Kalyan Jewellers Share Price Hits 10% Upper Circuit Today; 5 Reasons Behind the Sharp Rally

Kalyan Jewellers share price surged 10% on Wednesday, November 11, hitting its upper circuit limit of ₹672.10 on the NSE after the jewellery retailer reported a 64% increase in consolidated net profit for the September quarter. The stock later eased from the day’s high and was trading at ₹668.05, up 9.34%, at 9:23 AM.

The sharp rise came after Kalyan Jewellers announced its Q2 FY27 results on Tuesday. The company reported a consolidated net profit of ₹427 crore, compared with ₹260.51 crore in the same quarter last year. Revenue from operations increased 31.4% to ₹10,323 crore from ₹7,856 crore.

The stock had closed at ₹611 on Monday, November 9. Wednesday’s rise took it above its previous 52-week high of ₹648.95, recorded before the latest trading session.

The quarterly profit included a one-time gain of ₹73.5 crore from the sale of part of an investment property. The exceptional gain contributed to the increase in reported earnings, while the company’s operating profit also improved during the quarter.

Why Kalyan Jewellers Share Price Rose Today:

The company’s September-quarter earnings were the main trigger for Wednesday’s rally. Five factors from the results and management commentary help explain the positive market response.

• Strong quarterly profit: Consolidated net profit increased 64% year-on-year to ₹427 crore. The figure included a ₹73.5 crore one-time gain from the sale of part of an investment property.

• Higher jewellery sales: Revenue grew 31.4% to ₹10,323 crore, while the India business reported a 32% increase in standalone revenue to ₹9,007 crore.

• Growth in operating profit: Consolidated EBITDA increased 29.7% to ₹644.7 crore from ₹497.2 crore a year earlier. However, the EBITDA margin narrowed slightly to 6.25% from 6.33%.

• Strong same-store sales: Kalyan Jewellers had earlier reported approximately 20% same-store sales growth in India during the September quarter. This indicated that existing stores contributed to revenue growth alongside the company’s expanding retail network.

• Festive and wedding-season demand: Executive Director Ramesh Kalyanaraman said the ongoing festive quarter had started well, particularly during Navratri and Dhanteras. The company also expressed optimism about demand during the wedding season.

Kalyan Jewellers Q2 FY27 Results

Kalyan Jewellers reported consolidated revenue of ₹10,323 crore and net profit of ₹427 crore for the July–September quarter, up 31.4% and 64%, respectively, from a year earlier.

EBITDA rose 29.7% to ₹644.7 crore, although the operating margin narrowed marginally.

On a quarter-on-quarter basis, net profit increased 22.5% from ₹348.7 crore, while revenue declined approximately 2.5% from ₹10,588.9 crore.

The reported profit included a one-time gain of ₹73.5 crore from an investment property sale.

Kalyan Jewellers Share Price History

Before Wednesday’s rally, Kalyan Jewellers shares had gained around 26% in 2026, based on the November 9 closing price of ₹611.

The stock’s previous 52-week trading range was ₹327.05 to ₹648.95. Wednesday’s rise to ₹672.10 took it above that earlier high.

Kalyan Jewellers shares had also gained around 44% over the preceding six months, reflecting a recovery ahead of the September-quarter earnings announcement.

The latest rally followed stronger quarterly earnings and management’s positive comments on festive demand. The company’s December-quarter performance will provide a clearer picture of whether sales momentum continued through the wedding season.

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