Mumbai: Kalyan Jewellers reported its slowest sales growth in four quarters, with consolidated revenue rising 31 per cent year-on-year (YoY) in the July–September quarter (Q2 FY26), according to an exchange filing to NSE on Monday. This was lower than the 37.4 per cent growth recorded in the same period last year, even as the company benefited from robust wedding demand and an early festive season boost.
The company said its India operations saw a 31 per cent rise in revenue during the quarter, while same-store sales grew 16 per cent, both slower compared to the year-ago period. International revenue, which contributes around 12 per cent of consolidated sales, rose 17 per cent, with the Middle East segment up 10 per cent, driven entirely by same-store performance, as per the filing.
Kalyan added that Navratri sales, which were not part of the base quarter last year, helped offset the impact of a higher base created by last year’s customs duty reduction. Meanwhile, its digital-first brand Candere saw a sharp 127 per cent jump in revenue, supported by higher showroom footfalls and increased website traffic.
During the quarter, Kalyan Jewellers expanded its retail footprint by opening 15 new showrooms in India, two in the Middle East, and 15 Candere outlets, bringing the total count to 436 stores as of September 2025, including about 300 in India. The company also informed that it received approval from the lead bank in its consortium of lenders to release real estate collateral tied to repaid debt.
“We have resumed the next round of debt reduction in line with the target already set for the current financial year,” the filing stated. "Subsequently, we have resumed the next round of debt reduction in line with the target already set for the current financial year," the company added in its quarterly business update.
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