Kalyan Jewellers’ International Revenue Rises 18% in Fiscal 2027 Second Quarter
Key Facts
Kalyan Jewellers said revenue from its Indian operations rose about 27% in the second quarter of fiscal 2027 from the same period in fiscal 2026, while same-store sales increased about 20%. The update placed growth at existing outlets alongside an expansion of the company’s business, as it added showrooms in India and other markets during the quarter. The company had noted that the comparison was with a quarter in which all nine days of Navratri fell, supporting sales in the comparison period. The company said quarterly growth was achieved despite that high base. The update’s figures show differing performance across the Indian market, international markets and the group’s digital brand.
In its international business, revenue rose about 18% year on year and accounted for nearly 11% of consolidated revenue during the quarter, according to the update reported by NDTV Profit. Within that business, Middle East revenue increased about 12%, and the company said the increase came entirely from same-store sales growth. This performance indicates that regional growth did not depend on new showroom openings during the period, according to the company. Indian revenue grew about 27%, with sales at existing stores increasing about 20%. India was therefore the largest stated growth driver among the markets cited in the update, while the Middle East recorded growth from its existing store base.
Candere, the company’s digital jewellery brand, recorded revenue growth of about 64% from the same quarter a year earlier, according to NDTV Profit. The figure comes amid the brand’s expansion through its store network, as the company opened 9 Candere showrooms in India during the quarter. It also added 11 net Kalyan showrooms in India, after opening 12, and opened one Kalyan showroom in the United Kingdom. These additions show physical expansion continuing alongside growth in the digital brand. The update did not give a value for Candere revenue or its share of consolidated revenue, but described its growth as about 64%.
The company’s total showroom network in India and international markets stood at 546 on September 30, 2026, according to its official quarterly update. The network comprised 365 Kalyan showrooms in India, 38 in the Middle East, 2 in the United States, 2 in the United Kingdom and 138 Candere showrooms. The total places the quarter’s expansion within a network spanning the main brand’s stores and the digital brand’s stores. The showroom distribution also shows the group’s presence concentrated in India, with an extension into the Middle East, the United States and the United Kingdom. The company presents this figure as the network size at the end of the quarter, not the number of showrooms opened during it.
On the balance sheet, the company said its debt excluding metal gold loans fell to zero during the second quarter of fiscal 2027. The update did not specify the debt amount before the reduction or detail the effect on financing costs. The company also said it completed the sale of one of two non-core properties during the quarter, for about 86 crore rupees. At the time the update was published on October 7, 2026, it expected to sell the second property for about 16 crore rupees during the current quarter. These disclosures link debt reduction with the disposal of non-core assets, without the company attributing operating revenue growth figures to either.
In the fourth quarter of fiscal 2026, the company had reported consolidated revenue of 10,275 crore rupees and profit after tax of 410 crore rupees, up 66% and 118% year on year, respectively, according to its official results statement. Executive Director Ramesh Kalyanaraman said after those results that the company had entered the next fiscal year with strong momentum and that consumer demand remained encouraging, particularly for wedding purchases in the then-current quarter. Those figures provide earlier context for the second quarter and do not describe its results. In its second-quarter update, the company said it was optimistic about the upcoming festive and wedding season in India and had prepared with new collections, campaigns and showroom openings. That outlook follows growth in Indian and international sales and at Candere during the period.
The board was scheduled to consider unaudited results for the quarter and half-year ended September 30, 2026, at its meeting on November 10, 2026, according to the official notice. The company rescheduled its second-quarter results call to November 11, 2026, at 08:30 a.m. India time. The call provides a later date to discuss the results after the board meeting. These dates concern the financial results for the period ended September 30, while the quarterly update figures cover revenue and operating growth. The financial notice did not include a documented figure for second-quarter net profit or consolidated revenue.