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Jewellers post 21–28% Q2 growth despite ~45% gold price jump; Motilal Oswal sees 23% sales rise

Kalyan Jewellers reported 26% year-on-year consolidated revenue growth in the September quarter, Titan's jewellery business grew approximately 21% and PC Jeweller 28%. Motilal Oswal expects coverage companies to post 23% sales growth in Q2FY27, despite gold prices rising approximately 45%.

Q2 YoY growth: Kalyan and PC Jeweller consolidated revenue vs Titan's jewellery business
  • PC Jeweller revenue (consolidated)28%
  • Kalyan Jewellers revenue (consolidated)26%
  • Titan consumer businesses (all segments)25%
  • Titan jewellery business (segment)approximately 21%
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Reported figures

From the report. Source details below

Titan consumer businesses growth, Q2: 25%
Motilal Oswal Titan target price: ₹6,000

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