Kalyan Jewellers shares plunge 34% YTD; analysts see further downside ahead

Shares of Kalyan Jewellers India Ltd declined 3.12 per cent in Tuesday's trade to touch a day low of Rs 504. The stock was last seen trading 2.40 per cent lower at Rs 507.75. With this, it has fallen 34.43 per cent so far in 2025 (year-to-date). The scrip recorded high trading volume today on BSE as 6.56 lakh shares changed hands at the time of writing this story, higher than the two-week average volume of 4.82 lakh shares. Turnover on the counter came at Rs 33.35 crore, commanding a market capitalisation (m-cap) of Rs 52,394.48 crore.

On the earnings side, the jewellery retailer reported a 48.73 per cent jump in consolidated profit after tax (PAT) at Rs 264.08 crore for the quarter ended June 30, against Rs 177.55 crore in the same period last year. Revenue from operations rose 31.48 per cent to Rs 7,268.47 crore from Rs 5,527.81 crore a year earlier.

"We have made a good start to the ongoing quarter despite continued volatility in gold prices and a higher base. We remain optimistic about the upcoming festive season across India and are preparing to roll out new collections and campaigns," said Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers.

A few analysts suggest Kalyan Jewellers appears weak on charts, with downside targets of Rs 485–470, unless it breaks above Rs 540 to reverse the bearish trend.

"The stock has undergone a decisive correction, retesting its previous swing low. A fall below the Rs 500 level could weaken the near-term outlook further, potentially dragging it towards Rs 490–485. Conversely, only a move above Rs 540 would invalidate the ongoing bearish trend," said Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One.

"Kalyan Jewellers appears weak on charts and may slip towards Rs 470 in the near term, while resistance is seen at Rs 515," added Ravi Singh, Senior Vice-President, Retail Research at Religare Broking.

As of June 2025, promoters held a 62.82 per cent stake in the Kerala-based jewellery firm.