Kalyan Jewellers shares hit 10% upper circuit on strong Q2 earnings; key details for investors

Shares of Kalyan Jewellers India surged in opening trade on Wednesday, November 11, hitting the 10% upper circuit limit of ₹672.10 on the NSE. The stock pared some gains thereafter and was trading at ₹668.05, up 9.34%, at 9:23 AM.

The stock was on investors' radar following the company's strong September quarter (Q2 FY27) results.

Jewellery retailer Kalyan Jewellers India on Tuesday reported a 64% year-on-year (YoY) growth in consolidated profit after tax (PAT) to ₹427 crore during the September quarter of the current fiscal year (Q2 FY27).

The Thrissur-headquartered company's net profit stood at ₹260.51 crore during the corresponding quarter of the preceding financial year, Kalyan Jewellers said in a regulatory filing.

Revenue from operations grew 32% in the second quarter of FY27 to ₹10,323 crore, compared to ₹7,856 crore in the same period a year ago.

For the first half of FY27, the company’s net profit grew 48% to ₹776 crore against ₹525 crore in the year-ago period. It recorded a 38% rise in revenue to ₹20,912 crore against ₹15,125 crore logged in the first half of FY26.

The company's press release said that standalone revenue (India) and PAT for Q2 FY27 was ₹9,007 crore and ₹424 crore respectively, a growth of 32% and 62% respectively.

“The ongoing festive quarter has started very well, and we are very encouraged by the growth on the ground, especially during Navratri and Dhanteras. We are upbeat about the wedding season and look forward to ending the quarter on a strong note,” Kalyan Jewellers India Executive Director Ramesh Kalyanaraman added.

About Kalyan Jewellers India

Kalyan Jewellers India is a Thrissur, Kerala-based jewellery retailer with operations in India, the Middle East, the US and the UK. The company has been in the jewellery retail business for over three decades and sells gold, diamond and precious-stone jewellery across traditional and contemporary designs.

It operates 546 showrooms across these markets, covering a retail area of more than 12.99 lakh square feet.

What leading analysts said

Global investment firm UBS is positive on the stock, citing healthy revenue growth, better-than-expected profit before tax (PBT) and a strong festive-season outlook.

According to UBS, Kalyan Jewellers reported consolidated revenue growth of 27.5% year-on-year in Q2 FY27, broadly in line with expectations. Same-store sales growth (SSSG) stood at around 20%, supporting the overall performance.

The investment firm noted that clean EBITDA grew 26% year-on-year, slightly below its expectations, while PBT increased 35%, ahead of estimates. It described the overall quarterly performance as good.

UBS also highlighted certain one-off items during the quarter, including a gain of ₹52 crore from import duty adjustments and a loss of ₹8.3 crore on silver and platinum inventory, compared with a gain of ₹21.2 crore in Q2 FY26.

HSBC is also positive. It said strong demand during Navratri and Dhanteras supports a positive outlook for the ongoing festive quarter. The investment firm added that management remains optimistic about wedding-season demand and expects a strong quarter-end performance.

However, HSBC said further clarity is needed on inventory gains and customs duty-related benefits to assess the underlying profitability of the jewellery retailer.

Kalyan Jewellers share price trend

Kalyan Jewellers shares have witnessed a strong rally across multiple time frames. According to Google Finance data, the stock has surged over 38% year-to-date (YTD) and more than 73% in the past six months.

The upward momentum has also strengthened recently, with the stock gaining over 17.5% in the past month and more than 19% in the last five trading sessions.

The sharp rally comes amid optimism around festive and wedding-season demand, alongside positive commentary from brokerages on the company's Q2 FY27 performance and business outlook.