Summary:
Kalyan Jewellers shares surged 10% after Q2FY27 consolidated net profit rose 64% year-on-year to ₹427.10 crore. Revenue increased 31.4% to ₹10,322.62 crore, while a one-time land sale gain boosted reported profit amid largely stable operating margins.
Shares of Kalyan Jewellers India (NSE: KALYANKJIL) rose 10% on Wednesday, November 11, 2026 after the jewellery retailer posted strong earnings for the second quarter of fiscal year 2027. The company’s consolidated net profit surged nearly 64% YoY to ₹427.10 crore and revenue crossed ₹10,000 crore for the quarter.
Higher sales, better earnings and continued demand for jewellery fueled a rally that took the stock to a new 52-week high.
Kalyan Jewellers Q2FY27 Results: Revenue Growth of 31%
Consolidated revenue from operations of Kalyan Jewellers stood at ₹10,322.62 crore in the quarter ended September 2026 as against ₹7,856 crore in Q2FY26, reporting a growth of 31.4% YoY.
Profit after tax jumped about 64 per cent to ₹427.10 crore from ₹260.51 crore. Hence, the profit increased 22.5% to ₹348.7 crore in Q1FY27.
| Financial metric | Q2FY27 | Q2FY26 |
| Revenue | ₹10,322.62 crore | ₹7,856 crore |
| EBITDA | ₹644.7 crore | ~₹497 crore |
| Net profit | ₹427.10 crore | ₹260.51 crore |
| EBITDA margin | 6.25% | 6.33% |
Much of the profit growth came from an exceptional gain of ₹73.46 crore from the sale of a non-core land parcel.
Excluding this one-off gain, profit was around ₹354 crore, up nearly 36% YoY. This is important because the proceeds from the land sale do not belong to the company’s continuing jewelry business.
Revenues were higher but EBITDA margin was down slightly to 6.25% from 6.33%.
Why Kalyan Jewellers' shares jump 10%?
Kalyan Jewellers stock zoomed to a new 52-week high of ₹672.10 on November 11, surpassing the previous high of ₹649 on July 30, 2026.
The volume traded increased sharply. The combined volumes on NSE and BSE stood at around 1.74 crore shares by 9.32 AM, indicating a strong participation post the earnings announcement.
Shares had already climbed about 35% in the last eight trading sessions.
The immediate rally was driven by the company’s strong revenue and profit growth. But the reported profit rise was boosted by a one-off gain on sale of land while operating margins were largely flat.
The stock further rode the upward momentum and touched around ₹702 in early trade on November 12.
Jewelry Demand & Business Expansion
Kalyan Jewellers has an extensive network of jewellery stores across India and outside India. Its businesses include the Kalyan brand and Candere, which focuses on affordable jewellery formats.
Demand is also being driven by weddings, festivals and traditional gold buying, the company said.
Higher gold prices can increase sales values for jewellery, but the impact on real demand depends on customer budgets and the amount they purchase.
The company’s consolidated revenue for H1FY27 stood at ₹20,912 crore, up 38% against ₹15,125 crore in H1FY26.
Net profit in the first half of the fiscal year jumped 48% to ₹776 crore from ₹525 crore.
The growth shows the improvement in the September quarter was part of a bigger improvement in the first half of FY27.
Where Do We Go From Here With Kalyan Jewellers?
Festive and wedding season will continue to drive the company’s sales performance.
Additions to stores, increases in same-store sales, inventory costs and fluctuations in the price of gold will impact future revenues and profitability.
Q2FY27 saw good earnings growth but the headline profit increase was boosted by an exceptional gain.
The next round of quarterly numbers will be a better test of underlying profitability and whether the company can continue to grow sales without further margin pressure.
