Kalyan Jewellers’ Q1FY27 margin slips 120 bps despite 46% revenue growth
Kalyan Jewellers reported Q1FY27 revenue of Rs 10,589 crore, up 45.7% year on year, and net profit growth of 32%. EBITDA margin narrowed to 6% from 7.2%, sending shares down as much as 3.61%. Motilal Oswal retained its Buy call with a Rs 700 target.
Kalyan Jewellers posted strong Q1FY27 revenue and profit growth, but its EBITDA margin contracted 120 bps to 6%, pushing shares lower. Motilal Oswal retained a Buy rating, citing franchise-led expansion, geographic diversification and planned non-GML debt elimination in FY27.
Why this matters
The margin decline follows Kalyan Jewellers' Tamil Nadu ATM-brand expansion plans, including five stores in 2026, while a prior technical signal flagged ₹620 resistance and a ₹650–660 exit zone.
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