India’s leading listed jewellery retailers reported strong revenue growth in the September quarter of FY27, supported by healthy consumer demand, robust same store sales growth and higher customer spending. Kalyan Jewellers, P N Gadgil Jewellers, Titan and PC Jeweller recorded double digit growth in their quarterly business updates, reflecting sustained demand for gold and studded jewellery despite a shift in the festive calendar.

Kalyan Jewellers reported approximately 27 percent revenue growth in its India operations during Q2 FY27, supported by around 20 percent growth in same store sales. Its international operations recorded 18 percent growth, while Candere, its lifestyle jewellery brand, reported a 64 percent increase in revenue. The company said consolidated revenue grew by more than 26 percent year on year, with strong operating momentum across key Indian markets despite a high base in the corresponding quarter last year.

P N Gadgil Jewellers reported revenue growth of 22.4 percent year on year. Its retail segment recorded 31.1 percent growth, driven by same store sales growth of 25.5 percent, indicating that existing stores contributed significantly to the performance. The franchise business expanded by 34.7 percent.

However, the company’s e commerce revenue declined by 83.6 percent following a strategic shift away from low margin gold coin sales towards higher margin jewellery products. Gold coin and bar sales accounted for 15.8 percent of retail revenue, compared with 23.3 percent in the year ago quarter. The company indicated that the changing revenue mix, supported by retail and studded jewellery, was improving the overall quality and profitability of its business.

Titan reported approximately 21 percent growth in its jewellery portfolio, which includes Tanishq, Mia, Zoya, beYon and CaratLane. Studded jewellery sales grew in the early thirties, while plain gold jewellery sales increased by around 20 percent. Demand for investment oriented gold coins declined by a high single digit percentage from an elevated base.

Titan reported buyer growth in the mid single digits, while average transaction values increased at a double digit rate, indicating higher spending per customer. CaratLane continued to outperform, recording revenue growth of 32 percent during the quarter.

PC Jeweller reported approximately 28 percent year on year growth in consolidated revenue, attributing the performance to healthy consumer demand and sustained business momentum.

The quarterly performance came despite a shift in the timing of Navratri, which fell in October this year compared with September in 2025. This calendar change is expected to shift a larger portion of festive jewellery purchases into the December quarter of FY27.

Overall, the quarterly updates indicate that demand remained resilient across major organised jewellery retailers. Strong same store sales and higher average ticket sizes supported growth, while the shift towards studded jewellery and higher margin products could influence revenue mix and profitability in the coming quarters.