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Kalyan Jewellers Q2 revenue climbs over 26%, India up about 27% with same-store sales growth of about 20%
Kalyan Jewellers had 546 showrooms at 30 September 2026 and plans to launch four franchise showrooms this financial year. Its lifestyle jewellery brand Candere posted revenue growth of about 64 per cent year-on-year.
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The numbers
Figures from Business Today
| International Q2 revenue growth: | about 18 per cent |
|---|---|
| Middle East Q2 FY2027 revenue growth: | approximately 12% |
| Kalyan showrooms opened in India in Q2: | 12 |
Why it matters to operators and investors
Candere's roughly 64% YoY growth makes the online jewellery arm the most notable asset in the mix, while a plan for just four franchise showrooms this financial year suggests the expansion remains largely company-owned rather than partner-led.
What to watch next
- Same-store sales growth in the December quarter staying near the roughly 20% reported for Q2
- Showroom count rising from 546 and the first of the four franchise showrooms opening
- Candere's YoY growth holding near 64% in the next quarterly update
- Middle East growth moving above or below the roughly 12% reported this quarter
- Sharp gold price moves or weak festive and wedding-season footfall reported by peers
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Kalyan Jewellers is likely to keep adding showrooms in India after the 12 Q2 openings, and to open the four franchise showrooms it has planned this financial year.
- Kalyan is likely to keep putting capital and management attention behind Candere, which grew about 64% YoY, as its fastest-growing line.
- Titan's Tanishq and other listed jewellery rivals may respond with festive-season promotions and their own store expansion to defend share against Kalyan's roughly 20% same-store growth.
- Kalyan is likely to favour India over the Middle East in its expansion priorities, since India grew about 27% against about 12% in the Middle East.
- Analysts are likely to raise their full-year revenue estimates for Kalyan after a quarter that beat the broader pace, with the debate shifting to margins and gold-price sensitivity.
The counter-case
The case against this reading — not reported by the source.
Headline revenue growth in jewellery is mostly a gold-price story. If gold prices rose sharply year on year, a 26% revenue rise and about 20% same-store sales growth could come with flat or modest volume growth, and could even coincide with weaker customer footfall. Revenue is also not profit: jewellers earn thin, hedge-dependent margins, and rapid growth ties up working capital in inventory, gold metal loans and customer advances. The international business is weaker. Middle East growth of about 12% trails India's 27%, which suggests the overseas franchise is a drag on the mix. Candere's 64% growth comes off a very small base and barely moves the group total. Plans for only four franchise showrooms this year look cautious next to the 12 India showrooms opened in Q2 alone. This is an unaudited business update, and it omits the figures investors care about most: margins, profit, debt and cash flow.
The source
Filed
Also reported by Storyboard18, CNBC-TV18, NDTV Profit, The Hindu BusinessLine, Moneycontrol, Business Standard, Financial Express, ET Small Business
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