Kalyan Jewellers Q2 Business Update: Lowest Growth In Four Quarters Despite Festive Demand

Kalyan Jewellers Ltd. on Wednesday released its business update for the second quarter of the ongoing fiscal year, reporting a consolidated revenue growth on a year-on-year basis.

The growth, while healthy, was slightly lower than the 37.4% increase recorded in the same quarter last year. In fact, this was Kalyan's lowest-registered sales growth in the last four quarters.

The jeweller's India operations rose 31% in the September quarter on a year-on-year basis, the company said in an exchange filing. The company recorded a same-store-sales-growth (SSSG) of 16%, which was also lower compared to the same period last year.

The company's international operations, which accounted for 12% of the company's consolidated revenue, saw a revenue growth of 17% compared to the same period last year. In the Middle East region, the revenue rose about 10%, driven entirely by same-store sales.

So what led to sustained sales growth for Kalyan Jewellers in the September quarter?

The company seems to suggest a mix of a strong festive season and a 'robust' wedding season, although Navratri sales were not part of the base quarter revenue.

What did steal the show, though, was the performance of Kalyan Jewellers' digital-first brand, Candere, which continued to scale rapidly and recorded a substantial 127% revenue growth compared to the same period last year.

Kalyan Jewellers' said the rapid growth in Candere was led by improved footfalls and higher website traffic.

During the quarter, Kalyan expanded its retail footprint by launching 15 new showrooms in India, two outlets in the Middle East, and 15 Candere showrooms domestically.

As of September 2025, Kalyan Jewellers has a total store count of 436, about 300 of which is located in India.

The company also received its lead bank to release real estate collateral tied to repaid debt, stating that it has resumed the next round of debt reduction in line with its FY2026 targets.