Kalyan Jewellers stock: Q2 profit seen up 30% despite margin risk

Published on 11/06/2026 at 01:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kalyan Jewellers stock enters a key results week before the board reviews the September quarter. Analysts see strong sales but tighter profitability.

What Investors Watch Next

Analysts expect strong year-on-year growth when Kalyan Jewellers reports its September-quarter results.
Revenue momentum is expected to remain solid, while profitability may face pressure from a lower margin.
The board meeting will cover unaudited standalone and consolidated results for the quarter and first half.

Kalyan, INE303R01014, Illustration mit AI erstellt.

Kalyan Jewellers is heading into a closely watched results week after analysts projected strong growth for the September quarter. Zee Business reported on November 5 that consolidated profit after tax could rise 30 percent year on year to 340 crore rupees in Q2 FY27, based on its estimates.

Growth Meets Margin Pressure

Consolidated revenue is estimated at 10,246 crore rupees, up from 7,856 crore rupees in the year-ago quarter. EBITDA is projected to reach 614 crore rupees, while the EBITDA margin could ease to 6 percent from 6.3 percent.

The expected margin pressure reflects a difficult comparison with the prior-year period, when inventory gains supported profitability. That makes the September-quarter release important for investors assessing whether Kalyan Jewellers can convert strong sales momentum into sustained earnings growth.

Results Date Sets Next Catalyst

The company said its board will meet on Tuesday, November 10, 2026, to consider unaudited standalone and consolidated results for the quarter and half year ended September 30. The earnings update is expected to provide the next detailed view of demand, margins and expansion across the business.

Kalyan Jewellers reported consolidated profit of 348.66 crore rupees in the June quarter, up 32.02 percent year on year, while revenue from operations rose 45.68 percent to 10,588.92 crore rupees. Gross margin declined to 11.9 percent from 13.9 percent, with the company attributing the pressure to exchanged gold, promotional offers and a one-time gain in the comparison period.

Retail Jewellery Across Key Markets

Kalyan Jewellers operates as a jewellery retailer serving India and international markets. Its business includes the Candere lifestyle jewellery brand and a Middle East presence, while India remains the main growth driver identified in the earnings preview. The company is expanding through its showroom network and digital jewellery offering, positioning it as a broad-based retailer rather than a single-market specialist.