Kalyan Jewellers has delivered a strong Q2 FY2027 update, with consolidated revenue growth exceeding 26% compared with the same quarter last year.

The headline number is important, but the bigger story is the broad based nature of the growth across its India operations, international business and lifestyle jewellery brand Candere.

India remained the primary growth engine during the quarter, with revenue increasing approximately 27% year on year.

What makes this performance particularly interesting is that Kalyan delivered this growth despite facing a high base from the previous year.

During Q2 FY2026, all nine days of Navratri were included in the quarter, providing a strong festive sales boost. Even against that comparison, the company reported same store sales growth of approximately 20%.

That is a significant indicator because same store sales growth shows how existing stores are performing without relying entirely on new showroom additions.

Strong same store growth across key Indian markets suggests that customer demand for jewellery remained healthy during the quarter.

The performance also provides an important backdrop for the upcoming festive and wedding season, which is traditionally one of the most important periods for jewellery retailers.

Kalyan has indicated that it is fully prepared with fresh collections, marketing campaigns and new showroom launches as demand enters this important period.

Another major development was the launch of Akshaya Thanga Maligai, or ATM, in Chennai.

This is Kalyan’s first regional brand, specifically designed for the Tamil Nadu market, and the company says early customer response has been encouraging.

The brand generated strong revenue traction during its first 40 plus days of operations, with the biggest season for Tamil Nadu expected to begin from October 11.

Kalyan also has plans to expand ATM through four additional franchised showrooms during the current financial year.

Two are planned for the ongoing quarter and another two are expected during the fourth quarter.

If the regional brand continues to gain traction, it could give Kalyan another avenue to capture local jewellery demand while using a more focused brand proposition.

International operations also remained healthy, with revenue increasing approximately 18% during Q2 FY2027.

Within the Middle East, revenue increased around 12%, and importantly, this growth was driven entirely by same store sales growth rather than simply by adding new locations.

International markets contributed approximately 11% of consolidated revenue during the quarter, giving Kalyan a meaningful source of geographic diversification.

Candere was another standout performer, with revenue growth of approximately 64% compared with the same quarter last year.

The performance of Candere is important because it gives Kalyan exposure to the lifestyle and digital jewellery segment while complementing its traditional showroom network.

Store expansion continued at a healthy pace during the quarter as well.

Kalyan opened 12 new showrooms in India on a gross basis, with net additions of 11, while Candere added nine showrooms in India.

The company also opened one Kalyan showroom in the UK during the quarter.

As of September 30, 2026, the overall showroom network stood at 546 locations across India and international markets.

This includes 365 Kalyan India stores, 38 Kalyan Middle East stores, two in the USA, two in the UK and 138 Candere stores.

The scale of the network means future growth will increasingly depend not only on adding stores but also on maintaining strong productivity from the existing network.

Another development investors may pay close attention to is the company’s balance sheet position.

Kalyan completed the sale of one identified parcel of non core real estate for approximately ₹86 crore.

The second identified parcel, valued at approximately ₹16 crore, is expected to be sold during the ongoing quarter.

More importantly, non GML debt came down to zero during the quarter, representing a meaningful improvement in the company’s financial position.

A stronger balance sheet can give Kalyan greater flexibility to invest in store expansion, marketing, inventory and new growth opportunities.

The combination of strong same store growth, continued showroom expansion, improving balance sheet strength and a growing Candere business creates an interesting setup going into the festive and wedding season.

However, investors should also watch whether the current growth momentum can be sustained after the seasonal demand period.

Jewellery is a highly competitive business, and margins, gold prices, consumer demand, inventory management and store productivity can all influence future performance.

For investors, the key numbers to track going forward will therefore include same store sales growth, revenue growth, new showroom productivity, Candere performance, international growth and the continued evolution of the company’s balance sheet.

Overall, Kalyan Jewellers’ Q2 FY2027 update points to a business showing strong operating momentum across multiple segments, while the upcoming festive and wedding season could provide another important test of that momentum.