Shares of Kalyan Jewellers India surged nearly 10% in early trading on November 11 after the jewellery retailer reported strong financial results for the second quarter of FY27. The company recorded a 63.6% year-on-year increase in consolidated net profit to ₹427 crore, while revenue from operations climbed 31.4% to ₹10,323 crore. The stock touched an intraday high of ₹672.10, also marking a fresh 52-week high.
The rally followed strong demand during the festive season and an optimistic business outlook from management ahead of the wedding season. Global brokerage UBS maintained its Buy rating on the stock with a target price of ₹900, implying approximately 47% upside from the previous closing price of ₹611. However, the reported profit growth included a one-time gain from a property sale, making underlying earnings performance an important consideration for investors.
Kalyan Jewellers Shares Jump 10% After Q2 Results
Kalyan Jewellers shares rose as much as 10% to ₹672.10 on the NSE during Wednesday’s trading session, November 11. The stock surpassed its previous 52-week high of ₹649.95 as investors responded to the company’s September-quarter earnings.
Trading activity also increased significantly. According to Business Standard, approximately 17.37 million shares changed hands across the NSE and BSE by 9:32 am, with trading volume at the counter rising around tenfold.
The stock’s performance reflected investor optimism about the company’s revenue growth, profitability and outlook for the ongoing festive and wedding season.
The rally also came amid a broader improvement in Indian equities, which provided additional support to market sentiment.
Kalyan Jewellers Q2 FY27 Results: Profit Rises 64%
Kalyan Jewellers reported strong year-on-year growth across its major financial indicators for the quarter ended September 30, 2026.
Consolidated net profit increased to ₹427 crore from ₹260.51 crore in the corresponding quarter of the previous financial year. Revenue from operations climbed to ₹10,323 crore from ₹7,856 crore.
The company’s EBITDA also increased, although its operating margin moderated slightly.
Kalyan Jewellers Q2 Financial Performance
| Financial metric | Q2 FY27 | Q2 FY26 | Growth |
|---|---|---|---|
| Revenue from operations | ₹10,323 crore | ₹7,856 crore | 31.4% |
| Net profit | ₹427 crore | ₹260.51 crore | 63.6% |
| EBITDA | ₹644.7 crore | ₹497.2 crore | 29.7% |
| EBITDA margin | 6.25% | 6.33% | Lower by 0.08 percentage points |
The results show that revenue and operating earnings continued to expand, supported by demand across the company’s jewellery retail business.
However, EBITDA growth was slightly slower than revenue growth, while the margin declined marginally. This suggests that investors should look beyond the headline profit increase when assessing the company’s operating performance.
One-Time Property Gain Boosts Reported Profit
An important detail in Kalyan Jewellers’ September-quarter results is the exceptional gain of approximately ₹73.46 crore from the sale of part of its investment property.
The transaction contributed to the reported increase in consolidated net profit.
According to the company’s financial disclosures, the gain was classified as an exceptional item because it arose from a property transaction rather than the company’s regular jewellery retail operations.
Excluding this gain, the quarter’s profit would have been lower than the reported ₹427 crore. An adjusted comparison is therefore useful for understanding the underlying performance of the business.
The property sale does not invalidate the reported results, but it does mean that the 64% profit growth should not be treated as entirely recurring operating growth.
For investors, the company’s revenue expansion, same-store sales performance and operating profitability provide additional indicators of business momentum.
Same-Store Sales Growth Reaches 20%
Kalyan Jewellers recorded approximately 20% same-store sales growth in Q2 FY27.
Same-store sales growth measures revenue improvement at stores that have been operational for a comparable period. It helps investors assess whether a retailer is growing through stronger performance at existing locations rather than relying only on new store openings.
The 20% growth indicates that demand at established outlets remained strong during the quarter.
The company’s performance was supported by festive purchases and jewellery demand around occasions such as Navratri and Dhanteras.
Jewellery retailers typically experience changes in customer demand around festivals and wedding seasons, making these periods important for quarterly sales.
The company’s management also expressed confidence in the wedding season, suggesting that demand momentum had continued into the third quarter.
UBS Maintains Buy Rating, Sets ₹900 Target Price
Global brokerage UBS maintained its Buy rating on Kalyan Jewellers and retained a target price of ₹900 per share.
Based on the previous closing price of ₹611, the target implied potential upside of approximately 47%.
The brokerage’s positive stance adds to the market’s optimism following the company’s latest results.
However, brokerage price targets are estimates based on assumptions about future earnings, business growth and valuation. They are not guaranteed share-price outcomes.
Investors should also consider the risks associated with jewellery retailing, including gold-price volatility, changing consumer demand, competition, inventory requirements and regulatory developments.
Management Sees Strong Festive and Wedding Season Demand
Kalyan Jewellers Executive Director Ramesh Kalyanaraman said the ongoing festive quarter had started very well.
He highlighted encouraging business growth during Navratri and Dhanteras and expressed optimism about the wedding season.
The company’s outlook is significant because the third quarter includes several important festive and wedding-related buying periods in India.
Jewellery demand can be influenced by gold prices, household purchasing power, seasonal celebrations and customer preferences for branded products.
A strong wedding season could support revenue growth, although the company’s ability to maintain profitability will also depend on product mix, operating expenses and gold-price movements.
H1 FY27 Revenue Climbs 38%
Kalyan Jewellers also reported strong growth during the first half of FY27, covering the six months from April to September.
Consolidated revenue increased 38% to ₹20,912 crore from ₹15,125 crore in the corresponding period of the previous year.
Net profit rose 48% to ₹776 crore from ₹525 crore.
| Financial metric | H1 FY27 | H1 FY26 | Growth |
|---|---|---|---|
| Consolidated revenue | ₹20,912 crore | ₹15,125 crore | 38% |
| Consolidated net profit | ₹776 crore | ₹525 crore | 48% |
The first-half performance indicates that the company’s growth extends beyond a single strong quarter.
It also provides a broader view of demand and business expansion before the important festive and wedding periods in the second half of the financial year.
The Bigger Picture
Kalyan Jewellers’ latest results highlight the continued growth of India’s organised jewellery retail market. Established jewellery brands are benefiting from customer demand for trusted retailers, wider store networks and organised purchasing experiences. Strong same-store sales growth also suggests that the company’s expansion is being supported by demand at existing outlets, not simply by adding new locations.
However, the one-time property gain is an important qualification to the headline profit increase. Investors will need to monitor recurring earnings, margins, store expansion and demand during the wedding season to understand whether the company can sustain its growth. UBS’s ₹900 target reflects a positive brokerage outlook, but the stock’s future performance will ultimately depend on business execution and market conditions.
Looking Ahead
Kalyan Jewellers’ performance during the ongoing festive and wedding season will be a key factor in determining its earnings trajectory for the second half of FY27. Strong demand, healthy same-store sales and continued expansion could support revenue growth, while the company’s ability to manage operating costs and margins will remain important. Investors will also watch for further developments in its retail expansion and digital jewellery business.
The stock’s sharp rally after the Q2 results reflects optimism about the company’s growth prospects, but investors should distinguish between recurring operating performance and exceptional gains. UBS’s target price offers one brokerage assessment rather than a certainty. Future earnings, consumer demand, gold prices and valuation will determine whether the stock can justify its market expectations.
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Meta Description: Kalyan Jewellers shares surged 10% after Q2 FY27 profit rose 64% to ₹427 crore and revenue grew 31%. UBS maintained a Buy rating with a ₹900 target.
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