Kalyan Jewellers FY27 Q2 Updates Details

Kalyan Jewellers ( KALYANKJIL ) shares hit the 10% upper circuit today after the company reported a strong Q2 FY27 performance. However, investors should look beyond the headline profit growth, as the quarter included a one-time gain. Key Q2 FY27 Highlights - Revenue: ₹10,323 crore, up 31.4% YoY - Net profit: ₹427 crore, up 63.6% YoY - EBITDA: ₹644.7 crore, up 29.7% YoY - EBITDA margin: 6.25% versus 6.33% last year - Same-store sales growth: 20% - H1 FY27 revenue: ₹20,912 crore, up 38% - H1 FY27 net profit: ₹776 crore, up 48% What Are Analysts Saying? Motilal Oswal has maintained its Buy rating, noting that consolidated revenue exceeded its estimates. It highlighted a one-time gain of approximately ₹52 crore following the increase in customs duty. The brokerage also flagged an inventory loss of ₹8.3 crore on open silver and platinum positions. My View Kalyan Jewellers is benefiting from strong consumer demand, festive spending and the growing preference for organised jewellery retailers. The 20% same-store sales growth is particularly encouraging because it indicates demand beyond store expansion. However, the 64% profit growth needs to be viewed in context. The one-time gain contributed to the reported bottom line, while EBITDA margin moderated slightly despite strong revenue growth. I would track underlying profitability, same-store sales growth, inventory management and festive-season demand in the coming quarters. The business momentum looks healthy, but investors should distinguish between reported earnings growth and sustainable operating performance rather than chasing a sharp post-result rally.