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

Synopsis
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.