Kalyan Jewellers India Ltd. and PN Gadgil Jewellers Ltd. reported strong revenue growth in the second quarter of FY2027, supported by healthy same-store sales, expanding retail networks and growing contributions from their jewellery brands.
Kalyan Jewellers recorded consolidated revenue growth of over 26% year-on-year (YoY), while PNG Jewellers reported 22.4% growth despite the shift of the Navratri festive period to the third quarter this year.
Kalyan Jewellers’ India operations grew approximately 27%, with same-store sales growth (SSSG) of around 20%. Its international operations registered 18% growth, including a 12% increase in the Middle East, driven entirely by same-store sales. International markets contributed approximately 11% of consolidated revenue.
Its lifestyle jewellery brand, Candere, recorded revenue growth of approximately 64% YoY, highlighting the growing contribution of its digital-first jewellery business.
PNG Jewellers’ retail segment grew 31.1%, supported by same-store sales growth of 25.5%. Franchise business revenue increased 34.7%, while the company continued to shift its sales mix towards higher-margin jewellery products. E-commerce revenue declined 83.6%, primarily due to a strategic reduction in lower-margin gold coin sales.
Gold, diamond and silver revenues at PNG Jewellers grew 23.5%, 21% and 12%, respectively. The retail studded jewellery ratio rose to 11.8%, compared with 9% a year earlier, reflecting stronger demand for diamond jewellery. The share of old gold exchange in sales increased to 38% from 29% in Q2 FY26.
Both retailers continued to expand their physical presence. Kalyan Jewellers launched 12 showrooms in India, including a net addition of 11, alongside nine Candere showrooms in India and one Kalyan showroom in the UK. Its total network stood at 546 showrooms as of September 30, comprising 365 Kalyan stores in India, 42 international Kalyan stores and 138 Candere stores.
PNG Jewellers opened two stores during the quarter, taking its total network to 80, including 79 in India and one in the US. The company plans to open approximately 23 additional stores during FY27, targeting a year-end network of around 103 outlets. Its expansion strategy is primarily franchise-led, with a focus on northern and central India.
Brand development also featured in both companies’ strategies. Kalyan Jewellers launched Akshaya Thanga Maligai, its first regional brand, in Chennai in August. Encouraged by its initial performance, the company plans to open four additional franchised showrooms under the brand during the current financial year. PNG Jewellers, meanwhile, transitioned its LiteStyle brand to YOOU, targeting demand for contemporary, lightweight and everyday jewellery.
Kalyan Jewellers also completed the sale of one non-core real estate asset valued at approximately ₹86 crore and expects to sell a second asset valued at around ₹16 crore during the ongoing quarter. The company reported that non-GML debt had fallen to zero.
With the festive and wedding season underway, both retailers are preparing for further growth through new collections, store launches and wider market coverage. Their Q2 performance highlights the role of established jewellery retailers in sustaining consumer demand while broadening their reach across domestic and international markets.
The companies stated that the reported figures remain subject to limited review by their statutory auditors, with detailed updates to follow after board approval of the quarterly results.