Archive · 7 Oct 2026
Kalyan Jewellers Q2 Revenue Rises 26% as India Sales Grow
Kalyan Jewellers said it sold more in the three months ending September than it did in the same period last year.
Its total revenue grew by more than 26%, and sales in India grew by about 27%.
Existing stores in India also sold more than before.
The company said the comparison was challenging because the previous year’s quarter included all nine days of Navratri.
Kalyan opened new stores in India and the UK and had 546 showrooms in total at the end of September.
It also started a new jewellery brand in Chennai and plans four more stores for that brand this financial year.
The company said its international sales grew, and its Candere brand’s revenue increased by about 64%.
It also said its non-GML debt fell to zero and that it sold one non-core property parcel.
Consolidated revenue grew more than 26% in Q2 FY2027 compared with the same quarter a year earlier; the figures exclude bullion and are subject to limited review.
India revenue rose about 27%, with same-store sales growth of about 20%, despite a high comparison base that included all nine Navratri days in the prior-year quarter.
International revenue increased about 18%; Middle East revenue rose about 12% entirely through same-store sales, and international markets made up about 11% of consolidated revenue.
Kalyan added 12 Indian Kalyan showrooms, net 11, nine Indian Candere showrooms and one UK Kalyan showroom; it had 546 showrooms across markets on September 30, 2026.
The company launched Chennai-based Akshaya Thanga Maligai, reported Candere revenue growth of about 64%, said non-GML debt fell to zero, and completed one non-core property sale for about Rs 86 crore.
- Who
- Kalyan Jewellers India
- What
- Reported more than 26% consolidated revenue growth and provided updates on sales, store openings, debt and property sales.
- When
- Second quarter of FY2026-27, ended September 30, 2026; the update was reported ahead of the detailed board-approved results.
- Where
- India and international markets, including the Middle East, the United States and the United Kingdom.
- Why
- The company attributed growth to its India and international businesses and showroom additions; it said India growth was notable despite a high prior-year comparison base.
Company’s growth outlook
Comparison and share-price context
Interpreting revenue growth
Company’s growth outlook
Kalyan reported more than 26% consolidated growth, about 27% India growth and about 20% India same-store sales growth, saying growth was healthy across key markets.
Comparison and share-price context
The prior-year comparison was elevated because all nine Navratri days fell in that quarter; the company said this made the current growth more notable.
Share-price performance
Company’s growth outlook
One report said shares rose 2.37% in early trading on October 7 and gained 15.35% over the past year.
Comparison and share-price context
Another report said shares had fallen 7% in the past month, despite rising 32% over the past six months.
- Consolidated revenue
- More than 26% growth year over year in Q2 FY2026-27; sales figures exclude bullion and are subject to limited review.
- India operations
- Revenue rose about 27%; same-store sales growth was about 20%.
- International operations
- Revenue grew about 18%; international markets contributed approximately 11% of consolidated revenue.
- Middle East
- Revenue rose approximately 12%, driven entirely by same-store sales growth.
- Showrooms
- 546 as of September 30, 2026: 365 Kalyan in India, 38 in the Middle East, two in the US, two in the UK and 138 Candere.
- Quarterly openings
- 12 Kalyan showrooms in India (11 net), nine Candere showrooms in India and one Kalyan showroom in the UK.
- Property and debt
- One non-core property parcel valued at about Rs 86 crore was sold; a second, valued at about Rs 16 crore, was expected to be sold in the current quarter. Non-GML debt fell to zero.
- Akshaya Thanga Maligai
- The Chennai regional brand launched in August; Kalyan planned four franchise showrooms this financial year, two in the ongoing quarter and two in the fourth quarter.
