Kalyan Jewellers Q2 Revenue Rises Over 26% as India Sales Gain

Kalyan Jewellers India Ltd reported consolidated revenue growth of over 26% year-on-year in Q2 FY27, led by 27% growth in India operations and same-store sales growth of about 20%. The update matters because domestic growth was recorded despite a high festive-season base and elevated gold prices.

How did Kalyan Jewellers perform in Q2 FY27?

Kalyan Jewellers reported that its consolidated revenue rose by more than 26% from a year earlier in the September quarter. Its India business, the principal contributor to operations, delivered about 27% revenue growth. Same-store sales growth, which measures sales growth at comparable outlets, was around 20% across key domestic markets.

The company said the domestic performance came despite an unusually strong comparison period. All nine days of Navratri had fallen in Q2 FY26, supporting sales in the year-ago quarter. In FY27, the festive calendar shifted more of that demand into the third quarter, making the 27% India growth and 20% same-store sales growth significant operating indicators.

Kalyan Jewellers also added to its physical network during the quarter. It opened 12 showrooms in India, resulting in a net addition of 11 showrooms. The company also launched nine Candere stores in India and one Kalyan Jewellers showroom in the UK.

Which business segments supported Kalyan Jewellers growth?

India operations were the largest stated driver, with revenue increasing approximately 27% year-on-year. The company attributed the outcome to sustained momentum across its key markets, while same-store sales growth showed that growth was not solely dependent on newly opened outlets.

International operations grew approximately 18% year-on-year and accounted for 11% of consolidated revenue. Within this segment, the Middle East business grew around 12%, entirely through same-store sales growth. This indicates that the reported Middle East expansion during the quarter came from existing-store demand rather than store additions.

Candere, Kalyan Jewellers' lifestyle jewellery brand, reported approximately 64% revenue growth from the corresponding quarter a year earlier. The company expanded Candere's network with nine stores in India during Q2 FY27. The disclosed growth rates show that Candere outpaced the core India and international businesses, although the company did not disclose its revenue contribution to consolidated sales.

Why did jewellery demand remain firm despite high gold prices?

Sector demand remained healthy despite elevated gold prices, with jewellery makers recording demand growth of 28% year-on-year during the quarter, according to the provided market context. Festive demand, premiumisation and continuing market-share gains by organised retailers were cited as key supports for value growth.

Consumers adapted to higher gold prices through higher average ticket sizes, according to Choice Institutional Equities. That trend supported reported revenue growth even as the value of each purchase increased. Management commentary from jewellers was described as positive on near-term demand momentum.

At the same time, demand softened towards the end of the quarter because festive dates moved into Q3. The change in the calendar is important when comparing quarterly growth rates, particularly for retailers such as Kalyan Jewellers that had all nine days of Navratri within the prior-year September quarter.

What do Q2 estimates indicate about Kalyan Jewellers earnings?

Zee Business estimates before the results indicated that Kalyan Jewellers could report consolidated revenue of ₹10,246 crore in Q2 FY27, up 30.4% from ₹7,856 crore a year earlier. The estimate was above the company's subsequently reported consolidated revenue growth of over 26%, but the company update did not disclose an absolute quarterly revenue figure.

The same estimates projected EBITDA of ₹614 crore, up 23.6% from ₹497 crore, and profit after tax of ₹340 crore, up 30.3% from ₹261 crore. These are estimates, not reported financial results. Investors should distinguish the company's business update on revenue growth from analyst expectations for profit and margins.

Margins were expected to face some pressure. EBITDA margin was estimated at 6.0%, compared with 6.3% in Q2 FY26, with a reversal of inventory gains in the base quarter cited as a possible factor. The company update provided no reported EBITDA, margin or profit figure.

What does the update mean for investors and the jewellery sector?

The update points to continued growth in Kalyan Jewellers' core India operations, where same-store sales rose about 20% even against a favourable prior-year festive base. Store expansion added another source of growth, while the 18% increase in international revenue and 64% increase at Candere broadened the contribution across businesses.

For the organised jewellery retail sector, the numbers reflect continued consumer acceptance of higher gold prices and an ongoing shift toward larger formal retail chains. However, quarterly comparisons are also affected by the timing of Navratri and other festive purchases. The shift of festive demand into Q3 means the September-quarter data should be assessed alongside the next quarter's performance rather than in isolation.

The reported growth rates provide a view of sales momentum, but they do not establish profitability. The available estimates suggest that revenue and profit could grow at double-digit rates while EBITDA margin moderates. The eventual reported financial statements will be needed to assess inventory effects, operating margins and the conversion of revenue growth into earnings.

Conclusion

Kalyan Jewellers entered the festive and wedding season after reporting more than 26% consolidated revenue growth in Q2 FY27. India revenue grew approximately 27%, comparable-store sales increased about 20%, and Candere recorded approximately 64% growth, showing broad-based demand despite high gold prices and a shifted festive calendar.

The next focus will be the company's reported Q2 FY27 financial results, including actual revenue, EBITDA, margin and profit figures. Investors will also watch whether the festive demand that shifted into Q3 supports sales growth, and whether ongoing showroom additions continue to strengthen the India, international and Candere businesses.