Kalyan Jewellers India Ltd and PN Gadgil Jewellers Ltd reported strong revenue growth in the second quarter of FY27, supported by healthy same-store sales, retail network expansion and contributions from their jewellery brands.
Kalyan Jewellers recorded consolidated revenue growth of over 26% year-on-year, while PNG Jewellers reported 22.4% growth despite the shift in the Navratri festive period to the third quarter this year.
Kalyan’s domestic business leads growth
Kalyan Jewellers’ India operations grew approximately 27%, with same-store sales growth of around 20%. 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. Candere, the company’s digital-first lifestyle jewellery brand, recorded revenue growth of around 64% year-on-year.
PNG retail and franchise businesses expand
PN Gadgil 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. Revenue from gold, diamond and silver jewellery grew 23.5%, 21% and 12%, respectively.
Diamond jewellery gains traction
PNG Jewellers’ retail studded jewellery ratio rose to 11.8% from 9% a year earlier, reflecting stronger demand for diamond jewellery. The share of old gold exchange in sales also increased to 38% from 29%.
Kalyan Jewellers launched 12 showrooms in India during the quarter, including a net addition of 11, and nine Candere showrooms in India. It also opened one Kalyan showroom in the UK.
Retail networks widen
As of September 30, Kalyan Jewellers operated 546 showrooms, comprising 365 Kalyan stores in India, 42 international Kalyan stores and 138 Candere stores.
PNG Jewellers opened two stores, taking its network to 80, including 79 in India and one in the US. It plans to open about 23 additional stores in FY27, targeting around 103 outlets by year-end, primarily through franchises in northern and central India.
Brands target new consumers
Kalyan Jewellers launched Akshaya Thanga Maligai, its first regional brand, in Chennai in August. Following its initial performance, the company plans to open four more franchised showrooms under the brand during the current financial year.
PNG Jewellers transitioned its LiteStyle brand to YOOU, targeting demand for contemporary, lightweight and everyday jewellery.
Kalyan reduces non-core debt
Kalyan Jewellers completed the sale of a non-core real estate asset valued at ₹86 crore and expects to sell another asset valued at ₹16 crore during the current quarter. The company said non-GML debt had fallen to zero.
Both retailers are preparing for the festive and wedding season through new collections, store launches and wider market coverage. The reported figures remain subject to limited review by statutory auditors, with detailed updates expected after board approval of the quarterly results.