PC Jeweller vs Kalyan Jewellers shares: Both delivered strong Q2 results but what to buy for better returns? Key levels
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.
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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 started on a strong note, with encouraging growth during Navratri and Dhanteras. He added that the company was optimistic about the upcoming wedding season and expected to end the quarter on a strong note.
Both jewellery stocks have witnessed substantial price movements, but their technical indicators point to different near-term setups. Kalyan Jewellers has recorded a decisive upward move above its key moving averages, while PC Jeweller is in a corrective consolidation phase and needs to cross an immediate resistance level to regain upward momentum.
Mayank Jain, Market Analyst at PhonePe Invest, has explained the technical outlook for both stocks and identified the levels investors should track.
Kalyan Jewellers witnessed decisive buying expansion, advancing 9.21% or ₹56.30 to trade at ₹667.30. The strong upward thrust successfully cleared intermediate distribution hurdles, lifting price action well above all three primary Simple Moving Averages (SMAs).
The 20-day SMA stood at ₹546.16, the 50-day SMA at ₹565.54 and the upward-sloping 200-day SMA at ₹469.07.
Jain said this decisive expansion reflected strong bullish potential for an extension towards the ₹750-790 supply barrier, which marks previous major cyclical peaks.
However, investors should also watch for signs of exhaustion. If the stock encounters overhead selling pressure, the chances of sideways consolidation could increase. Bearish continuation risks, meanwhile, would develop only if the stock breaks below the dynamic moving average support floor near ₹500-545.
In contrast, PC Jeweller is navigating volatile corrective consolidation following an aggressive multi-week rally that peaked near ₹20. The stock registered a session gain of 4.54% or ₹0.69 to settle at ₹15.89, hovering closely below its fast-moving 20-day SMA of ₹16.10.
Medium-term trend support remained intact, with the 50-day SMA positioned at ₹14.29 and the 200-day SMA at ₹10.64. Both moving averages were sloping higher.
Jain said that for bullish momentum to re-emerge, the stock needed a sustained daily close above the 20-day SMA at ₹16.10. Such a breakout could open the way for a retest of its previous swing highs between ₹19.50 and ₹20.50.
However, failure to overcome the near-term resistance could increase the likelihood of extended sideways movement. A fall below the 50-day SMA near ₹14 would introduce bearish risks, potentially exposing the stock to the ₹11.50-12.00 structural demand zone.
Kalyan Jewellers shares ended 8.44% higher at ₹662.55 on Wednesday. The stock has gained 25% over the past week and 20% over one month. It has advanced 10% in three months and surged 72% over six months. Over five years, the stock has delivered returns of 729%.
PC Jeweller shares ended around 4% higher at ₹15.79. The stock declined 0.5% over the past week but gained 6% in one month and 57% over three months. Its six-month returns stood at 74%, while it has surged 476% over five years.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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