Kalyan Jewellers India (KALYANKJIL) Q2 26/27 earnings summary

Executive summary

• Q2 demand remained robust despite the festive season shifting into H2; healthy same-store sales growth supported the quarter.

• Festive trading through Navratri and Dhanteras was described as excellent; management said H1 and early Q3 momentum were ahead of expectations.

Financial highlights

• Q2FY27 consolidated revenue was Rs. 103,226.16 Mn, up 31% YoY; EBITDA was Rs. 6,445 Mn, up 30%, and PAT was Rs. 4,270.95 Mn, up 64%.

• Q2 adjusted revenue, excluding bullion, customs duty and exceptional items, was INR 9,943 crore; adjusted EBITDA was INR 593 crore and adjusted PAT was INR 333 crore.

• H1FY27 revenue was Rs. 209,115.43 Mn, up 38% YoY; PAT was Rs. 7,757.60 Mn, up 48%, and adjusted PAT was INR 651 crore.

• Q2 gross margin was 12.3% versus 12.9% and EBITDA margin was 6.2% versus 6.3%; PBT before exceptional items and tax rose 39% to Rs. 4,866.14 Mn.

Outlook and guidance

• The annual revenue-growth target remains 25%; management said it is a target, not formal numerical guidance, and expressed confidence in exceeding it.

• The first 40 days of Q3 were described as excellent, with volume growth; management was upbeat about wedding-season demand.

• FY27 plans include 84 new Kalyan India FOCO showrooms, 6 international showrooms and 50 Candere showrooms; four ATM showrooms are planned during the year.

• Target same-store sales growth is mid- to high-single digits; H2 PBT margins are expected to be better than H1 while remaining stable.