Kalyan Jewellers Shares Drop 10% from Recent Record High

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Kalyan Jewellers' share price has been falling for the fourth consecutive day. On Wednesday, the stock dropped by 8.16%, reaching a low of Rs 663.60. However, it regained some of its losses and was last seen up by 1.46% at Rs 712. At this price, the stock has fallen 10.40% from its all-time high of Rs 794.60, which was reached on January 2.

In its third-quarter (Q3) update, Kalyan Jewellers reported a strong performance, with consolidated revenue growing by about 39% compared to last year. The company’s India business grew by 41%, driven by high demand during the festive and wedding season, especially in the gold and studded jewellery categories. Same-store sales grew by 24%.

Despite the positive results, some analysts are recommending that investors consider booking profits at current levels. Kranthi Bathini, Director of Equity Strategy at Wealth Mills Securities, noted that Kalyan Jewellers has been a strong performer over the past two years. However, the stock seems to have entered a consolidation phase, and it may be fully priced at the moment. He advised that investors who bought the stock at lower prices may want to take some profits, though those with a long-term view could continue holding the stock due to the company’s positive outlook.

Technically, the stock’s immediate support could be at Rs 654, and resistance might be around Rs 700. Ravi Singh, Senior Vice-President at Religare Broking, suggested that investors could consider exiting the stock at current levels, with resistance seen at Rs 700. 

Sebi-registered analyst AR Ramachandran noted that Kalyan Jewellers appears bearish on daily charts, with a strong resistance at Rs 725. If the stock closes below the support level of Rs 654, it could potentially fall to Rs 600 in the near term.

As of September 2024, the promoters of Kalyan Jewellers held a 62.90% stake in the company. The stock has a price-to-equity (P/E) ratio of 124.87 and a price-to-book (P/B) value of 16.80. Earnings per share (EPS) is Rs 5.67, and the return on equity (RoE) stands at 13.46%.

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