Kalyan Jewellers posts strong Q1 growth on robust demand

Kalyan Jewellers reported an estimated 38% year-on-year growth in consolidated revenue for the first quarter of FY27, driven by strong demand in the domestic market and robust same-store sales despite the entire 28-day Adhik Maas period falling within the quarter.

The India business grew by more than 38%, while same-store sales rose around 28%, underscoring resilient consumer demand even during a period that traditionally sees a slowdown in wedding-related jewellery purchases in several parts of the country.

The company’s international business also delivered a strong performance, with revenue increasing about 35% year-on-year. The Middle East operations recorded around 30% growth despite geopolitical tensions affecting customer footfall during April. International markets contributed nearly 14% to consolidated revenue while digital-first jewellery platform Candere more than doubled its revenue, registering approximately 112% growth during the quarter.

A key highlight of the quarter was the sharp rise in the use of recycled gold. The company’s “Shine with India” gold recirculation campaign, launched in the second half of May, helped increase recycled gold’s share of revenue to more than 46% during the June quarter. In June alone, recycled gold accounted for over 55% of revenue, reflecting strong consumer participation in exchanging old jewellery.

The campaign comes at a time when India’s jewellery industry is increasingly looking to reduce dependence on imported bullion. With gold prices remaining elevated, consumers are increasingly opting to exchange idle jewellery for new purchases, boosting the availability of recycled gold. Industry executives say higher recycling not only reduces import dependence but also improves inventory management and working capital efficiency for organised jewellers.

During the quarter, Kalyan Jewellers opened 12 showrooms across India, while Candere added five new outlets. As of June 30, 2026, the group operated 524 stores globally, including 354 Kalyan showrooms in India, 38 in the Middle East, two in the US, one in the UK and 129 Candere outlets.

The company said the current quarter has begun on a positive note as it prepares for the festive and wedding season with new collections and further showroom expansion.