Jewellery Retailers Post 22%–28% Q2 Growth Despite Festive Calendar Shift

India’s leading listed jewellery retailers reported strong revenue growth in the July–September 2026 quarter, with several companies recording increases of approximately 22%–28% despite a shift in the festive calendar. Kalyan Jewellers, P. N. Gadgil Jewellers and PC Jeweller reported double-digit growth, while Titan’s jewellery business also expanded. Healthy same-store sales, higher customer spending and demand for studded jewellery supported the performance.

The results are notable because Navratri fell in October this year, compared with September in 2025, shifting some festive purchases into the December quarter of fiscal 2027. Retailers nevertheless maintained momentum during the September quarter, suggesting that jewellery demand remained resilient despite elevated gold prices and a less favourable festival comparison. However, revenue growth does not necessarily indicate equivalent growth in the quantity of jewellery sold, as higher gold prices, larger average purchases, new stores and changes in product mix can all increase reported sales.

Key Takeaways

• Industry performance: Leading listed jewellery retailers reported approximately 22%–28% year-on-year revenue growth in the September quarter, although individual company results varied.
• Kalyan Jewellers: Revenue from its Indian operations grew approximately 27%, supported by around 20% same-store sales growth.
• P. N. Gadgil Jewellers: Revenue increased 22.4%, while its retail segment grew 31.1%.
• Titan: Its jewellery portfolio recorded approximately 21% growth, with studded jewellery sales rising in the early 30% range.
• PC Jeweller: Consolidated revenue increased approximately 28%.
• Festive timing: Navratri shifted from September 2025 to October 2026, moving some seasonal demand into Q3 FY27.
• Next quarter: The October–December period will be important for assessing how much deferred festive spending converts into sales.

How India’s Jewellery Retailers Performed in Q2 FY27

The July–September quarter delivered double-digit growth across several large organised jewellery retailers. Their business updates indicate that customers continued purchasing gold and studded jewellery despite elevated prices and changes in the festive calendar.

Company	Reported year-on-year growth	Additional details
Kalyan Jewellers	More than 26% consolidated; about 27% in India	India same-store sales grew around 20%
P. N. Gadgil Jewellers	22.4% revenue growth	Retail segment grew 31.1%; same-store sales grew 25.5%
Titan jewellery business	About 21%	Studded jewellery grew in the early 30% range
PC Jeweller	About 28% consolidated	Reported healthy demand and business momentum

Source: Company quarterly business updates reported by PTI and business publications on October 18, 2026. These are preliminary operating figures, not a comparison of audited quarterly profits.

The figures should not be treated as perfectly comparable measures. Some companies report consolidated revenue, while others provide separate growth rates for their Indian operations, retail segments or jewellery portfolios.

Even with those differences, the results indicate that the organised jewellery market continued expanding during the quarter. Strong performance at existing stores also suggests that growth was not driven exclusively by opening new outlets.

Kalyan Jewellers Reports Strong Domestic and International Growth

Kalyan Jewellers recorded consolidated revenue growth of more than 26% year on year in Q2 FY27. Its Indian operations grew approximately 27%, supported by around 20% same-store sales growth.

Same-store sales growth measures the performance of established stores over a comparable period. It helps distinguish demand growth at existing outlets from revenue generated by opening additional stores.

The company’s international operations grew 18%, while Candere, its lifestyle jewellery brand, recorded a 64% increase in revenue.

The performance is significant because the previous year’s September quarter included all nine days of Navratri, creating a relatively demanding comparison for the current period. Kalyan’s reported growth suggests that customer demand remained strong despite the change in festival timing.

The company has also been expanding its retail network and strengthening its presence across markets. Store additions can support long-term revenue growth, but same-store sales remain an important indicator of whether existing locations are attracting more customers or generating higher sales.

For investors, the next question is whether Kalyan can sustain this momentum through the main festive and wedding season, when jewellery purchases typically become more active.

P. N. Gadgil Jewellers Benefits From Retail Sales

P. N. Gadgil Jewellers reported revenue growth of 22.4% year on year in Q2 FY27. Its retail segment grew 31.1%, while same-store sales increased 25.5%.

The company also reported 34.7% growth in its franchise business. These figures indicate that both existing outlets and its wider distribution network contributed to the quarter’s performance.

However, its e-commerce revenue declined 83.6% after the company shifted away from lower-margin gold coin sales towards higher-margin jewellery products.

That decline illustrates why revenue growth must be considered alongside product mix. Gold coins and bars can generate substantial sales value but may contribute lower margins than certain jewellery categories. A reduction in coin sales can therefore lower revenue in one channel even as the company changes its strategy to improve the quality of sales.

P. N. Gadgil also reported that gold coin and bar sales accounted for 15.8% of retail revenue, compared with 23.3% in the same quarter a year earlier.

The shift suggests a greater emphasis on its core jewellery business. Whether this translates into stronger profitability will depend on margins, operating costs, customer demand and the pace of growth in higher-margin categories.

Titan’s Jewellery Portfolio Grows as Studded Sales Lead

Titan reported approximately 21% growth in its jewellery portfolio, which includes brands such as Tanishq, Mia, Zoya, beYon and CaratLane.

Studded jewellery sales grew in the early 30% range, while plain gold jewellery registered growth of approximately 20%. Demand for investment-oriented gold coins, however, declined by a high single-digit percentage from a high base.

Titan also reported buyer growth in the mid-single digits and double-digit growth in average ticket sizes. Its digital-first jewellery brand CaratLane recorded 32% growth.

These figures point to two distinct drivers of revenue. More customers can increase sales, while higher average spending can lift revenue even if customer numbers rise more slowly.

The increase in average ticket sizes may reflect a combination of higher gold prices, customers purchasing larger or more expensive pieces, and changes in product mix. The available figures do not establish how much each factor contributed.

Titan’s performance also demonstrates that the jewellery market is not moving uniformly across product categories. Studded jewellery and branded offerings can perform differently from gold coins, which are often purchased partly for investment purposes.

The company will need to sustain customer demand while managing inventory costs and the effect of elevated gold prices on affordability.

PC Jeweller Reports Approximately 28% Revenue Growth

PC Jeweller reported consolidated revenue growth of approximately 28% year on year in Q2 FY27, citing healthy consumer demand and strong business momentum.

The result places the company among the retailers reporting strong headline growth during the quarter. However, a quarterly revenue update alone does not provide a complete picture of financial health.

Investors also need to consider profitability, debt, cash flow, inventory management and the company’s ability to sustain sales growth. Revenue growth can be encouraging, but it does not automatically mean that earnings or cash generation have improved by the same percentage.

The distinction is especially important in jewellery retail, where gold inventory ties up substantial working capital and changes in metal prices can influence the value of stock held by a business.

PC Jeweller’s subsequent financial disclosures will help investors assess whether the reported sales momentum translates into stronger underlying financial performance.

Why the Festive Calendar Shift Matters

The timing of festivals can materially affect quarterly jewellery sales in India. Navratri, Dhanteras and Diwali are important shopping occasions, and purchases may be concentrated in the days and weeks around these events.

In 2025, all nine days of Navratri fell within the September quarter. In 2026, Navratri shifted to October, moving more festive activity into Q3 FY27.

This creates a calendar mismatch when comparing the two September quarters. The previous year included a major festive shopping period that was absent from the same quarter in 2026.

The shift does not mean that demand has disappeared. Some customers may simply postpone purchases until October and November. Others may buy jewellery earlier for weddings, family occasions or investment purposes.

For retailers, this means Q2 revenue growth should be interpreted alongside the timing of festivals rather than viewed as a complete measure of seasonal demand.

The December quarter will be important because it captures more of the festive activity that moved out of September. However, the calendar shift does not guarantee stronger growth for every retailer. Gold prices, customer budgets, promotions, competition and store execution will also influence sales.

Gold Prices, Average Spending and Jewellery Demand

Gold prices are a major factor in the jewellery industry’s reported revenue. When gold becomes more expensive, the value of a jewellery purchase can rise even if the weight of gold sold remains unchanged.

This creates a difference between revenue growth and volume growth. A retailer may report higher sales because each transaction is worth more, even if the number of customers or the quantity of gold sold increases only modestly.

The World Gold Council’s October 20 market update said listed Indian jewellery retailers recorded strong double-digit revenue growth during the July–September quarter. It also highlighted same-store sales growth of around 20% among major retailers, while buyer growth remained in the mid-single digits and average ticket sizes increased by double digits.

The report identified wedding-related purchases, festive buying, lightweight jewellery, promotional activity and e-commerce as factors supporting demand. Old-gold exchange transactions also remained important for some retailers.

These trends suggest that consumers continued buying jewellery, but elevated prices may have affected how they purchased it. Some buyers may choose lighter pieces, exchange old jewellery or prioritise branded products that fit their budgets.

The combination of higher prices and continued customer demand has supported revenue, but it remains important to track unit volumes and buyer numbers to understand the underlying strength of the market.

What Investors Will Watch in the December Quarter

The October–December quarter will provide a clearer view of how the festive calendar shift affects the jewellery industry. Investors will look for evidence that the purchases postponed from September have translated into stronger sales during the main festive season.

Several indicators will matter:

• Same-store sales: Whether established outlets continue to generate strong growth.
• Buyer numbers: Whether more customers are purchasing jewellery or revenue growth is primarily driven by higher ticket sizes.
• Product mix: Whether studded jewellery and higher-margin categories continue to outperform.
• Gold prices: Whether elevated prices support revenue or increasingly constrain affordability.
• Store expansion: Whether new outlets contribute to growth without putting excessive pressure on costs.
• Profitability and working capital: Whether stronger revenue translates into healthier margins and cash flow.

The results may also vary by retailer. Companies with strong brands, broad distribution and effective inventory management may respond differently to the same market conditions.

For investors, the main task will be to distinguish growth caused by higher prices and expansion from growth that reflects stronger underlying customer demand.

The Bigger Picture

The September-quarter results show that India’s organised jewellery retailers continued to grow despite an unfavourable festive calendar comparison and elevated gold prices. Kalyan Jewellers, P. N. Gadgil Jewellers, Titan and PC Jeweller reported double-digit revenue gains, with same-store sales and demand for studded jewellery supporting several businesses.

However, the headline growth rates do not tell the entire story. Higher gold prices, average purchase values, store additions and changes in product mix can all lift revenue. The December quarter will be crucial in determining whether the festive purchases shifted out of September generate sustained momentum or whether affordability and volatile gold prices limit further growth.

Looking Ahead

The next major test for jewellery retailers will be the October–December quarter, which includes Navratri, Dhanteras, Diwali and a significant part of the wedding season. Retailers could benefit from purchases deferred from September, but the strength of that demand will depend on gold prices, household spending and the performance of individual brands.

Investors should monitor same-store sales, buyer growth, average ticket sizes, product mix and profitability rather than relying solely on revenue growth. The Q2 updates point to continued demand across organised jewellery retail, but subsequent results will show how much of that momentum can be sustained through the festive season.

Frequently Asked Questions

1. How much did Indian jewellery retailers grow in Q2 FY27?

Several leading listed jewellery retailers reported year-on-year revenue growth in the range of approximately 22%–28%. Individual results differed, with Titan’s jewellery portfolio growing around 21%.

2. Why did jewellery retailers grow despite Navratri shifting to October?

Demand remained healthy, supported by same-store sales, higher average purchases and interest in studded jewellery. The festive calendar shift moved some purchases into the December quarter rather than eliminating demand.

3. How much did Kalyan Jewellers grow in Q2 FY27?

Kalyan Jewellers reported consolidated revenue growth of more than 26%, with its Indian operations growing approximately 27% and same-store sales increasing around 20%.

4. What were P. N. Gadgil Jewellers’ Q2 growth figures?

P. N. Gadgil Jewellers reported 22.4% revenue growth. Its retail segment grew 31.1%, and same-store sales increased 25.5%.

5. Did Titan’s jewellery business also grow?

Yes. Titan reported approximately 21% growth in its jewellery portfolio. Studded jewellery sales grew in the early 30% range, while plain gold jewellery grew around 20%.

6. Will jewellery sales grow faster in Q3 FY27?

The December quarter will capture more festive shopping because Navratri shifted to October this year. Retailers may benefit from deferred purchases, but stronger growth is not guaranteed and will depend on demand, gold prices and company-specific performance.