Kalyan Jewellers, one of India's largest jewellery retailers with showrooms across India, the Middle East, USA and UK, heads into its Q2 FY27 print with an October business update already flagging consolidated revenue growth of over 26% YoY. The key things the results will speak to are the EBITDA margin trajectory amid FOCO-heavy expansion and gold price volatility, and the balance-sheet clean-up after non-GML debt was reduced to zero during the quarter.
| Results date | November 10, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 10,588.93 Cr (consolidated, Q1 FY27, +45.68% YoY) |
| Previous quarter PAT | Rs. 348.67 Cr (consolidated, Q1 FY27, +32.03% YoY) |
| Market cap | Rs. 57,730.39 Cr |
| CMP | Rs. 560.0 |
The board of Kalyan Jewellers meets on Tuesday, November 10, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, under Regulation 29(1) of SEBI LODR. The trading window has been closed since October 1, 2026, and reopens 48 hours after the meeting concludes.
The Q2 FY27 earnings call has been rescheduled to Wednesday, November 11, 2026, at 8:30 AM IST, per the October 26 intimation (an earlier October 23 notice had scheduled it for November 10, 5 PM IST). Management participants include Ramesh Kalyanaraman (Executive Director), Sanjay Raghuraman (CEO) and V. Swaminathan (CFO).
The quarter's central test is whether Kalyan can hold its growth and margin balance through a volatile gold-price quarter, with the October 7 business update already printing consolidated revenue growth of over 26% YoY and consolidated same-store-sales growth of about 20% despite a high base from all nine Navratri days falling in Q2 FY26.
Gold swung sharply through the July-September window — per-gram 24-carat rates rose about 10.98% in August before a correction of nearly 8% in September — and management has said customers operate on fixed INR budgets, with volumes adjusting inversely to price.
On margins, management has guided EBITDA margins to keep degrowing 'at least for the next year' due to predominantly FOCO expansion, while PBT-margin guidance to maintain prior-year levels is supported by the customs-duty-increase benefit, of which about Rs. 40 crores was recognised in Q1 FY27 with the rest expected in Q2 and potentially the current quarter.
The balance-sheet story is a clear positive: non-GML debt was reduced to zero during Q2 FY27, and management has guided a total interest-cost saving of Rs. 50 crores in FY27 (Rs. 30 crores from non-GML reduction plus Rs. 20 crores of FY26 one-offs). The upcoming call is also likely to cover the expansion scorecard, with 39 net showroom adds done in H1 FY27 against a plan of about 150 new showrooms in FY27, and management noting H2 is typically heavier for expansion.
Guidance scorecard to test on the call: A range of FY27 guidance items can be checked against Q2 FY27 actuals.
Strategic initiative updates
Risks to follow up
Operating metrics in focus
Narrative shifts
Management reaffirmed the targets on the Q1 FY27 call, saying 'No change in target' on 84 Kalyan India and 50 Candere showroom additions for FY27, within 150 consolidated additions. H1 FY27 saw 39 net adds (507 to 546 showrooms), with management noting H2 is typically heavier for expansion.
Non-GML debt was reduced to zero during Q2 FY27, per the company's October 7, 2026 business update, meeting management's stated September timeline. The FY27 standalone gross debt target is Rs. 13,000 Mn, entirely Gold Metal Loan.
Management attributed the dip to short-term exchange promotions for gold recirculation, and said the 'cash for gold' product — which is margin accretive as it is bought at a discount to spot — should offset this. Employee costs also rose 0.2-0.3%, described as an investment in nurturing and retaining talent.
Management stated that FOCO franchisee ROCE is 'in the range of 14%', where the franchisee invests in capex and inventory while Kalyan runs the store. The franchisee bears all showroom expenses except salary.
Kalyan infused Rs. 350 Cr into Candere via a rights issue in September 2026, entirely to repay loans extended by Kalyan Jewellers to Candere, with shareholding unchanged at 100%. Candere turned PAT positive from H2 FY26, and management says adding inventory will not compress margins, with a focus on throughput plus 50 new showrooms in FY27.
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