Has Kalyan Jewellers Experienced Its Slowest Sales Growth in Q2 FY26?

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Has Kalyan Jewellers Experienced Its Slowest Sales Growth in Q2 FY26?

Synopsis

Kalyan Jewellers faces challenges as its sales growth slows significantly in Q2 FY26, raising questions about future performance amid strong wedding demand and an expanding retail network. Discover how this impacts their strategy and market position.

Key Takeaways

  • Kalyan Jewellers' sales growth slowed to 31 percent YoY in Q2 FY26.
  • International revenue rose by 17 percent, with Middle East growth at 10 percent.
  • Navratri sales helped counteract the impact of a higher base.
  • Candere brand revenue surged by 127 percent.
  • Company opened 15 new showrooms in India and two in the Middle East.

Mumbai, Oct 6 (NationPress) Kalyan Jewellers has recorded its slowest sales growth in the past four quarters, with consolidated revenue increasing by 31 percent year-on-year (YoY) during the July–September quarter (Q2 FY26), as per an exchange notification to NSE on Monday.

This growth rate is below the 37.4 percent increase observed in the same period last year, despite the company benefiting from strong wedding demand and an early festive season.

The company noted that its operations in India experienced a 31 percent rise in revenue for the quarter, while same-store sales surged by 16 percent, both of which are slower compared to the previous year.

International revenue, which makes up about 12 percent of total sales, saw a 17 percent increase, with the Middle East segment rising by 10 percent, driven solely by same-store performance, according to the filing.

Kalyan mentioned that sales during Navratri, which were not included in last year's base quarter, helped mitigate the impact of a higher base established by last year's customs duty reduction.

Additionally, its digital-first brand Candere witnessed an impressive 127 percent increase in revenue, aided by higher foot traffic to showrooms and enhanced website visits.

In the quarter, Kalyan Jewellers expanded its retail presence by inaugurating 15 new showrooms in India, two in the Middle East, and 15 Candere outlets, bringing the total number of stores to 436 as of September 2025, with approximately 300 located in India.

The company also announced that it has received approval from the leading bank in its lending consortium to release real estate collateral associated with repaid debt. “We have resumed the next phase of debt reduction in accordance with the targets set for the current financial year,” the filing disclosed.

“Subsequently, we have resumed the next phase of debt reduction in alignment with our established targets for this financial year,” the company added in its quarterly business update.

Point of View

It's crucial to recognize that Kalyan Jewellers is navigating a complex market landscape. While the company has reported slower growth, the factors influencing this trend, including external economic conditions and internal strategies, are critical for stakeholders to consider. Our commitment remains to deliver an unbiased analysis of such developments.
NationPress
06/10/2025

Frequently Asked Questions

What was Kalyan Jewellers' sales growth in Q2 FY26?
Kalyan Jewellers recorded a 31 percent sales growth in Q2 FY26, which is the slowest growth in the last four quarters.
How did international sales perform for Kalyan Jewellers?
International revenue increased by 17 percent, with the Middle East segment contributing a 10 percent growth.
What impact did Navratri sales have on Kalyan Jewellers?
Navratri sales, which were not part of last year's base quarter, helped mitigate the effects of a higher base from last year's customs duty reduction.
How many new showrooms did Kalyan Jewellers open recently?
Kalyan Jewellers opened 15 new showrooms in India, two in the Middle East, and 15 Candere outlets.
What is the current number of Kalyan Jewellers stores?
As of September 2025, Kalyan Jewellers has a total of 436 stores, including about 300 in India.
Nation Press