Kalyan Jewellers India Ltd , a leading jewelry retailer, has reported a stellar performance for the second quarter of the fiscal year 2025-26, with net profit nearly doubling and significant revenue growth.

Financial Highlights

• Net profit surged 99.5% year-on-year to ₹260 crore
• Revenue from operations increased by 37.4% to ₹7,856 crore
• EBITDA grew by 55.8% to ₹497.1 crore
• EBITDA margin improved to 6.3% from 5.3% in the same quarter last year

Strong Performance Across Metrics

Kalyan Jewellers has demonstrated robust growth across key financial parameters in Q2 FY26. The company's net profit nearly doubled to ₹260 crore, compared to ₹130 crore in the corresponding quarter of the previous year, reflecting a 99.5% year-on-year increase.

Revenue from operations saw a significant uptick, growing by 37.4% to reach ₹7,856 crore, up from ₹6,057 crore in the same period last year. This substantial revenue growth indicates strong consumer demand and effective market strategies.

Improved Profitability

The company's profitability metrics showed notable improvement:

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 55.8% to ₹497.10 crore, compared to ₹319.00 crore in the same quarter last year. This growth outpaced the revenue increase, indicating improved operational efficiency.

Moreover, the EBITDA margin expanded by 100 basis points, rising to 6.3% from 5.3% in the corresponding period. This margin improvement suggests better cost management and operational leverage.

Market Response

The market response to Kalyan Jewellers' strong quarterly performance was positive but measured. The company's shares ended at ₹512.75 on the BSE, up ₹0.25 or 0.049%, indicating that investors may have already priced in expectations of good results.

Looking Ahead

While the results are impressive, it's important to note that the jewelry market can be influenced by various factors, including gold prices, consumer sentiment, and overall economic conditions. Kalyan Jewellers' ability to maintain this growth trajectory will depend on its continued execution of business strategies and market dynamics.

The company's board meeting, which concluded on November 07, 2025, also approved an amendment to the Employee Stock Option Plan 2020, increasing the number of stock options reserved under the plan from 30,00,000 to 60,00,000, subject to shareholders' approval.

As Kalyan Jewellers continues to expand its market presence and enhance its operational efficiencies, investors and industry observers will be keenly watching its performance in the coming quarters.

Kalyan Jewellers , a prominent player in the Indian jewelry market, has reported its slowest quarterly growth in the past year, despite benefiting from the festive and wedding seasons. The company's Q2 performance, while still positive, shows a moderation in growth rates across its operations.

Financial Performance

Kalyan Jewellers experienced a mixed bag of results in the September quarter:

The company's India operations, which form the core of its business, saw a year-on-year growth of 31.00%. However, this growth rate, along with the same-store sales growth of 16.00%, was lower compared to the previous year's figures.

Expansion Strategy

Despite the slowdown in growth, Kalyan Jewellers continued its aggressive expansion strategy:

This expansion brings Kalyan Jewellers' total store count to 436, with approximately 300 locations in India. The company's digital-first brand, Candere, delivered an exceptional performance with a 127.00% revenue growth, driven by increased footfalls and website traffic.

Financial Management

In a positive development for the company's financial health, Kalyan Jewellers received approval to release real estate collateral tied to repaid debt. This move aligns with the company's debt reduction targets set for FY2026, demonstrating a commitment to improving its financial position.

Market Factors

The company attributed its growth to strong festive and wedding seasons, which traditionally drive jewelry sales in India. However, the moderation in growth rates suggests that these factors may not have been as impactful as in previous quarters.

International Performance

Kalyan Jewellers' international operations, which account for 12.00% of the consolidated revenue, grew by 17.00%. The Middle East market, in particular, saw a 10.00% growth in revenue, primarily driven by same-store sales performance.

While Kalyan Jewellers continues to expand its retail footprint and sees growth across segments, the slowdown in its growth rate warrants attention. The company's focus on digital expansion through Candere and its continued physical store expansion strategy may be key factors to watch in the coming quarters as it navigates changing market dynamics.