Kalyan Jewellers’ stock has been under pressure, falling for the eighth consecutive day, dropping 27% during this period. On January 15, 2025, it declined by 3.4% to Rs 576.55. The stock had hit a high of Rs 794.60 on January 2, 2025.

Over the past two years, Kalyan’s market value more than doubled. In 2024, it surged 116%, and in 2023, it rose 180%. By comparison, the BSE Sensex grew by just 20% in 2023 and 9% in 2024. The company’s stock has also risen 813% from its IPO price of Rs 87 in March 2021, although it briefly dropped to Rs 55.20 in May 2022.

In the December 2024 quarter, Foreign Portfolio Investors (FPIs) reduced their stake to 15.75%, while resident individual shareholders slightly increased theirs to 6.47%.

Kalyan Jewellers, based in Kerala, operates 303 showrooms across India and the Middle East, offering a wide range of gold, diamond, and gemstone jewellery.

For the first half of FY25, the company’s revenue grew by 32% YoY, following strong growth in the previous two years. However, its operating margin decreased to 6.1% from 7.2% in the same period last year, partly due to a one-time loss of Rs 69 crore from a customs duty reduction on gold imports.

The jewellery market is highly competitive, and Kalyan’s earnings are influenced by fluctuating gold prices and regulatory risks, such as import restrictions and GST changes. Despite these challenges, the company remains a major player with a strong brand and diversified offerings.

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