India’s leading jewellery retailers reported strong year on year revenue growth in the September quarter of FY27, with P N Gadgil Jewellers, Tanishq, Kalyan Jewellers and PC Jeweller recording growth of around 22% to 28%, while Titan’s jewellery business expanded by approximately 21%. The performance points to resilient consumer spending despite a shift in the festive calendar that is expected to move some purchases into the December quarter.
The companies disclosed their quarterly business updates to stock exchanges. Their results also highlight differences in growth drivers, from higher sales at existing stores to premium jewellery demand and changes in product mix.
- Kalyan Jewellers and P N Gadgil post strong growth
Kalyan Jewellers reported approximately 27% revenue growth in its India operations, supported by around 20% growth in same store sales. Its international business grew 18%, while lifestyle jewellery brand Candere recorded 64% growth.
The company said consolidated revenue increased by more than 26% year on year, despite a high base in the corresponding quarter last year, when all nine days of Navratri fell within the September quarter.
P N Gadgil Jewellers reported 22.4% year on year revenue growth. Its retail segment grew 31.1%, with same store sales rising 25.5%, suggesting that existing outlets contributed substantially to the performance. Franchise business revenue increased 34.7%.
The company also reported an 83.6% decline in e-commerce revenue, attributing it to a strategic shift away from lower margin gold coin sales towards jewellery products. Gold coin and bar sales accounted for 15.8% of retail revenue, down from 23.3% a year earlier. The change points to a deliberate focus on revenue mix, although its impact on overall profitability will need to be assessed through reported financial results.
- Titan and PC Jeweller sustain momentum
Titan Company reported approximately 21% growth across its jewellery portfolio. Studded jewellery sales rose in the early 30% range, while plain gold jewellery grew around 20%. Gold coin demand declined by a high single digit percentage from a strong base.
Buyer growth was in the mid-single digits, while average transaction values increased at a double digit rate. Digital first brand CaratLane recorded 32% growth during the quarter.
PC Jeweller reported approximately 28% year on year growth in consolidated revenue, citing healthy consumer demand and continued business momentum.
- Festive timing will shape the December quarter
The September quarter numbers need to be read alongside the festive calendar. Navratri fell in October in 2026, compared with September in 2025, shifting part of the seasonal shopping opportunity into the third quarter of FY27.
That makes the December quarter updates important: retailers will need to demonstrate whether strong demand persists beyond calendar driven growth. Same-store sales, buyer additions, average ticket sizes, and the contribution of studded jewellery will help investors distinguish broad based demand from higher spending per transaction or a shift in product mix.
For the jewellery sector, the September quarter offers a strong start to the festive period, but the next set of results will provide a clearer picture of how much of that momentum is sustainable.
The Unicorn Magazine:- Editing by Deepak Singh
