Kalyan Jewellers delivered a strong performance in the September quarter, with consolidated revenue increasing by more than 26% in Q2 FY2027. The growth was supported by healthy same-store sales in India, expansion of its showroom network and continued growth in international markets.
The company reported that its India business grew by around 27% year-on-year during the quarter. This growth came despite a strong base from the previous year, when all nine days of Navratri were part of the second quarter and boosted festive jewellery sales.
India Same-Store Sales Grow Around 20%
Kalyan Jewellers’ India operations recorded approximately 20% same-store sales growth in Q2 FY2027. The company said the performance reflects continued demand across several important markets.
Kalyan is also preparing for the upcoming festive and wedding season. The retailer plans to support demand through new jewellery collections, promotional campaigns and additional showroom openings.
New ATM Brand Expands in Tamil Nadu
Kalyan Jewellers launched its first regional brand, Akshaya Thanga Maligai (ATM), in Chennai in August. According to the company, the new brand has received a positive response and generated strong revenue during its first 40-plus days.
The launch comes ahead of Tamil Nadu’s major festive period, which is scheduled to begin on October 11.
Kalyan also plans to expand the ATM brand through the franchise model. Four additional showrooms are planned during the current financial year. Two are expected to open in the ongoing quarter, while another two are planned for the fourth quarter.
International Business Also Records Growth
Kalyan Jewellers’ international operations reported approximately 18% year-on-year revenue growth in Q2 FY2027.
The Middle East business increased by around 12% compared with the same quarter last year. The company said the entire growth in the region came from same-store sales.
International operations accounted for approximately 11% of consolidated revenue during the quarter.
The company also expanded its overseas presence by opening another Kalyan showroom in the UK.
Candere Revenue Jumps 64%
Kalyan’s lifestyle jewellery brand Candere was among the fastest-growing parts of the business during the quarter. Its revenue increased by approximately 64% year-on-year.
The company added nine Candere stores in India during Q2 FY2027. This took the total Candere network to 138 showrooms as of September 30, 2026.
Kalyan also opened 12 Kalyan showrooms in India during the quarter, resulting in a net addition of 11 stores, along with the new UK outlet.
Total Showroom Network Reaches 546
As of September 30, 2026, Kalyan Jewellers had a total network of 546 showrooms across India and international markets.
The network included:
- 365 Kalyan showrooms in India
- 38 Kalyan showrooms in the Middle East
- 2 Kalyan showrooms in the US
- 2 Kalyan showrooms in the UK
- 138 Candere showrooms in India
The continued store expansion gives the company a broader retail presence as it enters the important festive and wedding shopping period.
Balance Sheet Sees Improvement
Kalyan Jewellers also reported progress in reducing its non-GML debt. The company said non-GML debt declined to zero during the quarter.
It also completed the sale of one of two identified non-core real estate properties held for sale. The transaction generated approximately Rs 86 crore.
The company expects to complete the sale of the second property, valued at around Rs 16 crore, during the current quarter.
Detailed Financial Results to Follow
Kalyan clarified that the revenue figures in its quarterly update represent revenue from the sale of goods and exclude bullion.
The company also noted that the operational figures and other information remain subject to a limited review by its statutory auditors. A more detailed update is expected after the board approves the financial results for the quarter ended September 30, 2026.
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