Why Kalyan Jewellers shares surged 10%, hit 52-week high after Diwali, Dhanteras; up 26% in a week | Buy, sell or hold?

Résumé détaillé

Kalyan Jewellers shares rose 10% to a 52-week high after the company reported Q2 FY27 net profit growth of 64% to ₹427 crore and revenue growth of 32% to ₹10,323 crore. Brokerages maintained Buy ratings, while the stock’s gains extended across multiple timeframes.

Kalyan Jewellers shares surged 10% on Wednesday, 11 November, hitting a fresh 52-week high after the jewellery retailer reported a strong set of Q2 FY27 results a day earlier.

Kalyan Jewellers India reported a 64% year-on-year jump in consolidated net profit to ₹427 crore for the September quarter, compared with ₹260.51 crore in the corresponding period last year. Revenue from operations rose 32% to ₹10,323 crore from ₹7,856 crore in Q2 FY26.

For the first half of FY27, the company's net profit increased 48% to ₹776 crore from ₹525 crore a year ago. Revenue grew 38% to ₹20,912 crore, compared with ₹15,125 crore in the year-ago period.

Commenting on the performance, Executive Director Ramesh Kalyanaraman said the ongoing festive quarter had started on a strong note, with encouraging growth during Navratri and Dhanteras. He added that the company was optimistic about the upcoming wedding season and expected to end the quarter on a strong note.

Motilal Oswal Financial Services has maintained a Buy rating on Kalyan Jewellers, citing strong earnings growth and 20% same-store sales growth (SSSG) in India.

According to the brokerage, consolidated revenue rose 31% year-on-year to ₹10,320 crore, ahead of its estimate of ₹9,870 crore. Adjusting for a one-time gain of ₹52 crore from the increase in customs duty and an inventory loss of ₹8.3 crore due to open positions in silver and platinum, gross margin contracted 80 basis points year-on-year to 11.9%. Adjusted EBITDA increased 26% to ₹600 crore, while the adjusted EBITDA margin declined 20 basis points to 5.8%. Profit before tax (PBT) rose 35% to ₹440 crore, and adjusted profit after tax (APAT) grew 41% to ₹350 crore.

UBS has maintained its Buy rating on Kalyan Jewellers with a price target of ₹900. While the brokerage described the Q2 results as broadly in line with expectations, it viewed the overall performance positively.

Kalyan Jewellers share price today opened at ₹630 apiece on the BSE, the stock touched an intraday high of…

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