Kalyan's profit jumps 63.95%, but other income lifts the quarter
Revenue growth was largely absorbed by costs, while a lower tax rate and other income supported net profit; operating margin stayed below the sector median.
Filed 10 Nov 2026, 17:08 IST · after market close · Kalyan Jewellers India Ltd (KALYANKJIL)
Key takeaways
- Consolidated net profit rose 63.95% YoY to Rs 427.10 cr, but other income contributed 27.05% of pre-tax profit.
- Revenue grew 31.40% YoY while expenses grew 31.51%, narrowing operating margin by 0.09 percentage points to 6.24%.
- Operating margin improved 0.27 percentage points QoQ from Q1FY27's 5.97%, but remained 5.18 percentage points below the 293-peer sector median.
Price around the results
Other income and tax rate supported profit growth
Consolidated revenue rose 31.40% YoY, while net profit grew 63.95%, a wider increase partly explained by other income rising 194.69% to Rs 151.50 cr. Other income represented 27.05% of pre-tax profit, making profit quality weaker than the headline growth suggests. The tax rate also fell 1.88 percentage points YoY to 23.74%, adding to the net-profit uplift.
Costs kept the operating margin near 6%
Expenses grew 31.51% YoY, slightly faster than revenue, so operating margin narrowed by 0.09 percentage points. Interest expense rose 14.48% and depreciation increased 23.23%, although pre-tax profit still grew 59.90%. Sequentially, expenses fell 2.79% against a 2.51% revenue decline, lifting operating margin by 0.27 percentage points; the tax rate also fell 1.25 percentage points.
Margin recovered from Q1FY27 but trails peers
Operating margin has been uneven: it moved from 7.26% in Q3FY26 and 7.16% in Q4FY26 to 5.97% in Q1FY27, before recovering to 6.24% this quarter. The recovery remains incomplete, with the margin 5.18 percentage points below the 11.42% median for 293 Consumer Discretionary peers that have reported.
Results filed after market close
The company filed its results after market close, so there is no current market reaction to assess. Across the last eight result reactions, the stock has risen four times and fallen four times, with a median absolute move of 3.70%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹10,323 cr | ₹10,589 cr | -2.51% | +31.40% |
| Other income | ₹152 cr | ₹56 cr | +171.80% | +194.69% |
| Expenses | ₹9,678 cr | ₹9,956 cr | -2.79% | +31.51% |
| Operating profit | ₹644 cr | ₹633 cr | +1.89% | +29.67% |
| Operating margin (%) | 6.24% | 5.97% | — | — |
| Interest | ₹109 cr | ₹108 cr | +0.27% | +14.48% |
| Depreciation | ₹127 cr | ₹115 cr | +10.56% | +23.23% |
| Profit before tax | ₹560 cr | ₹465 cr | +20.49% | +59.90% |
| Tax | ₹133 cr | ₹116 cr | +14.49% | +48.17% |
| Net profit | ₹427 cr | ₹349 cr | +22.49% | +63.95% |
| EPS (₹) | ₹4.14 | ₹3.38 | +22.49% | +64.29% |
Operating margin of 6.24% compares with a Consumer Discretionary sector median of 11.42% across 293 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +8.26% | +7.42% |
Volume on the results session was 10.69× its 20-day average.
What to watch
- Whether operating margin holds above the current 6.24% after the 0.27-percentage-point QoQ recovery.
- Whether other income remains a material contributor after accounting for 27.05% of pre-tax profit this quarter.
- Whether expenses continue to grow more slowly than revenue sequentially, after declining 2.79% versus revenue's 2.51% fall.