Kalyan Jewellers reported a 63.9% year-on-year increase in consolidated net profit to ₹427.1 crore in Q2 FY27, while revenue climbed 31.4% to ₹10,322.6 crore. However, profit included a ₹73.46 crore exceptional gain from the sale of investment-property land. India same-store sales grew approximately 20%, while Candere revenue increased 64%.
Kalyan Jewellers India delivered strong revenue growth in the September quarter, supported by domestic retail demand, international operations and its digital jewellery business. However, the 64% increase in reported net profit came with an important qualification: the company recognised a ₹73.46 crore exceptional gain from selling part of its investment property during the quarter.
The jewellery retailer reported consolidated profit after tax (PAT) of ₹427.1 crore, compared with ₹260.5 crore in Q2 FY26. Revenue from operations increased 31.4% to ₹10,322.6 crore from ₹7,856 crore a year earlier.
Importantly, profit before exceptional items and tax increased 38.9% to ₹486.6 crore, indicating that earnings growth extended beyond the one-time property transaction. On the operating side, EBITDA increased approximately 29.7%, although its margin moderated to 6.24% from 6.33% in the corresponding quarter last year.
The results combine strong retail expansion with a one-time earnings contribution and slightly weaker operating margins, making the quality and sustainability of profit growth an important consideration for investors.
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Kalyan Jewellers Q2 FY27 Results: Revenue and Profit Growth
Kalyan Jewellers reported the following consolidated financial performance for the quarter ended September 30, 2026:
- Revenue from operations increased 31.4% to ₹10,322.6 crore from ₹7,856 crore.
- Consolidated PAT rose 63.9% to ₹427.1 crore from ₹260.5 crore.
- Profit before exceptional items and tax increased 38.9% to ₹486.6 crore from ₹350.3 crore.
- Reported profit before tax reached ₹560.1 crore, compared with ₹350.3 crore a year earlier.
- Basic earnings per share increased to ₹4.14 from ₹2.52.
The revenue expansion reflects higher business activity across the company’s domestic and international operations, while the increase in pre-exceptional profit indicates a substantial improvement in earnings before the land-sale contribution.
Why Did Kalyan Jewellers’ Profit Jump 64%? ₹73.46 Crore Exceptional Gain Explained
The most important detail in the Q2 FY27 financial statements is the exceptional gain of ₹73.464 crore recognised from the sale of part of the company’s investment property.
Kalyan classified the gain as an exceptional item because of the non-recurring nature of the transaction.
The company had also disclosed a completed land transaction on September 30, 2026. It sold an immovable property measuring approximately 783.25 cents in Coimbatore for a consideration of ₹86.16 crore to Shivasakthi Real Estates, Chennai, a buyer outside the promoter group.
The financial-results note separately records the ₹73.46 crore gain from the sale of investment-property land. It does not provide a property-level reconciliation between the ₹86.16 crore sale consideration and the accounting gain.
This distinction matters because the sale proceeds and the profit recognised after accounting for the asset’s carrying value are different financial measures.
Without the exceptional item, consolidated profit before tax stood at ₹486.6 crore against ₹350.3 crore in Q2 FY26, representing growth of approximately 38.9%.
Therefore, the reported 63.9% PAT increase should be viewed alongside the underlying improvement in pre-exceptional earnings rather than treated as entirely recurring profit growth.
Kalyan Jewellers India Same-Store Sales Growth Reaches 20%
Beyond the consolidated financial results, the company’s domestic retail performance provides another important indicator of demand.
In its October 7 quarterly business update, Kalyan Jewellers reported approximately 27% revenue growth in its India operations during Q2 FY27, supported by same-store-sales growth (SSSG) of approximately 20%.
The company highlighted that this growth came despite a high year-ago comparison base, as all nine days of Navratri fell within Q2 FY26.
Same-store sales growth is particularly relevant because it measures the performance of existing retail locations and provides insight into demand beyond the contribution from newly opened showrooms.
The company’s earlier business update reported consolidated revenue growth of more than 26%. That update specifically used revenue from the sale of goods excluding bullion, whereas the subsequently announced 31.4% growth relates to statutory revenue from operations.
This distinction explains why the preliminary business-update growth rate should not be directly compared with the final financial-results figure.
Candere Grows 64%; International Revenue Increases 18%
Kalyan Jewellers also recorded expansion across its international operations and lifestyle jewellery business.
According to the company’s Q2 business update:
- Candere: Revenue increased approximately 64% year-on-year.
- International operations: Revenue grew approximately 18%.
- Middle East: Revenue increased approximately 12%, driven by same-store-sales growth.
- International contribution: Overseas markets accounted for approximately 11% of consolidated revenue.
Candere’s growth is particularly noteworthy as the company continues expanding its digital-first jewellery business alongside its traditional showroom network.
Kalyan Jewellers opened 12 Kalyan showrooms in India, including a net addition of 11, nine Candere showrooms in India and one Kalyan showroom in the UK during the quarter.
Its total showroom network across domestic and international markets stood at 546 as of September 30, 2026.
The company also launched its regional jewellery brand, Akshaya Thanga Maligai, in Chennai in August. It outlined plans to open four additional franchise showrooms under the brand during FY27.
These developments provide additional growth opportunities, although their contribution to consolidated profitability will become clearer as the new locations mature.
EBITDA Growth Trails Revenue Expansion; Margins Ease
Kalyan Jewellers’ operating profitability presents a slightly different picture from its headline revenue and PAT growth.
Based on NiftyTrader’s calculation from the consolidated financial statements, EBITDA increased approximately 29.7% to ₹644.5 crore from ₹497.0 crore in Q2 FY26.
EBITDA margin moderated to approximately 6.24% from 6.33% in the year-ago quarter, a decline of around 8 basis points.
Revenue growth of 31.4% was therefore slightly ahead of EBITDA growth of 29.7%.
This indicates that the company generated higher operating earnings in absolute terms, but operating profitability did not expand at the same pace as sales.
The margin movement remains an important factor to monitor as the retailer enters the festive and wedding-demand period, particularly while expanding its showroom network.
Kalyan Jewellers H1 FY27 Results: PAT Rises 48%
The September-quarter performance supported strong growth in the company’s first-half financial results.
For H1 FY27, consolidated revenue from operations increased to ₹20,911.5 crore from ₹15,124.5 crore in the corresponding period last year, registering growth of approximately 38.3%.
Consolidated PAT increased 47.9% to ₹775.8 crore from ₹524.6 crore.
On a standalone basis, Kalyan Jewellers’ India operations reported Q2 revenue of ₹9,007 crore and PAT of ₹424 crore, representing year-on-year growth of 32% and 62%, respectively.
The H1 figures include the exceptional gain recognised during Q2.
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Second Land Sale and Debt Reduction Add to Q3 Monitorables
Kalyan Jewellers’ property monetisation plans could remain relevant beyond the September quarter.
In its October business update, management said it had completed the sale of one of two identified non-core real estate parcels, valued at approximately ₹86 crore. The company expected to complete the sale of the second parcel, valued at around ₹16 crore, during the ongoing quarter.
The September-quarter financial statements also disclose that a freehold land parcel with a carrying value of ₹7.60 crore was reclassified as an asset held for sale.
Any gain from the prospective sale would depend on completion of the transaction, the final consideration and the asset’s carrying value. The Q2 results do not include a gain from this planned disposal.
The company also reported that non-GML debt had come down to zero during Q2. This refers specifically to debt excluding Gold Metal Loans and does not mean that all borrowing and lease-liability categories were nil.
Festive and Wedding Season Outlook: Management Expects Strong Quarter
Management’s outlook for the ongoing festive quarter provides an important demand signal for Q3 FY27.
Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers India, said the quarter had started strongly, with encouraging business growth during Navratri and Dhanteras.
He also expressed confidence in the upcoming wedding season and said the company expected to finish the quarter on a strong note.
An additional factor is the shift in the festive calendar.
All nine days of Navratri fell in Q2 FY26, whereas Sharad Navratri began on October 11, 2026, placing the festival in Q3 FY27.
This changes the year-on-year seasonal comparison between the two quarters. Q3 FY27 includes Navratri sales that were recorded in Q2 in the previous financial year.
The timing could influence quarterly growth comparisons, making same-store sales growth and the sustainability of demand important indicators alongside headline revenue numbers.
The next quarterly update will show whether festive and wedding-season momentum translates into stronger recurring earnings and improved operating margins.
Kalyan Jewellers Share Price
Kalyan Jewellers shares closed at ₹611 on the NSE on November 9, gaining 3.21% from the previous close of ₹592.
The stock traded between ₹595 and ₹614.45 during that session, against a 52-week range of ₹327.05 to ₹648.95.
The November 9 closing price preceded the November 10 results announcement. The next trading session will provide the first full market response to the company’s financial performance.
Bottom Line
Kalyan Jewellers’ Q2 FY27 performance reflects strong business expansion, with consolidated revenue rising 31.4%, India same-store sales increasing approximately 20% and Candere reporting 64% revenue growth.
However, the 63.9% increase in consolidated PAT includes a ₹73.46 crore exceptional gain from the sale of investment-property land. The 38.9% growth in pre-exceptional profit before tax provides a better indication of the improvement in earnings before that one-time contribution.
For investors, the next phase of growth will depend on whether festive and wedding-season demand sustains revenue momentum, whether EBITDA margins stabilise and whether showroom expansion translates into stronger recurring profitability.
The headline profit growth is impressive, but the more important test for Kalyan Jewellers will be its ability to convert retail expansion into sustained operating earnings.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should review official company disclosures and consider their risk profile before making investment decisions. Consult a SEBI-registered investment adviser for personalised financial advice.
