How Did Kalyan Jewellers Shine in Q2 FY26 with 30% Revenue Growth?
Kalyan Jewellers has delivered a glittering performance in the second quarter of FY26, with a strong rebound in both Indian and international operations. Fueled by festive and wedding demand, the company posted impressive double-digit growth across all segments — reaffirming its position as one of India’s leading jewelry retail brands. Let’s decode the highlights, financial trends, and expansion strategies that powered Kalyan’s robust quarterly show.
About Kalyan Jewellers
Founded in 1993 by T.S. Kalyanaraman, Kalyan Jewellers has grown into one of India’s most recognized jewelry chains, known for transparency, craftsmanship, and trust. With a presence across India, the Middle East, and the USA, the brand caters to a wide range of customers, offering traditional and contemporary designs across gold, diamond, and platinum categories. The company also owns Candere — its digital-first jewelry platform, which continues to expand rapidly across India.
Q2 FY26 Performance Highlights
| Key Metrics | Performance (YoY) |
|---|---|
| Consolidated Revenue | ↑ ~30% |
| India Operations | ↑ ~31% driven by festive & wedding demand |
| Same-Store Sales Growth | ↑ ~16% |
| International Operations | ↑ ~17%, led by 10% growth in Middle East |
| Candere (Online Platform) | ↑ ~127% YoY |
| New Showrooms Added | 15 (India) + 2 (Middle East) + 15 (Candere) |
| Total Showrooms (Global) | 436 (India: 300 | ME: 38 | USA: 2 | Candere: 96) |
| Debt Position | Resuming debt reduction after collateral release approval |
Revenue Drivers and Market Trends
The strong performance in Q2 FY26 reflects steady festive buying momentum across India. Wedding jewelry sales surged, supported by increased disposable income and stable gold prices. In international markets, particularly the Middle East, steady tourist footfall and higher remittance-driven spending helped sustain growth. Candere’s digital sales skyrocketed due to aggressive marketing and new product launches, positioning it as a key growth engine within the group.
Operational Efficiency and Expansion
Kalyan Jewellers has maintained operational discipline while expanding aggressively. The addition of 32 new showrooms this quarter — including 15 under Candere — reflects its focus on omnichannel growth. The company’s approval for real estate collateral release further supports its plan to resume debt reduction. With over 436 stores globally, Kalyan continues to balance expansion with financial prudence.
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Candere’s Exponential Digital Growth
Candere, the digital subsidiary, reported an exceptional 127% YoY revenue jump, driven by expanding reach and digital marketing initiatives. The online platform’s focus on lightweight jewelry and personalized gifting helped capture millennial audiences. With 96 showrooms now under Candere branding, the company is redefining the digital jewelry retail ecosystem.
Financial Stability and Debt Reduction
The company’s recent approval for releasing real estate collateral marks a crucial step in strengthening its balance sheet. By resuming debt reduction, Kalyan Jewellers aims to improve cash flow and credit ratios ahead of the crucial festive quarter. This aligns with its broader goal of maintaining a low-leverage structure while pursuing expansion opportunities.
Strategic Outlook for FY26
Going forward, Kalyan plans to deepen its reach in Tier-2 and Tier-3 cities while strengthening its presence in the Gulf region. The festive and wedding season outlook remains strong, with robust pre-bookings. The brand also expects to benefit from higher gold exchange programs and consumer trust built over three decades of service.
Long-term investors looking at consumer discretionary plays often monitor retail expansions closely. The same analytical discipline seen in following Bank Nifty Tips helps assess cyclical and sentiment-driven sectors like jewelry retail, where brand equity and cash flow strength determine resilience.
Investor Takeaway
Kalyan Jewellers’ Q2 FY26 results underscore its brand strength and operational efficiency. With festive demand, digital expansion through Candere, and disciplined financial management, the company remains well-positioned for sustainable growth. Investors tracking consumption themes may view this as a key benchmark for retail recovery trends. Read detailed market insights and sectoral analysis at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
