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

India’s leading listed jewellery retailers reported revenue growth of approximately 22%–28% in the July–September quarter of fiscal 2027, supported by consumer demand, higher average purchase values and strong same-store sales. Companies including Kalyan Jewellers, P. N. Gadgil Jewellers, Titan and PC Jeweller delivered double-digit growth despite a change in the festive calendar that moved Navratri celebrations from September last year to October this year.

The September-quarter performance suggests that demand for gold and studded jewellery remained resilient even as elevated gold prices increased the cost of purchases. However, the headline growth rates need to be interpreted carefully: higher gold prices can lift revenue without an equivalent increase in the quantity of jewellery sold. The festive calendar shift is also expected to move a larger share of purchases into the December quarter, making Q3 FY27 an important test of whether the industry’s momentum can continue.

Key Takeaways

• Industry growth: Leading listed jewellery retailers reported approximately 22%–28% year-on-year revenue growth in Q2 FY27.
• Kalyan Jewellers: India revenue grew about 27%, supported by roughly 20% same-store sales growth.
• P. N. Gadgil Jewellers: Reported 22.4% revenue growth, with retail sales increasing 31.1%.
• Titan: Its jewellery portfolio grew approximately 21%, with studded jewellery sales rising in the early thirties.
• PC Jeweller: Reported approximately 28% consolidated revenue growth.
• Festive calendar: Navratri shifted to October, moving a larger share of festive demand into Q3 FY27.
• Key uncertainty: Revenue growth does not automatically translate into equivalent profit growth, particularly when gold prices, operating costs and product mix change.

How Jewellery Retailers Performed in Q2 FY27

The September-quarter business updates show that several large organised jewellery retailers continued to grow despite a high comparison base and expensive gold.

Kalyan Jewellers reported consolidated revenue growth exceeding 26% year on year, while its Indian operations grew approximately 27%. P. N. Gadgil Jewellers recorded 22.4% growth, and Titan reported approximately 21% growth in its jewellery portfolio. PC Jeweller reported consolidated revenue growth of around 28%.

Company	Q2 FY27 reported revenue growth	Additional operating detail
Kalyan Jewellers	More than 26% consolidated; about 27% in India	India same-store sales grew around 20%
P. N. Gadgil Jewellers	22.4%	Retail segment grew 31.1%; same-store sales grew 25.5%
Titan jewellery business	About 21%	Studded jewellery sales grew in the early thirties
PC Jeweller	About 28% consolidated	Reported healthy consumer demand and strong business momentum

Figures are based on company business updates reported on October 18, 2026. They are preliminary operating indicators, not a like-for-like comparison of audited quarterly profits.

These results indicate that the largest organised retailers continued to attract customers, although the reasons for growth differed across businesses. Same-store sales, new stores, product mix, gold prices and international operations can all influence reported revenue.

The numbers also underline why analysts examine more than headline growth. A retailer with strong existing-store sales may be demonstrating improved demand at established locations, while another company’s growth could partly reflect expansion or a change in the value of products sold.

Kalyan Jewellers Benefits From Strong Indian Demand

Kalyan Jewellers reported approximately 27% revenue growth in its Indian operations, supported by same-store sales growth of around 20%. Its international operations grew 18%, while Candere, its lifestyle jewellery brand, recorded a 64% increase in revenue.

The company said consolidated revenue grew by more than 26% compared with the same period in the previous financial year. It maintained operating momentum across key markets despite a high base in the year-earlier quarter.

Same-store sales growth is an important retail metric because it measures performance at comparable existing stores rather than simply reflecting the addition of new outlets. Strong growth in this measure can indicate that established locations are generating more business.

However, the figure can reflect both changes in the number of transactions and increases in average spending. With gold prices elevated, the value of each purchase can rise even if the weight of gold sold does not increase at the same rate.

Kalyan’s international business and Candere also show that the company’s growth is not limited to its traditional Indian store network. The contribution of these businesses may become increasingly important as it expands its reach across customer segments and markets.

P. N. Gadgil Jewellers Reports Strong Retail Growth

P. N. Gadgil Jewellers reported 22.4% year-on-year revenue growth 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 suggest that retail operations and sales through existing stores were important contributors to its performance.

An interesting change came from the company’s e-commerce business, where revenue declined 83.6%. P. N. Gadgil said this reflected a strategic shift away from low-margin gold coin sales towards higher-margin jewellery products.

Gold coins and bars can generate substantial sales value, but their margins may be relatively low compared with certain jewellery categories. A shift in product mix can therefore change revenue growth and profitability in different ways.

The company said gold coin and bar sales accounted for 15.8% of retail revenue, compared with 23.3% in the year-earlier quarter. A smaller contribution from these products, alongside greater emphasis on retail and studded jewellery, could improve the quality of revenue if the higher-margin mix is sustained.

Nevertheless, the ultimate effect on profit will depend on the margins earned across individual products, promotional spending, operating expenses and the cost of maintaining growth.

Titan’s Jewellery Business Remains a Major Growth Driver

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

The company reported growth of around 20% in plain gold jewellery, while studded jewellery sales grew in the early thirties. CaratLane, its digital-first jewellery brand, recorded 32% growth during the quarter.

Titan also reported that buyer growth was in the mid-single digits, while average ticket sizes increased by double digits. The difference between buyer growth and revenue growth suggests that customers were spending more on average, although gold prices and product mix can also influence the comparison.

Investment-led demand for gold coins declined by a high single-digit percentage from a high base. That contrast highlights a broader shift in the market: consumers may continue buying jewellery for personal use, gifting and celebrations even when demand for gold as an investment product changes.

The strength of studded jewellery is also relevant because such products can have different pricing and margin characteristics from plain gold jewellery. A growing contribution from these categories may help retailers diversify their offerings beyond the value of the underlying metal.

PC Jeweller Reports 28% Growth and Debt-Free Status

PC Jeweller reported approximately 28% growth in consolidated revenue for the September quarter, citing healthy consumer demand and continued business momentum.

The company also said it had repaid its outstanding bank debt ahead of the scheduled due dates, achieving debt-free status with respect to its bank borrowings.

The reduction in bank debt is a separate development from revenue growth. Lower borrowing costs can potentially support future profitability by reducing interest expenses, but the ultimate benefit depends on the company’s remaining obligations, cash flows and other costs.

PC Jeweller’s revenue update indicates that business activity remained strong during the quarter. Investors will still need to examine the company’s full financial results to assess margins, earnings, working capital and the sustainability of its operating recovery.

Why the Festive Calendar Shift Matters

The timing of festivals can have a significant effect on quarterly retail comparisons in India.

In 2025, all nine days of Navratri fell within the September quarter. In 2026, Navratri began in October, shifting a larger portion of festive shopping into Q3 FY27. Dhanteras and Diwali also fall in November this year.

That difference affects the timing of purchases, store footfall and promotional activity. A retailer that records strong sales during a festival-heavy quarter may face a tougher comparison in the following year if the same festival falls outside that period.

The shift also means Q2’s performance should not automatically be interpreted as a complete picture of festive-season demand. Some customers may have postponed purchases until October and November, while others may have bought jewellery earlier despite the later festival dates.

Analysts expect the December quarter to capture more of the festive spending that moved out of September. The extent of that benefit will depend on customer demand, gold prices, wedding purchases and the performance of individual retailers.

The calendar effect is therefore an important explanation for quarterly differences, but it does not guarantee that Q3 growth will exceed Q2 growth for every company.

Higher Gold Prices Are Lifting Revenue, but Volumes Matter

Gold prices have risen substantially compared with the year-earlier period, increasing the amount customers pay for jewellery. This can support revenue growth even when buyers purchase fewer grams or choose lighter designs.

The distinction between value growth and volume growth is critical. Revenue measures the value of sales, while volume indicates the quantity of goods sold. A company can report double-digit revenue growth without achieving the same increase in physical sales.

Retailers have responded to high prices with lighter-weight jewellery, studded designs, smaller-ticket products and exchange programmes that allow customers to use old gold towards new purchases.

These options help customers manage their budgets while continuing to participate in festive and wedding purchases. However, higher prices can also discourage some consumers or lead them to postpone discretionary spending.

The market is consequently experiencing a mix of premiumisation, higher average ticket sizes and changes in product choice. Larger organised retailers may be better positioned to offer a broad range of designs, financing or exchange programmes and consistent customer service, while smaller jewellers can face greater pressure on working capital and discounts.

What Investors Should Watch Next

The next stage of the earnings season will provide more detail on how revenue growth translates into profitability.

Investors will want to examine gross margins, operating expenses, inventory movements, same-store sales, store expansion and the mix between plain gold and studded jewellery. Changes in gold prices can affect the value of inventory, while product mix can influence the margins earned on sales.

The festive and wedding season will be another key factor. A strong Q3 could confirm that the shift in Navratri timing explains much of the Q2 calendar effect. Conversely, weaker volumes or lower margins could suggest that high gold prices are beginning to constrain demand.

Valuations are also important when assessing jewellery stocks. Strong operating updates can support market sentiment, but share prices reflect expectations about future earnings as well as past performance. Investors will need to compare those expectations with the companies’ forthcoming financial results and management commentary.

The sector’s outlook remains dependent on consumer spending, gold prices, competitive conditions and the ability of retailers to sustain growth without sacrificing margins.

The Bigger Picture

The 22%–28% revenue growth reported by leading jewellery retailers suggests that demand remained resilient during Q2 FY27, despite high gold prices and a festive calendar that shifted Navratri into October. Strong same-store sales and growing interest in studded jewellery supported several companies, while product-mix changes helped some retailers move away from lower-margin categories.

The December quarter will provide a clearer picture of whether the growth reflects sustained underlying demand or partly the timing of festival purchases and higher gold prices. For investors, the most important next step is to distinguish revenue growth from physical sales, margin improvement and profit growth. Those measures will determine whether the strong business updates translate into durable financial performance.

Looking Ahead

Jewellery retailers are entering a crucial festive and wedding period, with more celebrations and associated purchases falling in Q3 FY27. Companies will look to convert strong operating momentum into sales while managing inventory, product mix and customer affordability. The impact of higher gold prices on purchase volumes will remain an important factor.

The full quarterly financial results will be essential for evaluating profitability and cash generation beyond the headline revenue figures. If demand remains firm and margins hold up, the sector could carry its momentum into the second half of the financial year. If gold prices or operating costs put additional pressure on consumers and retailers, revenue growth alone may not be enough to sustain earnings expectations.

Frequently Asked Questions

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

Leading listed jewellery retailers reported year-on-year revenue growth of approximately 22%–28%, based on their September-quarter business updates.

2. Why did jewellery companies grow despite the festive calendar shift?

Consumer demand and same-store sales remained healthy, while higher gold prices increased the value of purchases. The shift of Navratri into October also means more festive spending is expected in Q3 FY27.

3. Which jewellery companies reported strong Q2 growth?

Kalyan Jewellers reported about 27% growth in its Indian operations, P. N. Gadgil Jewellers reported 22.4%, Titan’s jewellery portfolio grew around 21%, and PC Jeweller reported approximately 28% consolidated revenue growth.

4. Does higher jewellery revenue mean more gold was sold?

Not necessarily. Revenue can rise because gold prices and average purchase values increase, even if the quantity of gold sold grows more slowly or declines.

5. Why is Q3 FY27 important for jewellery retailers?

Navratri, Dhanteras and Diwali fall later this year, shifting a larger share of festive purchases into the December quarter. Q3 results will help show whether the demand momentum continues.

6. What should investors examine beyond revenue growth?

Investors should review profit margins, same-store sales, physical sales volumes, inventory levels, product mix, debt and cash flows, along with management commentary on festive and wedding demand.