Kalyan Jewellers Q2 revenue rises 26 per cent, India sales grow 27 per cent on strong demand

MUMBAI: Kalyan Jewellers has struck gold in the September quarter, reporting consolidated revenue growth of more than 26 per cent in Q2 FY2027, supported by strong same-store sales across India and continued expansion across domestic and international markets.

The jewellery retailer said its India operations grew approximately 27 per cent year-on-year during the quarter, despite a high base in the corresponding period last year, when all nine days of Navratri fell within Q2 and drove strong festive sales.

Same-store sales growth for the India business stood at approximately 20 per cent during the quarter, reflecting healthy operating momentum across key markets.

The company said it remains upbeat about the upcoming festive and wedding season, with fresh jewellery collections, marketing campaigns and new showroom launches lined up across the country.

Kalyan Jewellers launched its first regional brand, Akshaya Thanga Maligai (ATM), in Chennai in August. The company said the brand has received an encouraging response, with strong revenue traction during its first 40-plus days of operations.

The launch comes ahead of Tamil Nadu’s biggest festive season, which is set to begin from 11 October.

Kalyan has also drawn up plans to expand ATM through the franchise model. Four more showrooms are planned during the current financial year, with two scheduled for the ongoing quarter and another two in the fourth quarter.

Kalyan’s international operations recorded approximately 18 per cent revenue growth in Q2 FY2027 compared with the year-ago period.

The Middle East business grew approximately 12 per cent year-on-year, with the entire increase driven by same-store sales growth.

International operations contributed approximately 11 per cent to the company’s consolidated revenue during the quarter.

The company also continued expanding its physical network overseas, opening one Kalyan showroom in the UK during the quarter.

Kalyan’s lifestyle jewellery brand Candere delivered one of the strongest growth numbers during the quarter, with revenue rising approximately 64 per cent year-on-year.

The company added nine Candere showrooms in India during Q2 FY2027, taking its overall network to 138 stores as of 30 September 2026.

During the quarter, Kalyan also opened 12 Kalyan showrooms in India, taking the net addition to 11, along with the new UK outlet.

As of 30 September, the company’s total showroom network across India and international markets stood at 546.

This included 365 Kalyan showrooms in India, 38 in the Middle East, two in the US, two in the UK and 138 Candere showrooms.

Kalyan also made progress on its balance sheet during the quarter, with non-GML debt coming down to zero.

The company completed the sale of one of two identified non-core real estate parcels held for sale, generating approximately Rs 86 crore. It expects to complete the sale of the second parcel, valued at approximately Rs 16 crore, during the ongoing quarter.

The company said the figures disclosed in the quarterly update refer to revenue from the sale of goods, excluding bullion.

Kalyan added that the operational metrics and other details remain subject to limited review by its statutory auditors. A detailed information update will follow after the board approves the financial results for the quarter ended 30 September 2026.

With its domestic business maintaining double-digit same-store growth, Candere accelerating and the showroom network continuing to expand, Kalyan enters the festive and wedding season with its retail engine firing on multiple fronts.