India's Kalyan Jewellers falls after sequential decline in quarterly profit

Kalyan Jewellers India

05/08/2026 08:00

** Kalyan Jewellers' KALN.NS shares fall 2.9% to 574.55 rupees, extending declines to a fourth straight session 
** On Tuesday, the Indian jewellery retailer reported a 32% jump YoY in its June-quarter net profit to 3.49 billion rupees ($36.69 million), but fell 14.9% from the preceding quarter
** Revenue from operations jumped 45.7% to 105.89 billion rupees from a year earlier, up 3.1% sequentially   
** BOB Capital Markets downgrades the stock to "Hold" from "Buy" citing limited upside potential   
** Brokerage says EBITDA margins contracted 102bps YoY to 6%, reflecting a higher share of old-gold exchange transactions, increased employee costs, and lower gross margins
** Stock trades at forward 12-month P/E of 34.46 vs industry median of 34.21 
** Nine of 9 brokerages rate the stock "buy" or higher; their median PT is 700 rupees
** YTD, KALN up 18.4% 
($1 = 95.1225 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)
((Abhinav.Parmar@thomsonreuters.com;))