Kalyan Jewellers shares hit 52‑week high after Q2 FY27 profit jumps 64%
Kalyan Jewellers stock rose 6% to a 52‑week high of ₹702.30 as Q2 FY27 net profit surged 64% YoY to ₹427 cr, revenue grew 32% to ₹10,323 cr and Motilan Oswal kept a Buy rating.
Key Takeaways
- Strong festive demand drove a 64% YoY profit surge to ₹427 cr, though underlying margins face pressure from one-time accounting items.
- Motilal Oswal retained its Buy rating with a target of ₹700, citing 20% same‑store sales growth and strong earnings momentum.
- Technical indicators show the stock above its 20‑, 50‑ and 200‑day SMAs, but risk of consolidation near the ₹750‑₹790 resistance zone.
Kalyan Jewellers’ shares surged for the ninth straight session on Thursday, November 12, hitting a 52‑week high of ₹702.30 after the jewellery retailer reported a robust Q2 FY27 earnings beat. The company posted a 64% year‑on‑year rise in consolidated net profit to ₹427 cr and a 32% jump in revenue to ₹10,323 cr, prompting Motilal Oswal to keep its Buy rating.
What Happened
- Earnings release: For the quarter ended September 2026, Kalyan Jewellers reported net profit of ₹427 cr, up from ₹260.51 cr a year earlier. Revenue rose to ₹10,323 cr from ₹7,856 cr.
- Stock reaction: The stock climbed as much as 6% intraday, reaching ₹702.30, a 115% gain from its 52‑week low of ₹327.15 recorded in June 2026. Over the past nine sessions the rally totals 41%.
- Brokerage view: Motilal Oswal retained a Buy rating with a price target of ₹700, highlighting 20% same‑store sales growth (SSSG) in India and earnings that beat consensus estimates.
Financial Analysis & Context
| Metric | Q2 FY27 (Sep 2026) | Q2 FY26 (Sep 2025) | YoY Change |
|---|---|---|---|
| Revenue (₹ cr) | 10,323 | 7,856 | +32% |
| Net Profit (₹ cr) | 427 | 260.51 | +64% |
| Gross Margin | 11.9%* | — | — |
| Same‑store sales growth (India) | 20% | — | — |
*Underlying gross margins contracted 80 bps YoY despite a net positive one-time impact (a ₹52 cr customs-duty gain partially offset by an ₹8.3 cr inventory loss in silver and platinum positions).
- One‑time items: The earnings were bolstered by a ₹52 cr gain from a customs‑duty hike (6% → 15%) and offset by an ₹8.3 cr inventory loss on silver and platinum.
- Half‑year performance: H1 FY27 net profit rose 48% YoY to ₹776 cr, with revenue up 38% to ₹20,912 cr, indicating sustained momentum.
Technical / Market Context
Mayank Jain of PhonePe Invest noted that the stock is trading well above its 20‑day (₹546.16), 50‑day (₹565.54) and upward‑sloping 200‑day (₹469.07) simple moving averages, suggesting strong bullish bias. He flagged the ₹750‑₹790 zone as a potential supply barrier and warned of possible overhead selling pressure if the stock approaches that range.
Independent Analysis & Key Risks
Implication: The earnings beat and strong same‑store sales suggest Kalyan Jewellers is capturing festive‑season demand effectively, which could translate into continued top‑line expansion and margin improvement once one‑time items normalize.
Risks: • Seasonality: The current rally is heavily tied to Navratri and Dhanteras demand; a weaker wedding season could dampen growth.
• One‑time gains: Removing the ₹52 cr customs‑duty benefit may compress margins further, as gross margin already fell 80 bps YoY.
• Valuation pressure: The stock is trading near the broker’s target of ₹700; any earnings miss in the upcoming quarter could trigger a pull‑back.
Disclaimer: This report is for informational purposes only and does not constitute investment advice.
Sources & References
- View sourceLivemintNews Report
Kalyan Jewellers shares hit 52-week high, rally 41% in 9 sessions; should you buy after Q2 results 2026? Check target
- View sourceUnivestNews Report
Kalyan Jewellers Share Price Hits 52-Week High on Q2
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