Kalyan Jewellers Q2 results on November 10: What investors should expect
Kalyan Jewellers India is preparing to announce its September quarter earnings, and investors will be watching closely to see whether its strong business growth translates into higher profitability.
The jewellery retailer has scheduled its board meeting for November 10, 2026, to consider and approve its standalone and consolidated Q2 FY27 financial results for the quarter and half-year ended September 30.
The company’s business update has already indicated strong operating momentum, with consolidated revenue growth exceeding 26% year-on-year. However, investors will want to know whether higher gold prices, showroom expansion and changing consumer demand have affected operating margins.
The bigger question is whether Kalyan Jewellers can maintain its growth momentum during the upcoming festive and wedding season.
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Kalyan Jewellers Q2 results date and board meeting details
Kalyan Jewellers has informed the stock exchanges that its Board of Directors will meet on November 10, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026.
| Particulars | Details |
|---|---|
| Company | Kalyan Jewellers India Ltd |
| NSE symbol | KALYANKJIL |
| BSE code | 543278 |
| Results quarter | Q2 FY27 |
| Reporting period | July 1–September 30, 2026 |
| Board meeting | November 10, 2026 |
| Results | Standalone and consolidated |
| Trading window | Closed from October 1 until 48 hours after the board meeting |
The November 10 date is confirmed through the company’s October 22 exchange filing. This supersedes the earlier September 10 information in your supplied material, which stated that the date had not yet been announced.
Kalyan Jewellers Q2 Results revenue expectations remain strong
The India business continues to be the company’s primary growth driver.
India revenue increased approximately 27% year-on-year, while same-store sales growth stood at around 20%.
The performance is particularly important because elevated gold prices, reportedly around ₹1.49 lakh per 10 grams in the supplied business update, can influence jewellery affordability and purchase decisions.
International revenue increased 18%, contributing approximately 11% of the company’s total revenue.
Meanwhile, Candere recorded approximately 64% growth, highlighting the increasing contribution of its digital-first jewellery business.
These figures suggest that Kalyan Jewellers is benefiting from multiple growth engines rather than depending entirely on showroom sales in India.
| Metric | Q2 FY27 Update | Key Area of Investor Focus |
|---|---|---|
| Consolidated Revenue Growth | Above 26% | Final reported revenue and overall growth |
| India Revenue Growth | Approximately 27% | Contribution from domestic sales |
| Same-Store Sales Growth (SSSG) | Approximately 20% | Sustainability of consumer demand |
| International Revenue Growth | Approximately 18% | Growth and profitability in overseas markets |
| Middle East Revenue Growth | Approximately 12% | Regional sales and same-store sales momentum |
| Candere Revenue Growth | Approximately 64% | Growth of the digital jewellery business |
| Non-GML Debt | Reduced to zero | Potential finance-cost savings |
| Showroom Network | 546 stores | Expansion strategy and operating costs |
Candere growth and international business remain key earnings drivers
Candere is emerging as an important growth contributor for Kalyan Jewellers.
The brand recorded approximately 64% year-on-year growth during Q2 FY27, supported by demand for digital-first and lifestyle jewellery.
The company also continued expanding its retail network, adding 12 Kalyan showrooms and nine Candere showrooms in India during the quarter.
Investors will also monitor the expansion of its Tamil Nadu regional jewellery brand, Akshaya Thanga Maligai (ATM).
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EBITDA margins and debt reduction remain important watchpoints
Revenue growth alone may not determine the market’s reaction to Kalyan Jewellers‘ Q2 results.
Investors will closely examine EBITDA margins, gross profitability and finance costs.
The company has also reported that its non-GML debt has been reduced to zero, which could support balance-sheet improvement.
Another development is the ₹86 crore non-core real estate asset sale. Investors will assess its impact on reported profitability and whether operating margins have improved.
Kalyan Jewellers Q1 results provide a strong comparison for Q2 FY27
The company reported consolidated revenue of ₹10,589 crore in Q1 FY27, compared with ₹7,268 crore in the corresponding quarter last year.
Net profit increased 32% to ₹349 crore, while EBITDA rose 25% to ₹633 crore.
| Financial Metric | Q1 FY27 | YoY Growth |
|---|---|---|
| Revenue | ₹10,589 crore | 46% |
| EBITDA | ₹633 crore | 25% |
| Net Profit | ₹349 crore | 32% |
| EPS | ₹3.38 | 32% |
For Q2 FY26, the company reported revenue of ₹7,856 crore and net profit of ₹261 crore. These figures will form the year-on-year comparison for the upcoming September quarter.
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Consolidated revenue growth of over 26% provides a strong starting point
Kalyan Jewellers reported consolidated revenue growth exceeding 26% year-on-year in Q2 FY27.
This is particularly encouraging because the company faced a high comparison base in Q2 FY26, when all nine days of Navratri fell within the September quarter.
The latest growth indicates that the jewellery retailer maintained strong business momentum despite the challenging comparison.
The official financial results will establish the final revenue figure and show how much of this growth translated into operating profit.
₹86 crore real estate sale and another ₹16 crore asset monetisation
Kalyan Jewellers completed the sale of one of its identified non-core real estate assets for approximately ₹86 crore during Q2 FY27.
The company also disclosed that it expected to complete the sale of another property valued at approximately ₹16 crore during the ongoing quarter.
This means the company identified non-core assets worth approximately ₹102 crore for monetisation.
The sale could support liquidity and capital allocation.
However, the entire sale consideration should not be treated as profit. The actual accounting impact will depend on the carrying value of the properties and any gain or loss recognised on disposal.
Trading window closure and November 10 board meeting
Kalyan Jewellers has scheduled its board meeting for Tuesday, November 10, 2026.
The meeting will consider the standalone and consolidated financial results for Q2 and H1 FY27.
The trading window has remained closed since October 1, 2026, and will reopen after 48 hours following the board meeting.
Showroom expansion: Kalyan adds 12 stores and Candere opens nine
Kalyan Jewellers continued expanding its retail network during Q2 FY27.
The company reported the following showroom additions:
| Business | New showrooms during Q2 |
|---|---|
| Kalyan India | 12 gross additions, 11 net |
| Candere India | 9 |
| Kalyan UK | 1 |
As of September 30, 2026, the company operated 546 showrooms across India and international markets.
| Geography / brand | Showrooms |
|---|---|
| Kalyan India | 365 |
| Kalyan Middle East | 38 |
| Kalyan USA | 2 |
| Kalyan UK | 2 |
| Candere | 138 |
| Total | 546 |
The expansion strengthens the company’s distribution network and creates opportunities to reach new customers.
What should investors watch in Kalyan Jewellers shares?
The Q2 FY27 results could become an important trigger for Kalyan Jewellers shares.
Investors should focus on four developments:
-
Whether revenue growth remains above 26%.
-
Whether EBITDA and gross margins improve.
-
Whether debt reduction translates into lower finance costs.
-
Whether management provides a positive outlook for the festive and wedding season.
The shift in the festive calendar towards Q3 could also influence quarterly revenue comparisons.
