Kalyan Jewellers India Ltd. Share Price

Kalyan Jewellers: SSSG at 20% Across 546 Showrooms

KALYANKJIL Kalyan Jewellers India (NSE: KALYANKJIL) is a Kerala-based jewellery retail chain with stores across India and in the Middle East, USA and UK. It sells gold, diamond and studded jewellery across formats targeting different consumer segments. The showroom network grew from 436 to 546 stores in one year. What happened: In Q2 FY27, consolidated revenue grew 31.4% year on year to Rs 10,322.6 crore. Net profit grew 64.2% to Rs 427 crore. Same-store sales growth was 20% year on year, up from 16% a year earlier. Stores outside the south region reported SSSG of 21%. Studded jewellery revenue grew 27%, reflecting demand for lighter, contemporary items over heavy gold pieces. Why it matters: Gold prices averaged Rs 1.5 lakh per 10 grams in Q2 FY27, up 40% year on year due to higher import duties and global prices. Kalyan is growing volumes alongside this price environment. The Navratri festival, which fell entirely in Q2 FY26, shifted to Q3 FY27 this year, making the 20% SSSG comparison conservative. Kalyan trades at 43.5 times earnings, a 30% discount to Titan Company at 62.1 times. What I am watching: Whether SSSG sustains above 15% in Q3 FY27 when the Navratri base effect reverses. The company opened 110 stores in a year and store-level returns will determine if the expansion creates value or dilutes it. Studded jewellery mix is a margin driver and its trajectory matters as the network scales. My stance: Kalyan trades at 43.5 times earnings with ROE of 24.8%. Revenue growth is outpacing the industry leader, though on a much smaller revenue base. The 30% discount to Titan reflects lower brand equity, but narrows if pan-India expansion delivers consistent returns. I do not hold a position in Kalyan Jewellers at the time of writing. This is not investment advice.

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.

Kalyan Jewellers gains 16% in two sessions

Kalyan Jewellers gains 16% in two sessions; analysts see 13% upside SEBI RA – Shubh Consultancy – Sunil Kotak – INH000015826 KALYANKJIL Kalyan Jewellers India delivered a strong 31% and 64% growth in revenue and net profit for the September quarter, driven by robust festive demand, market-share gains from the unorganised sector and healthy volume growth. The country's second largest listed jeweller, by revenue and market capitalisation, is expected to sustain business momentum in the December quarter as well, supported by festive demand and improving operations in non-South regions of the country. The stock hit a 52-week high on Thursday for the second consecutive trading session following the results announcement, taking the total gain to 16.2%. Kalyan Jewellers has retained its guidance of at least 25% revenue growth and around 10% same-store sales growth for FY27, backed by plans to open 84 Kalyan stores, 50 Candere outlets and five stores under the newly launched Akshaya Thanga Maligai (ATM), a Tamil Nadu-focused jewellery retail format. It added net 11 Kalyan stores in India during the quarter, taking the network to 365 stores. The ATM format has exceeded the company's expectations and is emerging as an additional growth engine. Same-store sales growth in the India business remained around 20%, while non-South markets grew by 21%. All this is for information. This is not a buy/sell recommendation. SEBI RA – Shubh Consultancy – Sunil Kotak – INH000015826 Thank you, Technofunda24

Kalyan's profit grows 64%, faster than revenue

KALYANKJIL Kalyan Jewellers India Limited (KALYANKJIL) reported Q2 FY27 revenue growth of 31.4% to ₹10,323 crore. Consolidated net profit increased 64% to ₹427 crore. The difference between revenue and profit growth is what caught my attention. Operating profit increased 29.7% to ₹644 crore. Net profit grew much faster, so I would examine the full income statement before assuming this profit growth is entirely recurring. The first half was strong too. Revenue reached ₹20,912 crore, up 38%, while net profit rose 48% to ₹776 crore. The company operates 546 showrooms across India and international markets. Management also reported encouraging demand during Navratri and Dhanteras and expects the wedding season to support business through the ongoing festive quarter. My view: The business is showing strong growth, but jewellery revenue is influenced by gold prices as well as customer volumes. I would not treat 31% revenue growth as equivalent to 31% volume growth. The next numbers I would watch are same store sales growth, operating margins and inventory levels. I also want to see whether profit growth remains strong after the festive season. My stance: Positive on the reported growth and festive demand. But after the sharp share price reaction, I would focus on sustainable earnings rather than extrapolating one strong quarter.

Sensex, Bankex analysis for 12/11/2026 (MARKET ANALYSIS)

1. Sensex Analysis Current Level / Reference Point: 81,879 Trend / Bias Strategy: Hold long (above 80,500): As long as Sensex trades or holds above the 80,500 support threshold, the primary stance is bullish, favoring long positions. Conditional Short (below 80,500): A breakdown below 80,500 acts as a trend reversal or danger signal, shifting the strategy to short positions only. 2. Bankex Analysis Current Level / Reference Point: 68,540 Trend / Bias Strategy: Hold long (above 66,900): The outlook remains positive/long while holding above the 66,900 support level. Conditional Short (below 66,900): Short positions should only be considered if the index breaches and sustains below the 66,900 mark. Summary Takeaway Both indices are currently trading comfortably above their defined structural support thresholds (80,500 for Sensex and 66,900 for Bankex), indicating that the existing long bias remains intact. Risk management should focus on these critical floor levels for potential trend invalidation. F&O top gainer was : KALYANKJIL

Kalyan Jewellers: Decoding Growth, Margins & Future Strategy

Kalyan Jewellers (KALYANKJIL ) delivered a strong quarter, driven by festive demand, over 20% SSSG and healthy volume growth despite single-digit gold price inflation. Organised retail and rising preference for studded jewellery remain key growth drivers. India leads, while Middle East profitability remains a monitorable. Management Strategy & Outlook: •Demand & Growth: Q3 started strongly, with healthy Navratri and Dhanteras sales. Management retains 25% annual revenue growth as its planning benchmark, supported by 10% SSSG and store additions. This is the target, not formal guidance. •Store Productivity: Cash flows will support additional inventory at existing showrooms to drive SSSG. •ATM Expansion: Four more Tamil Nadu showrooms planned in FY27. Management wants to establish the brand locally before entering other states. •Product Mix: Focus on increasing studded jewellery contribution amid changing consumer preferences. •Margins: The encashment programme alongside gold exchange is expected to support margins. • Capital Allocation: Non-GML debt repayment is complete. Focus remains on existing stores and selective flagship additions rather than aggressive expansion. H2 PBT margins are expected to improve over H1 while remaining broadly stable YoY. Technical View: The stock has broken above ₹635 resistance, supported by strong volumes. While the setup is positive, a pullback towards ₹635 with confirmation of support could offer a better entry opportunity. Investor Takeaway: Growth is increasingly driven by existing-store productivity, volume expansion and market-share gains rather than just gold price appreciation or new stores. Gradual ATM expansion and a rising studded jewellery mix provide additional growth levers. However, sustaining SSSG, protecting margins and improving Middle East profitability will be critical to delivering consistent earnings growth. Source: Q2 Investor Presentation, Unaudited Financial Results and Q2 FY27 Earnings Conference Call