Kalyan Jewellers Shares Surge 10% to a 52-Week High After Diwali and Dhanteras: Q2 Profit Up 64% to Rs 427 Crore, the One-Off Gains Inside It and What to Check
- November 11, 2026
- Posted by: Ankit Jaiswal
- Category: Results
Kalyan Jewellers shares hit a 52-week high of Rs 672.10 (10% upper circuit) on 11 Nov 2026. Q2 PAT Rs 427 cr (+64%), revenue Rs 10,323 cr (+31%); includes one-off gains.
Quick Answer
Kalyan Jewellers shares surged 10% to a 52-week high of Rs 672.10 on 11 November 2026 after Q2 FY27 profit rose 64% to Rs 427 crore and revenue rose 31% to Rs 10,323 crore. The stock hit the 10% upper circuit on the NSE at the open. About Rs 52 crore to Rs 73.5 crore of the profit came from one-off items, so the underlying growth is lower.
Kalyan Jewellers shares surged 10% to a 52-week high of Rs 672.10 on Wednesday 11 November 2026, the first session after the Diwali break, after the jeweller reported strong Q2 FY27 numbers and an upbeat note on Navratri and Dhanteras sales. This note sets out the results, the one-off gains inside the profit, the price levels and the open questions, with every conflict between sources flagged.
Prices are intraday readings from market reports of 11 November 2026 and will change. The results were filed on 10 November, when markets were closed.
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Kalyan Jewellers Q2 FY27 Results
| Metric | Q2 FY27 | Q2 FY26 and change |
|---|---|---|
| Kalyan Jewellers shares: consolidated revenue | Rs 10,323 crore | Rs 7,856 crore; up about 31.4% |
| Kalyan Jewellers shares: consolidated net profit (PAT) | Rs 427 crore | Rs 260.51 crore; up about 64% |
| Kalyan Jewellers shares: adjusted EBITDA | About Rs 600 crore | Up 26%; margin 5.8%, down 20 basis points |
| Kalyan Jewellers shares: adjusted gross margin | 11.9% | Down 80 basis points |
| Kalyan Jewellers shares: india same-store sales growth | About 20% | In line with estimates |
| Kalyan Jewellers shares: H1 FY27 net profit | Rs 776 crore | Rs 525 crore; up 48% |
Revenue growth of 31% to 32% depends on the source because the share of operating revenue and total income differs slightly. Business Standard and Upstox put the PAT rise at about 64% and the revenue rise near 31% to 32%. Candere, the online arm, reported revenue growth of about 64%, based on one report.
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What Is Inside the 64% Profit Jump
| Item | Amount | Source and note |
|---|---|---|
| Kalyan Jewellers shares: land gain | Rs 73.5 crore | Reported by a market site as part of the Rs 427 crore profit |
| Kalyan Jewellers shares: inventory gain from customs duty rise | About Rs 52 crore | Motilal Oswal; duty went from 6% to 15% |
| Kalyan Jewellers shares: profit without the land gain, rough | About Rs 353.6 crore | Rs 427.1 crore less Rs 73.5 crore; up about 36% on Rs 260.5 crore (my arithmetic, ignoring tax effects) |
| Kalyan Jewellers shares: adjusted EBITDA growth | 26% | Excludes the inventory gain |
The headline 64% includes one-off items, so the underlying growth is lower. If the land gain were removed in full, profit would be about Rs 353.6 crore, up about 36%, though that rough sum ignores tax and the two gains may overlap with each other, so I treat it as indicative and not exact. The adjusted EBITDA growth of 26% is a cleaner read on the business. The company’s full numbers are in the filing on the exchange.
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Kalyan Jewellers Share Price: The 52-Week High
| Measure | Level | Note |
|---|---|---|
| Kalyan Jewellers shares: 11 November high | Rs 672.10 | 10% upper circuit on the NSE; one report shows Rs 672.80 on the BSE |
| Kalyan Jewellers shares: implied previous close | About Rs 611 | Rs 672.10 divided by 1.10 (my arithmetic) |
| 52-week high: 9:32 AM IST | Rs 668.20 | Up 9.4% |
| Previous 52-week high | Rs 649 on 30 July 2026 | The new high is about 3.6% above it (my arithmetic) |
| 52-week high: record high | Rs 794.60 on 2 January 2025 | The stock is about 15.4% below it (my arithmetic) |
| 52-week high: volume | About 17.37 million shares by 9:32 AM | About ten times the average |
| 52-week high: six-month rise | About 73.87% | Per Business Today |
The stock hit the 10% limit that applies to it, which means buyers outnumbered sellers at the top of the band, though a circuit hit says nothing about where the stock closes. Volume ran about ten times the average, a sign of heavy participation. A broker named in the press, Motilal Oswal, has a positive rating on the stock, which is one third-party view and not a Univest opinion.
Dhanteras, Wedding Season and the Gold Backdrop
| Factor | What is reported | Note |
|---|---|---|
| 52-week high: festive demand | Management said the festive quarter started very well, especially Navratri and Dhanteras | Company statement, not audited |
| 52-week high: wedding season | Management said it was upbeat about the coming season | A forward comment |
| 52-week high: gold price | Spot gold fell about 2.6% to near $4,033 on 10 November | Lower prices can help demand, but also change inventory values |
| 52-week high: customs duty | Raised from 6% to 15%, per Motilal Oswal | Boosted inventory values and affects margins |
Jewellery stocks react to gold prices, duty changes and festive demand together. Peers such as Titan, Senco Gold and PC Jeweller have different mixes of studded and plain gold jewellery, so a comparison needs each company’s own filings. Read Kalyan Jewellers together with those peers rather than on its own.
Checklist and Risks
| Investor situation | Questions to consider |
|---|---|
| Existing holder | Has the move already priced in the strong quarter and the festive season? |
| New investor | Have I looked at profit without one-offs and not only the 64% headline? |
| Short-term trader | Can I handle a pullback after a 10% jump and a 52-week high? |
| Long-term investor | Do gold prices, duty changes and competition fit my risk tolerance? |
The main risks are gold price swings, duty and regulatory changes, thin margins, competition from large chains, one-off items in profit and sharp moves after a circuit. A 52-week high is a record of the past and not a signal of the future.
Conclusion
Kalyan Jewellers shares surged 10% to a 52-week high of Rs 672.10 after Q2 profit rose 64% to Rs 427 crore, though one-off gains of Rs 52 crore to Rs 73.5 crore sit inside it. The adjusted numbers still show about 26% EBITDA growth. Read the filing and consult a SEBI-registered adviser before acting.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Kalyan Jewellers Shares
Why did Kalyan Jewellers shares surge 10% today?
Ans. The Q2 FY27 results showed a 64% jump in profit to Rs 427 crore and a 31% rise in revenue to Rs 10,323 crore, with an upbeat note on Navratri and Dhanteras sales.
What is the Kalyan Jewellers 52-week high?
Ans. The shares hit Rs 672.10 on 11 November 2026, above the previous 52-week high of Rs 649 touched on 30 July 2026. The record high is Rs 794.60 from 2 January 2025.
What were the Kalyan Jewellers Q2 results?
Ans. Consolidated revenue was Rs 10,323 crore, net profit Rs 427 crore, adjusted EBITDA about Rs 600 crore at a 5.8% margin, and India same-store sales grew about 20%.
Does the 64% profit growth include one-off gains?
Ans. Yes. A market site reports a Rs 73.5 crore land gain, and Motilal Oswal flags a Rs 52 crore inventory gain from the customs duty rise, so the underlying growth is lower than 64%.
Did the stock hit the upper circuit?
Ans. Reports say it hit the 10% upper circuit of Rs 672.10 on the NSE at the open on 11 November. One report shows Rs 672.80 on the BSE.
How did Kalyan Jewellers do in the first half of FY27?
Ans. H1 net profit was Rs 776 crore, up 48% from Rs 525 crore a year earlier, according to Upstox.
What did management say about Dhanteras?
Ans. Executive Director Ramesh Kalyanaraman said the festive quarter started very well, especially during Navratri and Dhanteras, and he is upbeat about the wedding season.
Should I buy Kalyan Jewellers shares at a 52-week high?
Ans. Univest does not recommend any security. Valuation, gold prices and one-off items matter, so read the filing and consult a SEBI-registered adviser.
