Kalyan Jewellers Q2 Results: Revenue, EBITDA and Net Profit

Kalyan Jewellers India Ltd KALYANKJIL reported a strong Q2 performance, with robust revenue growth and a sharp improvement in profitability, although EBITDA margins witnessed a marginal contraction on a year-on-year basis. Revenue: Consolidated revenue surged 27.67% YoY to ₹10,030 crore, compared with ₹7,856 crore in the corresponding quarter last year. The healthy topline growth indicates strong business momentum, supported potentially by festive and wedding-related jewellery demand, store expansion, and improved sales volumes. Net Profit: Consolidated net profit jumped 63.60% YoY to ₹427 crore, against ₹261 crore in the year-ago quarter. Profit growth significantly outpaced revenue growth, reflecting improved overall profitability. The net profit margin expanded to approximately 4.26% from 3.32%, an improvement of around 94 basis points. EBITDA: Operating EBITDA increased 29.78% YoY to ₹645 crore, compared with ₹497 crore last year, demonstrating healthy growth in operating earnings. However, the reported EBITDA margin declined marginally to 6.24% from 6.33%, indicating a 9-basis-point contraction. This suggests some pressure on operating margins despite strong business growth. Key Takeaway: Overall, Kalyan Jewellers delivered an encouraging Q2 performance, characterised by double-digit revenue expansion, nearly 30% EBITDA growth, and over 60% net profit growth. The sharp rise in profitability is a key positive, while the slight EBITDA margin compression remains a monitorable factor. Going forward, investors should closely track same-store sales growth, festive demand, inventory management, store expansion, and margin sustainability. Overall Assessment: Positive, driven by strong topline momentum and substantial earnings growth, with minor concerns surrounding operating margin pressure.