KALYAN JEWELLERS — INDIA’S GOLDEN GROWTH STORY 💎

KALYANKJIL India’s jewellery market is changing. Organised retailers are gaining ground, and Kalyan Jewellers wants a bigger share of that opportunity. Kalyan has built a pan-India jewellery business with a strong brand, transparent pricing and a growing showroom network. Its portfolio spans gold, diamonds and precious stones, while Candere adds an online-led jewellery channel. And the latest numbers show strong momentum. In Q2 FY27, consolidated revenue reached ₹10,323 crore, up 31% YoY, while PAT rose 64% to ₹427 crore. For H1 FY27, consolidated revenue stood at ₹20,912 crore, up 38%, and PAT reached ₹776 crore, up 48%. The expansion story is equally important. Kalyan operates 546 showrooms across India and international markets, creating a wider customer acquisition and retail distribution network. The growth flywheel: Brand trust → More showrooms → Higher customer reach → More jewellery sales → Better scale. India's organised jewellery market offers a structural opportunity as customers increasingly value brand credibility, quality assurance, transparent pricing and a consistent buying experience. But there is an important detail in Q2. The reported PAT included a ₹73.5 crore exceptional gain from the sale of non-core real estate assets. Profit before exceptional items and tax grew 39% YoY, while EBITDA increased 30% to ₹644.5 crore. Investors should track underlying profitability separately from one-off gains. The risks remain: gold-price volatility, inventory funding, working-capital requirements, intense competition, showroom expansion costs and consumer-demand fluctuations. Jewellery retail is also a relatively low-margin business, making execution and inventory discipline critical. Kalyan is not just selling jewellery. It is building an organised retail franchise in one of India's largest consumption categories.