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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 ₹672.10 apiece, and an intraday low of ₹620.60 per share.
Kalyan Jewellers shares have delivered strong returns across timeframes, gaining 26.20% in the past week and 31.15% over two weeks. The stock has advanced 20.84% in a month and 11% over the past three months. Over a six-month period, it has surged 73.52%, while its year-to-date gains stand at 38.37%, reflecting strong buying interest in the counter.
Gaurav Arora, Head of Research, SAHI, said Kalyan Jewellers has given a continuation breakout on the upside with strong momentum. The stock has broken out of inverted head and shoulders pattern above the ₹640 level.
“Holding above ₹650 would strengthen the trend further. From here, the stock is likely to head towards its previous highs. ₹700 is the first level to watch on the upside, followed by ₹750. As long as the stock holds above the breakout zone, the structure remains positive,” added Arora.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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