Kalyan Jewellers reported a 26% year-on-year revenue increase for the second quarter, bolstered by a 27% growth in its India business and a 64% surge in its Candere lifestyle brand. The company has eliminated its non-GML debt and completed an ₹86 crore non-core asset sale. Investors are monitoring the impact of high gold prices on consumer demand, even as the firm aggressively expands its retail footprint.
Kalyan Jewellers has reported a strong performance for the second quarter of the 2027 fiscal year, with consolidated revenue rising by more than 26% compared to the same period last year. This growth was primarily driven by the domestic market, where India operations posted a 27% revenue increase. The company also saw positive momentum in international markets, which recorded 18% growth and currently contribute 11% of the total consolidated revenue.
Operational Growth and Brand Performance
A key driver for this quarter was the solid performance across existing and new stores. India operations saw a 20% same-store sales growth, reflecting steady demand from repeat customers. The company’s lifestyle jewellery brand, Candere, emerged as a high-growth segment with a 64% revenue surge. To capitalize on this momentum, the company added 22 new showrooms during the quarter, bringing its total global retail network to 546 locations. The launch of a new regional brand, Akshaya Thanga Maligai, in Chennai also provided an immediate boost to sales within its first 40 days of operation.
Financial Strengthening and Asset Sales
Management has focused on cleaning up the balance sheet, successfully bringing non-GML debt down to zero. This move is significant for investors as it reduces interest costs and improves the company’s financial flexibility. Further supporting its capital position, the company completed the sale of a non-core real estate asset worth approximately ₹86 crore. An additional parcel valued at ₹16 crore is slated for divestment in the current quarter, which could further improve the company’s cash position as it heads into the peak festive and wedding season.
Market Reaction and Sector Outlook
Following the announcement, shares of Kalyan Jewellers rose approximately 2% on October 7, 2026. While the growth numbers are strong, the jewellery sector continues to navigate the impact of elevated gold prices, which can sometimes temper consumer volume. Investors will be closely watching whether the company can maintain these margins amidst aggressive store expansion plans and higher marketing spend required to capture festive demand. The ability to manage costs while scaling up the retail network remains a critical area for shareholders to monitor in the upcoming quarterly results. Future performance will likely depend on the sustaining strength of consumer spending during the wedding season and the company’s ability to drive conversion in its newly opened franchise outlets.