 alongside a 31.5% rise in revenue to Rs 7,268.48 crore, a 38% increase in EBITDA and margin expansion to 7%.
  • International operations delivered a 32% top-line boost to Rs 1,070 crore with Middle East profit of Rs 22 crore, while its Candere platform incurred a Rs 10 crore loss on Rs 66 crore sales.
  • The stock fell over 9% on August 8 as investors weighed concerns over a proposed 25% US tariff on Indian gems and jewellery exports.
  • Eight out of nine analysts maintain buy recommendations with average 12-month price targets suggesting roughly 12.6% upside.
  • Brokers ICICI Securities and MOFSL reaffirmed bullish forecasts, projecting double-digit CAGRs for revenue, EBITDA and PAT through FY27–28 with target prices up to Rs 700.