Kalyan Jewellers shares jump 10% to 52‑week high as Q2 FY27 profit surges 64%

What triggered the share surge?

On 11 November, Kalyan Jewellers’ shares leapt 10% on the BSE, climbing to an intraday high of Rs 672.10. The move pushed the stock to its highest level in 52 weeks, reviving the momentum it had built over the past week (a 26% gain). The rally came a day after the company released its Q2 FY27 earnings, which beat analyst expectations on both profit and revenue.

Q2 FY27 financial performance

The retailer posted a consolidated net profit of Rs 427 crore, a 64% jump from Rs 260.5 crore a year earlier. Revenue from operations rose 31% to Rs 10,323 crore, comfortably ahead of the consensus estimate of Rs 9,870 crore. On a standalone basis, the India arm recorded Rs 424 crore profit after tax and revenue of Rs 9,007 crore, both up around 30%.

For the first half of FY27, net profit climbed 48% to Rs 776 crore, while revenue expanded 38% to Rs 20,912 crore. The company’s market capitalisation now sits at roughly Rs 63,101 crore, and its 52‑week price range spans Rs 327.05 to Rs 648.95.

Analyst reaction and outlook

Motilal Oswal Financial Services reiterated its Buy rating, citing the earnings beat and a 20% same‑store sales growth in India. UBS also maintained a Buy call with a target price of Rs 900, describing the results as “broadly in line with expectations” but still positive.

Executive Director Ramesh Kalyanaraman said the festive quarter had begun on a strong footing, with “encouraging growth during Navratri and Dhanteras.” He added that the company is optimistic about the upcoming wedding season and expects to finish the quarter on a solid note.

Implications for India’s retail sector

The robust performance highlights sustained consumer confidence in discretionary spending despite broader macro‑economic headwinds. Strong demand for jewellery during the festive period points to resilient household incomes and a favourable credit environment, reinforcing the narrative of steady economic growth in India’s retail landscape.

The stock’s upward trajectory, combined with bullish analyst sentiment, suggests that investors view Kalyan Jewellers as a bellwether for the sector’s health as the country moves deeper into the financial year.