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Kalyan Jewellers share price: Shares of Kalyan Jewellers India surged 10 percent to Rs 672 in early trade on Wednesday, after the jewellery retailer reported a 64 percent year-on-year jump in consolidated net profit for the fiscal second quarter, supported by strong revenue growth. Brokerage firm UBS maintained its Buy rating on the stock, with a target price of Rs 900, implying an upside of around 47 percent from Monday's closing price.
The sharp rally followed Kalyan Jewellers' Q2 FY27 results, which showed consolidated revenue crossing the Rs 10,000-crore mark, while the company's management expressed optimism about jewellery demand during the ongoing festive and wedding season.
Kalyan Jewellers shares have gained 38.4 percent so far in 2026, significantly outperforming the Nifty 50, which has declined around 3 percent during the same period. At the current market price, the company commands a market capitalisation of approximately Rs 69,000 crore.
Kalyan Jewellers Q2 results: Profit rises 64%, revenue crosses Rs 10,000 crore
Kalyan Jewellers reported a consolidated net profit of Rs 427 crore for the quarter ended September 2026, up 63.6 percent from Rs 260.51 crore in the corresponding quarter last year. The profit included an exceptional gain of Rs 73 crore from the sale of a non-core land parcel. Excluding this gain, net profit stood at approximately Rs 354 crore, representing an increase of nearly 36 percent year-on-year.
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Revenue from operations climbed 31.4 percent to Rs 10,323 crore during the quarter, compared with Rs 7,856 crore in the year-ago period, reflecting strong growth in the company's jewellery retail business.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 29.7 percent year-on-year to Rs 644.7 crore. However, the EBITDA margin edged lower to 6.25 percent from 6.33 percent a year earlier, indicating broadly stable operating profitability despite the strong revenue expansion.
For the first half of FY27, Kalyan Jewellers reported a 48 percent increase in consolidated net profit to Rs 776 crore, compared with Rs 525 crore in the corresponding period last year. Revenue for the six-month period rose 38 percent to Rs 20,912 crore from Rs 15,125 crore in the first half of FY26.
UBS maintains Buy rating, sees 47% upside
Global brokerage UBS retained its Buy rating on Kalyan Jewellers with a target price of Rs 900 per share, suggesting a potential upside of approximately 47 percent from the stock's previous closing price. The brokerage described the company's July-September performance as broadly in line with expectations.
The rating comes as Kalyan Jewellers continues to deliver strong revenue and earnings growth, although the exceptional gain from the land sale contributed to the reported profit increase during the quarter.
Kalyan Jewellers' management expressed confidence in the demand outlook, highlighting a strong start to the ongoing festive quarter. The company said it was encouraged by the growth witnessed during Navratri and Dhanteras, two important periods for jewellery purchases in India.
