Kalyan Jewellers Q2 results: profit jumps 64% to Rs 427 crore as shares hit 10% upper circuit

Kalyan Jewellers Q2 results sent the stock to its daily limit on Wednesday 11 November 2026. The jeweller reported consolidated net profit of Rs 427 crore for the July to September quarter, up 64% from Rs 260.51 crore a year earlier, and Upstox reported that the shares hit the 10% upper circuit at Rs 672.10 on the NSE. Revenue topped a Motilal Oswal Financial Services estimate, according to Business Today, in a quarter that also fed into the wider e-commerce and retail sector.

What happened

Consolidated revenue from operations rose 31.4% to Rs 10,323 crore from Rs 7,856 crore, Free Press Journal reported. India standalone revenue was Rs 9,007 crore, up 32%, according to Upstox. Same-store sales in India grew about 20%, Kotak Neo reported.

The profit figure carries a one-off. Free Press Journal said it included an exceptional gain of Rs 73 crore from selling a non-core land parcel, and that profit excluding it was about Rs 354 crore, growth of nearly 36%. Kotak Neo described the same gain as Rs 73.5 crore from selling part of an investment property.

On operating profit, Kotak Neo put EBITDA at Rs 644.7 crore, up 29.7%, with the margin at 6.25% against 6.33% a year earlier. Business Today used an adjusted view: EBITDA of about Rs 600 crore, up 26%, and a margin of 5.8%. It also listed a Rs 52 crore gain linked to a customs duty increase from 6% to 15% and an Rs 8.3 crore inventory loss on silver and platinum positions.

The stock closed at Rs 611 on 9 November and rose through its previous 52-week high of Rs 648.95 on the way to the Rs 672.10 limit, Kotak Neo reported.

Key numbers

• Net profit: Rs 427 crore, up 64% year on year, per Free Press Journal.
• Revenue: Rs 10,323 crore, up 31.4%, per Free Press Journal.
• First half of FY27: net profit Rs 776 crore, up 48%, and revenue Rs 20,912 crore, up 38%, per Upstox.
• Share price: Rs 672.10, up 10%, with a market value of about Rs 69,000 crore, per Free Press Journal.
• Showrooms: 546 across India, the USA, the UK and the Middle East, per Business Today.

Who runs Kalyan Jewellers

Kalyan Jewellers is led by T S Kalyanaraman, who is listed as managing director on his Wikipedia page. That page says the first Kalyan Jewellers shop opened in Thrissur, Kerala, in 1993 with capital of Rs 50 lakh, and cites a 2024 Forbes list for a net worth of $5.4 billion, a figure that is now two years old.

The chain competes in India’s gold jewellery market with groups such as Joyalukkas, led by Joy Alukkas. For another example of promoter money moving through a listed Indian company this week, see our report on Bajaj Finance warrants allotted to Bajaj Finserv.

What management and brokers said

Ramesh Kalyanaraman, the company’s executive director, said in the company’s update that “the ongoing festive quarter has started off very well” and that the company is “very encouraged by the growth on the ground”, Business Today reported.

Motilal Oswal retained a Buy rating on the stock, according to Business Today, which gave no target price. Upstox cited UBS as saying clean EBITDA rose 26%, slightly below its expectation, while profit before tax rose 35% and came in ahead of estimates.

What happens next

The Kalyan Jewellers Q2 results set a higher base for the October to December quarter, which covers the festive and wedding season that management called encouraging. The company has not yet reported those numbers, and investors will watch whether same-store sales growth holds near 20% once the one-off property gain drops out of the comparison.