Kalyan’s Q2FY27 revenue/EBITDA/PAT grew ~31%/30%/64% YoY. Gross margin contracted 61bps YoY to 12.3%, impacted by a higher recycled gold mix (42% vs. 29% in Q2FY26), open-position losses in platinum/silver (-INR 83mn vs. +INR 212mn in Q2FY26), and a higher share of Franchise-Owned, Company-Operated (FOCO) revenues (~59% of India revenue).