Kalyan Jewellers Q2 FY27 Results: Net Profit Jumps 64% as Revenue Crosses Rs 10,000 Crore

Kalyan Jewellers Q2 FY27 Results: Net Profit Jumps 64% as Revenue Crosses Rs 10,000 Crore

Deck: Kalyan Jewellers reported a 63.6% year-on-year increase in consolidated net profit to Rs 427 crore for Q2 FY27. The growth was supported by revenue crossing the Rs 10,000 crore mark during the quarter.

Quick Summary

• Entity and Event: Kalyan Jewellers India Ltd announced its financial results for Q2 FY27, covering the quarter ended September 2026.
• Key Reason: Performance was driven by strong revenue growth in the jewellery retail business and an exceptional gain from a land sale.
• Impact: Consolidated revenue from operations rose 31.4% year-on-year to reach Rs 10,323 crore.
• Market Reaction: Shares of the company surged 10% to Rs 672 in early trade on Wednesday following the results.

At a Glance

• The Move: For the quarter ended September 2026, the company reported a 63.6% jump in net profit to Rs 427 crore and a 31.4% rise in revenue.
• Main Trigger: Robust retail demand and an exceptional gain of Rs 73 crore from the sale of a non-core land parcel.
• Next Watchpoint: Management’s outlook remains optimistic for the ongoing festive and wedding season, citing strong early trends during Navratri and Dhanteras.

What Happened?

Kalyan Jewellers reported a 64 percent jump in consolidated net profit for Q2 FY27 as consolidated revenue crossed the Rs 10,000 crore mark. Shares of Kalyan Jewellers India surged 10 percent to Rs 672 on Wednesday following the results. UBS maintained its Buy rating on the stock with a target price of Rs 900.

The firm’s share price reacted positively to the earnings disclosure, rising 10% to Rs 672 on Wednesday. The reported profit included a one-time gain of Rs 73 crore from selling a non-core land asset. Excluding this exceptional item, the adjusted net profit stood at approximately Rs 354 crore, representing a growth of nearly 36% year-on-year.

Why Did It Happen?

The surge in earnings was primarily attributed to the strong performance of the jewellery retail segment. Revenue for the quarter grew 31.4% to Rs 10,323 crore from Rs 7,856 crore in the year-ago period. This operational expansion led to a 29.7% year-on-year increase in Earnings before interest, tax, depreciation and amortisation (EBITDA), which reached Rs 644.7 crore.

Furthermore, the company benefited from an exceptional gain of Rs 73 crore. Management noted that the start of the festive quarter has been encouraging, with healthy growth observed during key periods such as Navratri and Dhanteras. While revenue expanded rapidly, the EBITDA margin saw a slight adjustment, moving to 6.25% from 6.33% in the corresponding quarter of the previous fiscal year.

What Does It Mean for Markets?

The financial results have reinforced positive sentiment around the stock, which currently commands a market capitalisation of approximately Rs 69,000 crore. Kalyan Jewellers shares have significantly outperformed the broader market in 2026, gaining 38.4% compared to a 3% decline in the Nifty 50 during the same period.

Global brokerage UBS has maintained its Buy rating on the stock with a target price of Rs 900, implying a potential upside of approximately 47% from the previous closing price on Monday. The brokerage described the Q2 FY27 performance as broadly in line with expectations. For the first half of FY27, the company’s consolidated net profit rose 48% to Rs 776 crore on a revenue of Rs 20,912 crore.

What to Watch Next

• Festive Season Demand: Market participants will monitor if the strong demand witnessed during Navratri and Dhanteras continues through the remainder of the wedding season.
• Margin Stability: Investors will track whether the EBITDA margin, which stood at 6.25% in Q2 FY27, stabilises or improves as revenue continues to scale.
• Target Price Realisation: The stock’s movement toward the UBS target price of Rs 900 will be a key focus for institutional and retail investors.

FAQs

1. What was Kalyan Jewellers’ consolidated net profit for Q2 FY27?
The company reported a consolidated net profit of Rs 427 crore for the quarter ended September 2026, marking a 63.6% increase from Rs 260.51 crore in the same quarter of the previous year.

2. What is the UBS target price for Kalyan Jewellers shares?
UBS has maintained a Buy rating on the stock with a target price of Rs 900 per share, which suggests a potential upside of approximately 47% from the closing price on Monday.

3. How much revenue did Kalyan Jewellers report in the quarter ended September 2026?
Kalyan Jewellers reported revenue from operations of Rs 10,323 crore for Q2 FY27, representing a 31.4% growth compared to Rs 7,856 crore in the year-ago period.

4. What caused the exceptional gain in Kalyan Jewellers’ Q2 FY27 results?
The results included an exceptional gain of Rs 73 crore derived from the sale of a non-core land parcel during the second quarter.

5. How has Kalyan Jewellers stock performed relative to the Nifty 50 in 2026?
Kalyan Jewellers shares have gained 38.4% so far in 2026, significantly outperforming the Nifty 50, which has declined by approximately 3% during the same period.

6. What was the EBITDA margin for Kalyan Jewellers in the second quarter of FY27?
The EBITDA margin for the quarter ended September 2026 was 6.25%, compared to 6.33% reported in the corresponding quarter of the previous year.

Source Note and Disclaimer

This article is based strictly on the financial results and brokerage reports disclosed on November 11, 2026, regarding Kalyan Jewellers’ performance in Q2 FY27. This content is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.