Jewellery Retailers Report 22-28% Revenue Growth in Q2 Despite Festive Shift

Several prominent listed jewellery retailers have announced notable revenue increases ranging from 22 to 28 percent in the second quarter of the fiscal year 2027. This growth comes despite a calendar shift that moved the Navratri festival, a key sales period, from the September quarter to December. Companies including P N Gadgil Jewellers, Titan, Kalyan Jewellers, and PC Jeweller have all reported double-digit year-on-year gains in their quarterly disclosures to stock exchanges, indicating consistent consumer interest in gold and studded jewellery.

This robust performance reflects a combination of strong same-store sales and higher customer spending during the quarter. Kalyan Jewellers, in particular, recorded approximately 27 percent revenue growth in its domestic market during Q2 FY27. This was supported by a roughly 20 percent increase in sales at existing stores. The firm’s international segment also saw an 18 percent rise in revenue, while its lifestyle jewellery brand Candere experienced a striking 64 percent jump in sales.

In a statement, Kalyan Jewellers described the quarter as "very satisfying," highlighting their consolidated financial results as a positive indicator amid the changing festive calendar. The Navratri festival, traditionally a peak sales season in the September quarter, shifted to the third quarter this year, yet demand remained resilient. This suggests that consumer appetite for jewellery has remained strong despite the timing adjustment.

Titan Company, one of India’s largest jewellery retailers, also posted solid results with significant growth in revenue. The company attributed its performance to an increase in customer footfall and higher average transaction values. P N Gadgil Jewellers and PC Jeweller echoed similar trends, reporting double-digit expansion in their financial statements. These results collectively point to a healthy demand environment for precious metals and crafted jewellery pieces.

The jewellery sector in India holds a significant place in the retail industry due to cultural and investment factors. Gold jewellery, in particular, is considered both a cherished gift and a financial asset. The sector’s performance during festival seasons can have a substantial impact on quarterly revenues, making the Navratri and Diwali periods critical for business. Despite the shift of Navratri festivities to the December quarter this year, the sustained growth in Q2 indicates that consumer behavior is adapting well.

Market analysts note that the jewellery industry is benefiting from a combination of factors, including rising disposable incomes, increased urbanization, and a growing preference for branded jewellery. Furthermore, retailers are expanding their product portfolios to include lifestyle and fashion jewellery that appeal to younger demographics, as seen with brands like Candere.

Looking ahead, the second half of FY27 is expected to remain strong, especially with the Navratri and Diwali festivals now falling in Q3. Retailers are preparing for increased demand and are likely to introduce new collections to attract buyers. The sector’s resilience amid calendar shifts demonstrates its underlying strength and importance in the Indian retail landscape.

In summary, the jewellery retail industry’s performance in Q2 FY27 reflects a combination of solid consumer demand, effective store operations, and strategic brand positioning. Despite changes in the festive sales calendar, companies have maintained impressive revenue growth, signaling confidence in the sector’s continued expansion.