Jewellery retailers expect 22-28% growth in Q2 despite festive calendar shift

New Delhi: Leading listed jewellery retailers reported revenue growth of 22-28 per cent in the September quarter, supported by healthy consumer demand, strong same-store sales and increased spending by customers, despite the shift of Navratri festivities to the December quarter this year.

Companies such as P N Gadgil Jewellers, Titan, Kalyan Jewellers and PC Jeweller reported double-digit year-on-year growth in their respective quarterly business updates to the bourses, reflecting sustained demand for gold and studded jewellery amid a change in the festive calendar to the third quarter of FY27.

Kalyan Jewellers reported approximately 27 per cent revenue growth in its India operations in the second quarter of FY27, supported by around a 20 per cent rise in same-store sales. Its international operations grew 18 per cent, while its lifestyle jewellery brand Candere recorded a 64 per cent increase in revenue.


"The recently concluded quarter has been a very satisfying one, recording consolidated revenue growth in excess of 26 per cent when compared to the same period in the previous financial year," it said.

The company said its India business maintained strong operating momentum across key markets despite a high base in the year-ago quarter, when all nine days of Navratri fell within the September quarter.

P N Gadgil Jewellers also said it witnessed a "healthy performance in Q2 FY27" with a revenue growth of 22.4 per cent year-on-year.

"The Retail segment grew 31.1 per cent YoY, with robust same-store sales growth (SSSG) of 25.5 per cent YoY as the primary driver, indicating that the growth was substantially organic in nature, driven by deeper customer engagement at existing stores," it said.

The company's franchise business grew 34.7 per cent, while e-commerce revenue declined 83.6 per cent following a strategic shift away from low-margin gold coin sales towards higher-margin jewellery products.

"The share of gold coin and bar sales in retail revenue normalised to 15.8 per cent, compared with 23.3 per cent in the same quarter of the previous year. The continued moderation in the lower-margin gold coin business, coupled with the increasing contribution from retail and studded jewellery, is driving a sustained improvement in the overall quality and profitability of the revenue mix," it said.

Titan, which operates jewellery brands including Tanishq, Mia, Zoya, beYon and CaratLane, reported around 21 per cent growth in its jewellery portfolio.

Studded jewellery sales grew in the early thirties, while plain gold jewellery registered approximately 20 per cent growth. Investment-led demand for gold coins, however, declined by a high single-digit percentage from a high base.

Titan said buyer growth was in the mid-single digits, while average ticket sizes recorded double-digit growth. Its digital-first jewellery brand CaratLane continued to outperform, posting 32 per cent growth during the quarter.

Delhi-based PC Jeweller reported approximately 28 per cent growth in consolidated revenue, citing healthy consumer demand and strong business momentum.

"Backed by a healthy consumer demand, the company continued to deliver a strong performance, concluding Q2 FY27 with a consolidated revenue growth of approximately 28 per cent YoY, reflecting a strong business momentum," said PC Jeweller in its quarterly business update.

The quarterly updates come against the backdrop of a shift in the festive calendar, with Navratri falling in October this year compared to September in 2025.

The shift is expected to move a larger portion of festive purchases into the December quarter.