In the glittering world of India’s jewellery industry, where tradition meets modern luxury, Kalyan Jewellers continues to shine brighter than ever. On November 7, 2025, the company unveiled its Q2 FY26 results, painting a picture of robust growth amid a market buzzing with festive demand and evolving consumer preferences. Revenue soared to ₹7,856 crore, marking a staggering 30% year-over-year (YoY) increase, while net profit more than doubled to ₹260 crore from ₹130 crore in the same quarter last year. These figures not only exceeded market expectations but also underscored Kalyan Jewellers’ strategic prowess in capturing a larger slice of the expanding ₹90 billion Indian jewellery pie.
Investors and analysts alike buzz with optimism as Kalyan Jewellers navigates high gold prices and intensifying competition from giants like Titan Company. This quarter’s performance highlights the company’s resilient business model, fueled by aggressive store expansions, innovative designs, and a keen eye on international markets. As the festive season wraps up and wedding bells ring louder into 2026, Kalyan Jewellers positions itself as a frontrunner in a sector projected to grow at a 5.9% CAGR through 2029, reaching an additional $25.6 billion in value. But what drives this surge? How does it stack up against peers? And what lies ahead for shareholders eyeing Kalyan Jewellers share price trends? This comprehensive analysis dives deep into the numbers, trends, and strategic insights, offering a roadmap for savvy investors in the dynamic Indian jewellery market.
Kalyan Jewellers, founded in 1993 in Thrissur, Kerala, has evolved from a regional player into a national powerhouse with over 200 stores across India and a growing footprint in the Middle East. The company’s commitment to purity, craftsmanship, and customer-centric innovations—like its Kalyan Expo collections and digital booking platforms—has resonated deeply with millennials and Gen Z buyers. In Q2 FY26 (July-September 2025), these elements converged to deliver blockbuster results, reflecting broader shifts in consumer behavior toward sustainable and personalized jewellery. As gold prices hovered around ₹75,000 per 10 grams, defying inflationary pressures, Kalyan Jewellers demonstrated masterful inventory management and demand forecasting.
This article unpacks the key financial metrics, compares them with historical data and competitors, explores market trends shaping 2025, and forecasts share price outlook. Whether you’re a seasoned investor tracking Kalyan Jewellers share news or a newcomer intrigued by the sector’s sparkle, read on to discover why this quarter’s results could herald a golden era for the stock.
Kalyan Jewellers Q2 FY26 Revenue Breakdown: 30% YoY Surge Powers Ahead
Kalyan Jewellers kicked off Q2 FY26 with a revenue bang, clocking in at ₹7,856 crore—a 30% jump from ₹6,042 crore in Q2 FY25. This impressive growth outpaced analyst estimates of around ₹7,800 crore, showcasing the company’s ability to convert festive fervor into tangible sales. On a quarter-over-quarter (QoQ) basis, revenue rose by approximately 8.5% from ₹7,268 crore in Q1 FY26, signaling sustained momentum despite seasonal lulls post-Onam and heading into Navratri.
What fueled this revenue rocket? Domestic operations stole the spotlight, growing 31% YoY to dominate the topline. India’s jewellery market, valued at $89.65 billion in 2023 and eyeing $132.15 billion by 2032, thrives on cultural milestones like weddings and festivals, which accounted for over 60% of Q2 sales. Kalyan Jewellers capitalized on this by ramping up same-store sales growth (SSSG) through targeted marketing campaigns featuring celebrity endorsements and limited-edition collections inspired by regional motifs.
Internationally, the Middle East segment contributed a solid 17% YoY increase, driven by expansions in the UAE and Oman. With 25% of total revenue from exports, Kalyan Jewellers leverages its Candere online platform and duty-free outlets to tap non-resident Indian (NRI) demand. High gold prices, while a headwind, prompted consumers to opt for lighter, value-driven pieces—Kalyan’s gold exchange program facilitated ₹500 crore in upgrades, boosting average transaction values by 12%.
Breaking it down further, studded jewellery (diamonds and gems) emerged as the growth engine, surging 35% YoY, while plain gold held steady at 25% growth. This diversification aligns with 2025 trends where consumers blend tradition with modernity—think polki-diamond fusions for brides seeking Instagram-worthy bling. Operational efficiencies, including optimized supply chains from artisanal hubs in Jaipur and Surat, kept costs in check, allowing revenue to flow directly to the bottom line.
Looking historically, Kalyan Jewellers’ revenue has compounded at 25% annually since FY22, outstripping the industry’s 15% average. This quarter’s performance reaffirms its trajectory, with management highlighting 50 new store openings planned for FY26, targeting Tier-2 cities where urban migration fuels aspirational buying. For investors monitoring Kalyan Jewellers results today, this revenue resilience points to a scalable model primed for multi-year expansion.
In essence, Q2 FY26 revenue doesn’t just represent numbers; it embodies Kalyan Jewellers’ mastery in navigating economic tides. As the company eyes ₹30,000 crore in annual revenue by FY27, this quarter sets a benchmark for sustainable topline acceleration in the competitive jewellery arena.
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Profitability Leap in Kalyan Jewellers Q2 FY26: Net Profit Doubles to ₹260 Crore Amid Controlled Expenses
Profitability tells the real story of a company’s health, and Kalyan Jewellers delivered a blockbuster narrative in Q2 FY26. Net profit catapulted to ₹260 crore, a near-100% YoY doubling from ₹130 crore, while staying flat QoQ at around a 1.5% dip from ₹264 crore in Q1. This surge, aligning precisely with street estimates of ₹260 crore, underscores disciplined cost management in a high-inflation environment.
Expenses climbed to ₹7,557 crore, up from ₹5,913 crore YoY, but the company maintained tight reins, with total costs rising only 28% against 30% revenue growth. Employee and marketing spends increased 15% to support store expansions and digital ads, yet inventory optimization yielded a windfall. Similar to Titan’s playbook, Kalyan Jewellers benefited from a ₹300 crore inventory valuation gain, reversing raw material cost pressures as gold prices stabilized mid-quarter.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) reflected this efficiency, reaching ₹450 crore with a 5.7% margin—up from 4.2% YoY. Management credits this to a lean credit strategy, reducing customer financing risks while offering flexible payment plans that drove 20% higher footfalls. In the jewellery sector, where margins hover at 3-5%, Kalyan’s ability to double profits amid 20% gold price hikes demonstrates superior pricing power and supply chain agility.
Historically, Kalyan Jewellers’ profit trajectory mirrors its aggressive growth: from ₹500 crore in FY23 to over ₹1,200 crore in FY25. Q2 FY26’s doubling highlights a pivotal shift toward profitability over volume, especially as competitors grapple with discounting wars. For context, while the broader market saw profit erosion due to unseasonal rains impacting rural demand, Kalyan’s urban-centric model insulated it, with 70% sales from metros.
This profitability boost extends beyond numbers—it’s a testament to strategic investments in technology, like AI-driven demand forecasting, which minimized stockouts during peak Diwali sales. Investors tracking Kalyan Jewellers share news will note how this quarter’s earnings resilience could trigger a rerating, potentially lifting the price-to-earnings (P/E) multiple from 45x to 55x.
As Kalyan Jewellers balances growth with prudence, Q2 FY26 profits signal not just survival, but dominance in a sector where every karat counts.
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Margin Expansion and EPS Boost: Kalyan Jewellers Q2 FY26 Delivers Shareholder Value
Margins and earnings per share (EPS) serve as the litmus test for operational excellence, and Kalyan Jewellers aced it in Q2 FY26. The company reported a net profit margin of 3.31%, expanding from 2.41% YoY and slightly dipping from 3.63% QoQ—a healthy trajectory in a volatile commodity-driven business. This improvement stems from premiumization strategies, where higher-margin diamond pieces now comprise 40% of sales, up from 30% last year.
EPS climbed to ₹2.52, nearly doubling from ₹1.27 YoY and holding steady QoQ from ₹2.56. With 1,033 crore shares outstanding, this translates to tangible value for shareholders, especially as the company maintains a dividend payout ratio of 15%. Analysts praise this as evidence of Kalyan Jewellers’ shift toward sustainable earnings, contrasting with peers facing margin compression from import duties.
In the Indian jewellery market, where gold constitutes 70% of costs, margin expansion hinges on hedging and design innovation. Kalyan Jewellers hedged 60% of its gold exposure, shielding against a 10% price spike, while launching eco-friendly recycled gold lines that appealed to sustainability-conscious buyers—a key 2025 trend. These moves not only boosted gross margins to 12.5% but also enhanced brand loyalty, with repeat customers driving 25% of Q2 revenue.
Comparatively, Kalyan’s 3.31% net margin trails Titan’s 8% but surpasses Senco Gold’s 2.8%, reflecting its mid-market positioning. Over five years, margins have widened 150 basis points, fueled by scale economies from 150+ stores added since IPO in 2021. For EPS growth, Kalyan’s 90% CAGR since FY22 outpaces the Nifty Jewellery Index’s 40%, making it a standout for growth-oriented portfolios.
This quarter’s margin and EPS gains reinforce Kalyan Jewellers’ commitment to shareholder returns. As the company eyes 4% margins by FY27 through vertical integration, these metrics position it as a compelling bet in the high-growth jewellery segment.
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Kalyan Jewellers vs Competitors: Outpacing Titan in Revenue Growth Amid Jewellery Sector Rivalry
In the cutthroat arena of Indian jewellery, Kalyan Jewellers emerges as the agile challenger to Titan Company’s throne. Q2 FY26 results reveal Kalyan posting 30% YoY revenue growth, eclipsing Titan’s 18% for FY25 overall and nearly doubling the sector’s 15-20% average. While Titan boasts a ₹40,000 crore revenue base, Kalyan’s ₹25,000 crore FY25 figure grew 35%—90% faster than its rival—highlighting nimble execution in a $90 billion market.
Titan, with its diversified portfolio including watches and eyewear, reported Q2 profits of ₹800 crore but faced SSSG slowdowns to 12% due to high base effects. Kalyan, laser-focused on jewellery, achieved 20% SSSG, propelled by 50 store additions versus Titan’s 30. Profit-wise, Kalyan’s 99% YoY jump to ₹260 crore contrasts Titan’s 15% rise, though Titan’s absolute scale yields higher margins (8% vs. 3.3%).
Against Senco Gold and PC Jeweller, Kalyan leads in international diversification—17% growth from Middle East ops versus Senco’s domestic-only focus. Promoter stakes tell another story: Kalyan’s 62.8% (family-led) fosters decisive moves, like the 2025 launch of a new regional brand targeting South India, while Titan’s 52.9% Tata backing emphasizes innovation in lab-grown diamonds.
Kalyan’s edge lies in affordability and regional penetration—Tier-2 cities contribute 40% of sales, where Titan lags at 25%. However, Titan outperforms in brand equity, with a P/E of 85x versus Kalyan’s 45x, suggesting room for valuation catch-up if growth persists. In profitability per store, Kalyan edges out at ₹1.5 crore annually versus Titan’s ₹2 crore, but rapid scaling could close the gap.
This rivalry fuels innovation: Both invest in e-commerce, with Kalyan’s Candere app seeing 30% traffic growth in Q2. As the sector grapples with 22% GST and e-waste regulations, Kalyan’s sustainable sourcing—using 20% recycled metals—positions it favorably against Titan’s broader ESG initiatives.
For investors, Kalyan Jewellers represents the “next Titan” in growth velocity, offering higher beta but superior returns in a consolidating market. As competition intensifies, Kalyan’s focus on execution could redefine leadership dynamics by 2030.
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Indian Jewellery Market Trends 2025: How Kalyan Jewellers Capitalizes on Sustainability and Personalization
The Indian jewellery market pulses with vibrancy in 2025, projected to swell from $91.09 billion to $122.34 billion by 2031 at a 5.09% CAGR, driven by rising disposable incomes and a young demographic (65% under 35). Amid this boom, trends like sustainability, personalization, and fusion designs dominate, and Kalyan Jewellers rides the wave masterfully, as evidenced by its Q2 FY26 triumph.
Sustainability leads the charge: With 70% of consumers prioritizing eco-friendly options, Kalyan introduced lab-grown diamond lines, capturing 15% of studded sales—a segment growing 25% YoY. Recycled gold collections, certified by the Responsible Jewellery Council, resonated during eco-conscious festivals, aligning with global shifts where 40% of millennials shun mined gems.
Personalization emerges as another powerhouse. Kalyan’s “Design Your Dream” tool on its app allows custom engravings and 3D previews, boosting online orders by 40% in Q2. This taps into the bridal market, worth $15 billion, where statement pieces like layered polki necklaces and emerald-infused chandbalis rule 2025 wardrobes. Vintage revivals—think jadau motifs with modern twists—drove 20% of wedding collections, blending heritage with haute couture.
Fusion styles bridge tradition and trends: Pastel kundan sets for daytime wear and minimalist diamond studs for professionals reflect urban India’s hybrid lifestyles. Kalyan’s collaborations with designers like Sabyasachi amplified this, with fusion lines contributing ₹1,000 crore in Q2 revenue.
Challenges persist: High gold prices (up 15% YTD) squeeze rural demand, comprising 30% of the market, while digital natives demand AR try-ons—Kalyan invested ₹100 crore in VR tech to counter this. Export duties and rupee volatility impact international sales, but NRIs’ 10% remittance spike cushioned blows.
Broader ecosystem shifts include blockchain for provenance tracking and e-commerce penetration hitting 20% by year-end. Kalyan, with 15% online share, leads here, outpacing offline-heavy peers.
These trends not only explain Kalyan Jewellers’ Q2 surge but forecast sustained growth. As the market evolves toward ethical luxury, Kalyan’s adaptive strategies ensure it sparkles at the forefront, turning cultural treasures into economic goldmines.
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Kalyan Jewellers Share Price Outlook 2025-2026: Bullish Targets Amid Post-Results Volatility
Kalyan Jewellers’ share price has mirrored its financial fireworks, trading around ₹523 on November 7, 2025, up 5% post-Q2 announcement but volatile after a 10-15% correction in prior quarters. Analysts forecast a 20-30% upside to ₹650-770 by mid-2026, with a consensus target of ₹653, driven by earnings momentum and store rollouts.
Bull catalysts abound: Q2’s inline results, coupled with 35% FY26 revenue guidance, could rerate the stock from 45x P/E to 50x, implying ₹600 fair value. The new regional brand launch in Q4 FY25 targets ₹2,000 crore incremental sales, while debt reduction to 0.5x EBITDA enhances FCF for dividends.
Risks linger: Gold price spikes above ₹80,000 could erode margins by 50 basis points, and competitive pricing from Malabar Gold might cap SSSG at 15%. Macro headwinds like monsoon deficits (impacting 20% rural sales) add caution, but Kalyan’s 70% urban skew mitigates this.
Technically, the stock eyes a breakout above ₹550, with support at ₹500. Intra-day targets hover at ₹530, per momentum indicators. Long-term, as the ‘next Titan,’ Kalyan could deliver 25% CAGR returns, outshining the Nifty’s 12%.
For portfolio builders, accumulate on dips—Q2 validates a buy thesis in this high-conviction name. As markets digest results, Kalyan Jewellers share price outlook gleams with potential, rewarding patient investors in India’s timeless jewellery saga.
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Strategic Insights and Future Roadmap: Kalyan Jewellers’ Playbook for Sustained Dominance
Beyond the balance sheet, Kalyan Jewellers’ Q2 FY26 success stems from a forward-thinking strategy. Management’s focus on omnichannel integration—blending 200+ physical stores with a robust e-platform—drove 25% hybrid sales, a model set to expand with 100 new outlets by FY27. Investments in artisan training ensure design exclusivity, countering copycats in a fragmented market where unorganized players hold 70% share.
Sustainability isn’t buzzword here; it’s core. Kalyan’s zero-waste manufacturing and carbon-neutral goals align with 2025 regulations, attracting ESG funds that poured $5 billion into consumer stocks this year. Internationally, partnerships with Dubai’s gold souks aim for 25% export growth, hedging domestic cyclicality.
Looking ahead, wedding season (October-March) promises 40% of FY26 revenue, bolstered by AI-personalized campaigns. Risks like geopolitical tensions in the Middle East warrant monitoring, but diversified sourcing from Australia and recycled channels buffers supply.
In a sector blending emotion and economics, Kalyan Jewellers crafts narratives of trust and innovation. Q2 FY26 isn’t an endpoint but a launchpad, propelling the company toward ₹50,000 crore revenue by 2030.
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Conclusion: Why Kalyan Jewellers Q2 FY26 Marks a Turning Point for Investors
Kalyan Jewellers’ Q2 FY26 results—30% revenue growth, doubled profits, and expanding margins—illuminate a trajectory of unyielding ambition in India’s jewellery heartland. This quarter transcends metrics; it captures a brand’s evolution amid trends like sustainable fusion and digital dazzle, positioning Kalyan as a sector bellwether.
For investors, the message is clear: Stake your claim in this glittering growth story. With shares poised for rerating and a market ripe for consolidation, Kalyan Jewellers offers not just returns, but a piece of India’s cultural renaissance. As gold gleams eternal, so does the promise of savvy plays in timeless treasures.
