Jewellery Stocks Shine on Strong Q4 Updates: Kalyan Jewellers, PC Jeweller Jumped Upto 5%

Kalyan Jewellers Surges on Robust Growth

Kalyan Jewellers shares gained by up to 3% to a session high of ₹435 but pared gains slightly to trade at ₹425.50, up by about 1.3%, against their last closing level of ₹420.

This comes after the company saw impressive operating performance in Q4 FY26, as it reported Indian business revenues that rose by about 64% YoY, driven by same-store sales growth exceeding 45%. This has been on the back of consistent wedding and discretionary demand amid volatile gold prices.

In terms of the international market, the company’s revenues rose by nearly 45% YoY, with revenue from the West Asia business growing by 39%. However, according to the company, geopolitical tensions in the region have caused walk-ins to decline for the first three weeks of March. International business contributes about 11% to consolidated revenues.

The expansion drive of Kalyan Jewellers was on track with the addition of 28 stores across India, adding 24 new stores besides the 14 Candere showrooms. The company’s online business unit, Candere, saw a strong increase of more than 360% YoY.

For FY26, the company reported an approximate rise in revenues by 42% YoY. The company witnessed positive signs in advance booking for Akshaya Tritiya and the coming wedding season. Despite the positive developments in recent days, the stock is still trading lower by nearly 13.6% over the past year compared to the Nifty 50 index, which has gained roughly 3.6%.

PC Jeweller Gains on Turnaround Momentum

Stocks of PC Jewellers gained more than 4.5% in the early session, ranging between ₹8.45 and ₹8.65 before reversing its gain. The stock had climbed by nearly 7% in the last five days and was hovering near ₹8.73, rising by 2.96% in the morning session.

The positive performance was attributed to a 32% YoY growth in standalone income in Q4 FY26. In terms of the fiscal year, there was a massive surge of nearly 49% in revenue YoY.

The stock prices of PC Jewellers appreciated by more than 4.5% in the initial session, ranging from ₹8.45 to ₹8.65 and later on depreciated from their profits. The stock prices had grown by about 7% within the last five days and were trading around ₹8.73, with an appreciation of 2.96% in the initial session.

The positive results of the company are attributable to the rise of 32% in the standalone profit of the firm for Q4 FY26. However, if we analyse the financial year, there has been an excellent growth in the income level of about 49% YoY.

Sector Tailwinds and Gold Price Movement

Rallies in the shares of the jewellery companies coincide with positive sectoral signals as well. The cut in the cost of imports of the precious metals (gold and silver) is expected to result in lower expenses for the jewellers and lead to an increase in their margins. 

Moreover, gold prices fell by 12% from the late February levels, with a 0.7% drop today under the pressure of increased geopolitical tensions and expectations of prolonged hikes in interest rates by the central banks, which negatively affect gold as it provides no yields.

Outlook Remains Positive

Both companies have expressed their optimism regarding demand arising from the wedding season and other festive events like Akshaya Tritiya. Kalyan Jewellers has been recording impressive advance bookings, while PC Jewellers continues with its plans of retail expansion, deleveraging, and gaining market share.

In conclusion, the positive Q4 reports indicate that demand growth in the jewellery industry is promising despite macroeconomic and geopolitical challenges.