Kalyan Jewellers Share Price Fall Despite Strong Q4 FY26 Results; Gold Import Duty Hike Weighs on Jewellery Stocks Today

Shares of Kalyan Jewellers India Limited declined sharply in today’s trade despite the company reporting strong fourth-quarter earnings, as concerns over the Gold import duty hike and weak sentiment in Jewellery stock today dragged the counter lower.

The stock closed at ₹346.10, down ₹6.95 or 1.97% from the previous close of ₹353.05. During the session, Kalyan Jewellers opened at ₹347, touched an intraday high of ₹349 and slipped to a low of ₹337. At one point during the session, the stock dropped as much as 4.55%.

The decline came even after the company posted a strong operational performance for Q4 FY26. Kalyan Jewellers reported a consolidated net profit of ₹409.5 crore, registering a sharp growth of 118.28% compared to ₹187.6 crore in the corresponding quarter last year.

Revenue from operations surged 66.2% year-on-year to ₹10,274.9 crore during the March 2026 quarter, compared to ₹6,181.5 crore in Q4 FY25.

The company’s international business also delivered healthy growth. Revenue from overseas operations stood at ₹1,157 crore, up 43% from ₹807 crore reported a year ago. Profit after tax from the international business rose to ₹29 crore compared to ₹14 crore in the same quarter last year.

The board of directors also recommended a final dividend of ₹2.5 per equity share of face value ₹10 each for FY26, subject to shareholder approval at the upcoming AGM.

Gold Stocks Under Pressure After PM Modi’s Remarks

Gold stocks today witnessed broad-based selling after Prime Minister Narendra Modi urged citizens to avoid unnecessary gold purchases for the next one year.

The Prime Minister also advised people to reduce fuel consumption in order to help conserve India’s foreign exchange reserves, noting that gold and crude oil contribute significantly to the country’s import bill.

The remarks triggered selling across jewellery counters, with investors turning cautious over the demand outlook for the sector.

Gold Import Duty Hike and Silver Import Duty Hike Hit Sector Sentiment

Sentiment in Jewellery stock today was already weak after the government announced a Gold import duty hike and Silver import duty hike through a Finance Ministry notification issued on May 13, 2026.

Under the revised structure, the Centre imposed a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess on gold and silver imports. This has increased the total effective import duty to 15% from the earlier 6%.

Following the announcement, shares of Kalyan Jewellers fell 4.33% to ₹346.15, emerging among the top losers in the jewellery segment. Shares of Titan Company declined 0.43% to ₹4,037.80, while Senco Gold slipped 0.19% to ₹312.1 on May 13.

The revised duty structure also includes platinum, jewellery findings and several precious metal-related industrial imports. The move is part of the government’s broader strategy to curb non-essential imports and protect foreign exchange reserves amid global uncertainty.

Following the Gold import duty hike and Silver import duty hike, bullion prices on MCX rallied sharply, with both gold and silver contracts hitting upper circuits due to expectations of higher import costs.