Kalyan Jewellers Q2 FY27 results: Stock falls 2% from 52-week high

Kalyan Jewellers Q2 FY27 results: Stock falls 2% from 52-week high

Deck: After a cumulative 16.4% rally over Wednesday and Thursday, Kalyan Jewellers shares declined 1.7% on Friday. The retreat follows strong Q2 FY27 earnings where consolidated net profit reached Rs 427 crore.

Quick Summary

• Kalyan Jewellers shares fell 1.7% to Rs 699 during morning trade on Friday.
• The stock retreated after hitting a fresh 52-week high of Rs 714.40 in the previous session.
• Consolidated net profit for Q2 FY27 surged 63.6% year-on-year to reach Rs 427 crore.
• Revenue for the quarter grew 31.4%, crossing the Rs 10,000 crore mark.

At a Glance

• The Move: Shares declined 2% on Friday, following a cumulative 16.4% gain recorded during Wednesday and Thursday.
• Main Trigger: The decline follows a sharp rally sparked by strong Q2 FY27 earnings and bullish brokerage target price updates.
• Next Watchpoint: Management expects revenue growth exceeding 25% in the second half of FY27, supported by festive and wedding demand.

What Happened?

Kalyan Jewellers Q2 FY27 results triggered significant market activity, with the stock falling 1.7% to Rs 699 on Friday. This decline ended a two-day rally where the share price surged 16%, reaching a 52-week high of Rs 714.40 on Thursday. The stock emerged as one of the top losers in the midcap segment during early Friday trade.

As reported on November 13, 2026, the company has outperformed the benchmark Nifty 50 so far this year. While the Nifty 50 has declined 4% in 2026, Kalyan Jewellers shares have gained 44.3% during the same period. The company’s market capitalisation stands at Rs 72,100 crore.

Why Did It Happen?

The stock’s recent volatility follows the announcement of its Q2 FY27 financial performance. The company reported a consolidated net profit of Rs 427 crore, up from Rs 260.51 crore in the corresponding quarter last year. This figure included an exceptional gain of Rs 73 crore from the sale of a non-core land parcel. Excluding this gain, the net profit stood at Rs 354 crore, representing an increase of 36% year-on-year.

Operational growth was driven by a 31.4% rise in revenue from operations, which climbed to Rs 10,323 crore from Rs 7,856 crore a year earlier. While EBITDA grew 29.7% to Rs 644.7 crore, the EBITDA margin edged lower to 6.25% from 6.33% in the year-ago quarter. Brokerages highlighted strong same-store sales growth of 20% in India but also flagged some pressure on gross margins.

What Does It Mean for Markets?

The market reaction on Friday indicates profit-taking after the stock’s sharp 16.4% rally over the previous two sessions. Despite the immediate dip, sentiment remains supported by strong fundamental growth, as revenue crossed the Rs 10,000 crore threshold. Several brokerages, including UBS, Citi, and JM Financial, have maintained bullish outlooks, with target prices ranging from Rs 796 to Rs 900.

The company’s performance reflects robust jewellery demand in India, with management citing encouraging trends during Navratri and Dhanteras. However, the slight contraction in EBITDA margins to 6.25% suggests that execution remains critical to supporting further gains. The stock continues to be a major outperformer in the midcap segment, maintaining a market cap of Rs 72,100 crore even as it retreats from its 52-week high.

What to Watch Next

• Management has maintained an optimistic outlook for the ongoing festive quarter and expects the upcoming wedding season to support jewellery sales.
• The company is targeting revenue growth of more than 25% in the second half of FY27, despite a relatively high base from the previous year.
• Investors will monitor whether the company can sustain its 20% same-store sales growth in India to meet the highest brokerage target price of Rs 900.

FAQs

1. What was Kalyan Jewellers’ consolidated net profit for Q2 FY27?
The company reported a consolidated net profit of Rs 427 crore for Q2 FY27, which is a 63.6% increase compared to Rs 260.51 crore in the same quarter last year. This total includes a one-time gain from a land sale.

2. What is the 52-week high for Kalyan Jewellers shares?
The stock reached a fresh 52-week high of Rs 714.40 during the trading session on Thursday, following a two-day rally of 16.4%.

3. Why did Kalyan Jewellers report an exceptional gain of Rs 73 crore?
The exceptional gain of Rs 73 crore was recorded following the sale of a non-core land parcel during the second quarter of FY27.

4. What is the highest brokerage target price set for Kalyan Jewellers?
UBS has maintained the highest target price for the stock at Rs 900, while other brokerages like JM Financial and ICICI Securities have also raised their targets following the Q2 FY27 results.

5. How much did Kalyan Jewellers’ revenue grow in the second quarter of FY27?
Revenue from operations grew by 31.4% year-on-year to reach Rs 10,323 crore, crossing the Rs 10,000 crore mark for the first time in a single quarter.

6. What is the management’s revenue growth guidance for the second half of FY27?
Kalyan Jewellers’ management remains confident of delivering revenue growth of more than 25% in the second half of FY27, despite a relatively high base.

Source Note and Disclaimer

This article is based strictly on the financial reports and market disclosures regarding Kalyan Jewellers’ Q2 FY27 results as reported on November 13, 2026. This content is for informational and educational purposes only and does not constitute SEBI-registered investment advice or a recommendation to buy or sell any security.