Thrissur-headquartered Kalyan Jewellers said it is witnessing strong consumer demand across key markets, with robust festive and wedding-season sales, rising purchase volumes, and continued market share gains, all providing optimism about growth in the second half of FY27.
Executive Director Ramesh Kalyanaraman noted a strong traction during Navratri and Dhanteras, with demand continuing into the ongoing quarter. “We are very confident of meeting the targeted revenue growth,” he told analysts on the earnings call.
Q1 and Q2 have performed better than estimates, while Q3 is also tracking ahead of expectations currently, he said. “Dhanteras and Navratri have been very good; growth on the ground is still continuing,” he added.
Kalyan Jewellers reported a strong Q2 FY27 with consolidated net profit at ₹427 crore versus ₹261 crore in the corresponding quarter last year. Consolidated revenue grew 31 per cent at ₹10,323 crore. While India business profits grew robustly at around 62 per cent y-o-y at ₹424 crore, the Middle East business posted a profit of ₹12 crore in Q2FY27, a 19 per cent decline from previous year, due to slower topline growth.
On underlying consumer spending behavior, Kalyan says it has not changed materially despite gold price volatility. Customers might postpone purchases briefly when prices are volatile, but wedding-related purchases eventually come through, Kalyanaraman noted.
He also noted that growth is being driven by volume.
Customers arrive with a fixed budget and buy more when gold prices ease, he said. One indication of this is the fact that same-store sales growth was above 20 per cent in Q2, he added.
On the company’s recently launched regional brand ATM, Kalyanaraman said it has received an encouraging response, and that the initial performance had exceeded expectations, particularly during the festive season.
“We have planned to launch four more ATM showrooms during FY27- two in the ongoing quarter and two in Q4- all in Tamil Nadu,” he said. He declined to share specific productivity metrics, citing competitive sensitivity.
Kalyan Jewellers also confirmed that revenue recognition has begun under its contract with the Tamil Nadu government for supplying one-gram gold rings for newborns.
However, management clarified that the business is relatively small and would not have a material impact on overall financial performance.
“It’s not going to move the needle. This is actually more to spread the brand name rather than making margins. In that way, it has really helped,” Kalyanaraman said.
As for growth plans, the management said its immediate priority would be strengthening existing showrooms rather than expanding ATM into new markets.
The focus will be on increasing inventory in showrooms where additional stock can drive same-store sales growth and investing in select flagship stores, the management said.
Published on November 12, 2026
