Kalyan Jewellers India Ltd. crossed the ₹10,000 crore revenue threshold in the September quarter, propelled by sustained gold demand and retail expansion across primary consumer belts. Net profit leaped 63.6% to ₹427 crore. The bottom line drew support from a ₹73 crore exceptional gain realized from the sale of an idle land parcel, though operating earnings beat the prior-year period even on an adjusted basis.
The equity reacted immediately. Shares climbed 3.1% to settle at ₹611 in Monday trade, lifting year-to-date returns to 27% ahead of Wednesday's session.
Topline expansion remained strong throughout the second quarter. Consolidated revenue rose 31.4% year-on-year to clear the ₹10,000 crore milestone, reflecting heavy store traffic before the peak festive cycle.
Operating performance mirrored the revenue run-rate. Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 29.7% to ₹644.7 crore against the corresponding quarter last year. Operating margins held steady at 6.25% compared to 6.33% a year earlier—a negligible slide of eight basis points in an environment of fluctuating precious metal prices.
And bottom-line margins expanded sharply. The headline net profit of ₹427 crore captured the non-core land sale of ₹73 crore, but core operational metrics comfortably eclipsed last year's baseline without the asset liquidation.
| Financial Metric | Q2 Performance | YoY Change / Details |
|---|---|---|
| Consolidated Revenue | Exceeded ₹10,000 Crore | +31.4% |
| Net Profit | ₹427 Crore | +63.6% |
| EBITDA | ₹644.7 Crore | +29.7% |
| EBITDA Margin | 6.25% | 6.33% in Q2 Prior Year |
| Exceptional Gain | ₹73 Crore | Sale of Non-Core Land Parcel |
| Monday Closing Share Price | ₹611 | +3.1% (+27% YTD) |
Management issued a confident demand outlook heading into the third quarter, noting that retail receipts during Navratri and Dhanteras established a lucrative baseline for the winter wedding stretch.
The ongoing festive quarter has started on a strong footing," management stated in regulatory disclosures, pointing to accelerated retail off-take across core jewellery categories.
Brokerage firm UBS retained an aggressive stance on the retailer, reiterating a "Buy" rating with a 12-month price target of ₹900. The target implies potential upside of 47.3% from Monday's close of ₹611. In its research note, UBS described the quarterly scorecard as in-line with estimates while highlighting durable operational resilience.
Market Context: Retail jewellers have experienced heightened institutional interest through the festival calendar, with bellwether Titan also anchoring analyst portfolios amid sector-wide tailwinds. Kalyan Jewellers continues to strip market share from regional, unorganised jewelers, cushioning operating margins against bullion volatility.
Trading desks now shift attention to Wednesday's opening bell to gauge whether post-earnings buying can push the stock toward fresh multi-month highs.
| UBS Price Target | ₹900 | Buy Rating Maintained |