PC Jeweller vs Kalyan Jewellers shares: Both delivered strong Q2 results but what to buy for better returns? Key levels

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PC Jeweller and Kalyan Jewellers posted strong Q2 FY27 results, with profits rising 58% and 64%, respectively. Kalyan’s shares show stronger near-term momentum, with analysts identifying ₹750–790 as a potential target zone.

Jewellery stocks PC Jeweller and Kalyan Jewellers have delivered strong September-quarter earnings, supported by robust revenue growth and higher profitability.

Both companies have also rewarded investors with substantial gains over the past five years, although their recent share price trends and technical setups differ.

PC Jeweller reported a 58% year-on-year increase in consolidated net profit to ₹331 crore in Q2 FY27, compared with ₹210 crore in the corresponding quarter last year. Revenue from operations rose 27.8% to ₹1,054 crore from ₹825 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 74.1% to ₹309 crore from ₹178 crore.

The EBITDA margin expanded to 29.3% in the September quarter from 21.5% a year earlier. The company said it continued to deliver growth during the quarter, supported by sustained consumer demand.

For the first half of FY27, consolidated revenue increased 25% year on year to ₹1,932 crore, compared with ₹1,550 crore in H1 FY26.

In another significant development, PC Jeweller said it had fully repaid all outstanding debt to its consortium of banks and received no-objection, no-dues and release letters from the lenders. The repayment resulted in the release of mortgaged assets, guarantees, securities and other undertakings provided by the company, as well as its personal and corporate guarantors. Original title deeds have also been returned to the respective title holders.

Meanwhile, Kalyan Jewellers reported a 64% year-on-year jump in consolidated net profit to ₹427 crore in Q2 FY27, compared with ₹260.51 crore in the corresponding period last year. Revenue from operations rose 32% to ₹10,323 crore from ₹7,856 crore.

For H1 FY27, the company's net profit increased 48% to ₹776 crore from ₹525 crore a year earlier. Revenue grew 38% to ₹20,912 crore, compared with ₹15,125 crore in the year-ago period.

Commenting on the performance, Executive Director Ramesh Kalyanaraman said the ongoing festive quarter had…

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