Kalyan Jewellers Q2 results 2026: profit Rs 427.10 crore
Kalyan Jewellers reported group profit after tax of Rs 427.10 crore for July to September 2026. The results include a non-recurring gain from land.
Published 11 November 2026 · Potoos Research Services
The short answer. Kalyan Jewellers reported consolidated profit after tax of Rs 427.10 crore, up 63.95% from the same quarter a year earlier. Revenue rose 31.40% to Rs 10,322.62 crore. A Rs 73.46 crore land gain before tax helped lift the reported profit.
Kalyan Jewellers Q2 results: the main figures
Q2 FY27 means July to September 2026. The comparison is with July to September 2025. Consolidated results combine Kalyan Jewellers India Limited with the subsidiaries in its group accounts. Revenue is income from the business. Profit after tax is the amount left after the reported expenses and tax.
Consolidated figures in Rs crore, except earnings per share. Figures are rounded to two decimal places.
| Measure | Jul-Sep 2026 | Jul-Sep 2025 |
|---|---|---|
| Revenue from operations | 10,322.62 | 7,856.03 |
| Profit before exceptional items and tax | 486.61 | 350.27 |
| Exceptional gain from land | 73.46 | Nil |
| Profit before tax | 560.08 | 350.27 |
| Total tax expense | 132.98 | 89.76 |
| Profit after tax | 427.10 | 260.51 |
| Basic earnings per share, Rs | 4.14 | 2.52 |
Source: consolidated financial statement, PDF page 12. The filing reports amounts in millions of rupees. We divide those amounts by 10 to show crore. Percentage changes use the original figures before rounding. Basic earnings per share, or EPS, is the reported profit per equity share. The quarterly EPS is not a full-year figure.
Why did profit grow faster than revenue?
The company recorded Rs 73.46 crore of profit from disposing of part of its investment property, which was land. Note 8 on PDF page 15 calls this non-recurring. That means it is not treated as a regular business event. It appears separately as an exceptional item in both the quarter and the six-month results.
Profit before this exceptional item and tax rose 38.93% to Rs 486.61 crore. Reported profit after tax rose 63.95%. These are different measures. The land gain is a before-tax amount. The filing does not separately state its tax cost, so removing the full gain from profit after tax would not give a verified profit after tax without that event.
What does the cash-flow statement say about the land?
Cash flow tracks money moving in and out. The statement here covers April to September 2026, the six-month period called H1. It does not cover Q2 alone.
The cash-flow statement on PDF page 14 removes the same Rs 73.46 crore land gain when calculating cash from operating activities. It separately records Rs 86.16 crore received towards investment property, including advances, under investing activities. The receipt is cash received. The gain is the accounting profit from the disposal. They are different amounts and must not be added together as profit.
Other changes that need context
Other income, income outside the main revenue line, rose 51.78% from Rs 51.41 crore to Rs 78.04 crore. The notes and six-month cash-flow statement do not provide a Q2 breakdown that explains this increase.
Purchases of goods for resale rose from Rs 40.71 crore to Rs 439.46 crore. The inventory-change line moved from a Rs 1,210.72 crore credit to a Rs 182.16 crore expense. Inventory means stock held by the business; a credit reduces the expense recorded in that period. Taken together with the cost of materials consumed (Rs 8,427.67 crore, against Rs 8,009.48 crore), these three cost-of-goods lines add up to Rs 9,049.29 crore, against Rs 6,839.47 crore a year earlier. That is a rise of 32.31%, close to the 31.40% rise in revenue. The filing does not explain why the mix between the three lines changed in Q2.
Tax expense increased 48.16% to Rs 132.98 crore. Within it, deferred tax changed from a Rs 22.68 crore credit to a Rs 17.50 crore charge. Deferred tax adjusts for tax accounted for in different periods. The filing does not give a specific reason for that quarterly change.
These figures appear on PDF page 12. The company lists its explanations in the notes on page 15. Where those notes and the cash-flow statement do not explain a change, this page leaves the reason open.
Which accounts are these?
The headline uses consolidated group profit. Standalone accounts cover the parent company itself. Standalone Q2 profit was Rs 424.02 crore, below the group figure of Rs 427.10 crore. See the standalone table on PDF page 4.
The board approved these unaudited results on 10 November 2026. The statements have not been through a full audit. They have an independent limited review, which is a narrower check than an audit. The reviewers used work by other auditors and figures for one subsidiary that had not been independently reviewed. They said these matters did not change the outcome of their review (see the review report on PDF pages 8 to 10).
Sources
- Kalyan Jewellers: signed Q2 and half-year results filed with NSE. 10 November 2026 PDF pages 1, 4, 6, 7, 8 to 10, and 12 to 15
- Kalyan Jewellers: company results press release filed with NSE. 10 November 2026 PDF page 2, Q2 FY27 consolidated paragraph
Sources checked on 10 November 2026. Information cutoff: 10 November 2026, 19:00 IST
Common questions
What was Kalyan Jewellers profit in Q2 results 2026?
Consolidated profit after tax was Rs 427.10 crore for July to September 2026, up 63.95% from the same quarter a year earlier. Revenue was Rs 10,322.62 crore, up 31.40%.
What was the exceptional gain in Kalyan Jewellers results?
The filing records a non-recurring gain of Rs 73.46 crore before tax from disposing of part of an investment property held as land. It appears in both the Q2 and six-month results.
Can the land gain be subtracted from reported profit after tax?
The gain is stated before tax, while reported net profit is after tax. The filing does not separately disclose the tax cost of that gain. A simple subtraction would not give a verified profit after tax without the event.
Potoos Research, SEBI-registered Research Analyst. Registration number INH000027380. SEBI is the Securities and Exchange Board of India.