Kalyan Jewellers Posts 31% Revenue Growth in Q2 FY26, India Business Leads the Charge

It looks like the festive season came early for Kalyan Jewellers this year. The homegrown jewellery giant has reported a 31% jump in India revenue for the second quarter of FY26, with overall consolidated growth touching around 30%. Not bad at all, especially considering the high base from last year.

Festive Vibes, Solid Footfalls

Kalyan’s India operations once again proved to be the company’s biggest strength. Same-store sales climbed about 16% year-on-year, showing that people are still spending big on gold and wedding jewellery despite all the economic chatter.

A lot of this surge, the company said, came from early festive buying — think Navratri shopping, wedding seasons kicking off, and a general feel-good mood that seems to have gripped the market lately.

It’s worth noting that last year’s Q2 numbers were unusually high because of the customs duty cut on gold imports. Yet, Kalyan managed to beat that base, which says a lot about how strong their brand pull has become.

Read: How to Start a Kalyan Jewellers Franchise in India

Overseas Markets Shine Too

The shine wasn’t limited to India. Kalyan’s international business — mainly in the Middle East — also did quite well, clocking a 17% rise in revenue. The Middle East alone grew around 10%, mostly from same-store sales. That’s steady growth for a region that’s already pretty saturated.

International operations now make up roughly 12% of the company’s overall revenue pie, which is quite healthy for a business that started deeply rooted in the Indian market.

Candere: The Silent Rockstar

Let’s talk about Candere, Kalyan’s online-first jewellery brand. This one’s been quietly killing it. The brand posted a massive 127% revenue jump, thanks to higher web traffic and better conversions.

Online shoppers are clearly warming up to the idea of buying jewellery digitally — and Kalyan seems to be blending its physical and digital strategies quite nicely. It’s a reminder that the jewellery business isn’t all about glittering showrooms anymore — it’s about convenience and trust, too.

Expanding Like There’s No Tomorrow

In true Kalyan style, the company kept up its aggressive expansion drive this quarter. It added:

• 15 new Kalyan Jewellers showrooms in India
• 2 new outlets in the Middle East
• And another 15 Candere stores across Indian cities

That brings the total store count to 436 globally, spread across India, the Middle East, and even the U.S. (yes, they’re already testing American waters).

And they’re not done yet — management says another 15 new showrooms are lined up before Diwali. So if you’re planning to shop for gold, there’s probably a Kalyan store opening up not too far from you.

Financial Moves: Clearing the Deck

Kalyan also received approval from its lead banking partner to release real estate collateral that was earlier tied to old loans. Basically, that means the company has been cleaning up its balance sheet and paying down debt — always a good sign for long-term investors.

The Stock Market Had Mixed Feelings

Interestingly, even with all these strong numbers, Kalyan’s stock slipped a bit after the announcement. Some analysts believe it’s because margins were slightly under pressure, possibly due to a higher share of franchise-led sales.

Still, it’s one of those cases where short-term traders worry, but long-term investors might be quietly smiling.

What’s Next?

The next few months look promising for Kalyan. The company is betting big on the festive and wedding rush, fresh jewellery collections, and influencer-backed marketing campaigns. With India’s love affair with gold showing no signs of slowing down, Kalyan seems well-positioned to keep the sparkle going.

In short:

Kalyan Jewellers had a stellar quarter. Growth across the board, cleaner finances, digital momentum — and expansion that refuses to slow down. Sure, margins might wobble a little, but the overall story remains golden.