Prominent listed jewellery retailers reported revenue growth of 22-28 per cent in the September quarter of FY27. The rise comes as surprising as Navratri celebrations shifted to the December quarter. The increase has been derived by increased health consumer demand, strong same-store sales and higher customer spending. P N Gadgil Jewellers, Titan, Kalyan Jewellers and PC Jeweller reported double-digit year-on-year revenue growth in their quarterly business updates to the stock exchanges. The performance highlights continued demand for gold and studded jewellery, even as the shift in the festive calendar is expected to push a larger share of festive calendar is expected to push a larger share of festive purchasess into the third quarter of FY27.
Kalyan Jewellers reported around 27 per cent revenue growth in its India operations during the September quarter, supported by approximately 20 per cent growth in same-store sales. Its international operations grew 18 per cent, while its lifestyle jewellery brand Candere recorded a 64 per cent increase in revenue.
“The recently concluded quarter has been a very satisfying one, recording consolidated revenue growth in excess of 26 per cent when compared to the same period in the previous financial year,” the company said.
“The Retail segment grew 31.1 per cent YoY, with robust same-store sales growth (SSSG) of 25.5 per cent YoY as the primary driver, indicating that the growth was substantially organic in nature, driven by deeper customer engagement at existing stores,” the company said.
Its franchise business recorded 34.7 per cent growth, while e-commerce revenue declined 83.6 per cent following a strategic shift away from low-margin gold coin sales towards higher-margin jewellery products.
“The share of gold coin and bar sales in retail revenue normalised to 15.8 per cent, compared with 23.3 per cent in the same quarter of the previous year. The continued moderation in the lower-margin gold coin business, coupled with the increasing contribution from retail and studded jewellery, is driving a sustained improvement in the overall quality and profitability of the revenue mix,” it said.
Studded jewellery sales grew in the early thirties, while plain gold jewellery recorded approximately 20 per cent growth. However, investment-led demand for gold coins declined by a high single-digit percentage compared with the year-ago period, which had a high base.
Titan said buyer growth was in the mid-single digits, while average ticket sizes increased by double digits. CaratLane continued to outperform, reporting 32 per cent revenue growth during the quarter.
“Backed by a healthy consumer demand, the company continued to deliver a strong performance, concluding Q2 FY27 with a consolidated revenue growth of approximately 28 per cent YoY, reflecting a strong business momentum,” PC Jeweller said in its quarterly business update.
The September-quarter performance comes as the festive calendar shifts this year, with Navratri falling in October compared with September in 2025.
The change is expected to shift a larger share of festive jewellery purchases into the December quarter. However, the strong revenue growth reported by major retailers in the September quarter points to sustained consumer demand, supported by higher spending and healthy sales at existing stores, even before the full impact of the festive season is reflected in quarterly numbers.