Kalyan Jewellers shares drop despite strong festive demand, driving 30% revenue growth in Q2 – News Air Insight

Shares of Kalyan Jewellers India slipped over a percent to their day’s low of Rs 486.50 on the NSE on Monday, October 6, after the company reported a strong performance for the September quarter (Q2 FY26), with consolidated revenue rising about 30% year-on-year, supported by festive buying and healthy traction across markets.

The company’s India operations recorded revenue growth of around 31% compared to the same quarter last year, led by robust wedding demand and an early start to the festive season. The inclusion of Navratri sales, which were not part of the base quarter, helped offset the impact of last year’s high base created by the customs duty reduction on gold. Same-store sales grew about 16% during the period, reflecting steady underlying demand.

International operations saw revenue growth of around 17% year-on-year, with the Middle East business growing about 10%, entirely driven by same-store performance. The overseas segment contributed roughly 12% to consolidated revenue during the quarter, Kalyan Jewellers India said earlier today.

Kalyan’s digital-first jewellery arm, Candere, delivered a sharp 127% jump in revenue over the year-ago period, supported by stronger showroom footfalls, web traffic, and overall growth momentum. The company added 15 Kalyan showrooms in India, two in the Middle East, and 15 Candere outlets during the quarter, further expanding its retail presence.

On the financial side, Kalyan said it secured approval from its lead lender for the release of real estate collateral tied to repaid debt and has resumed the next phase of debt reduction in line with its annual target.

The ongoing quarter has started on a positive note, with management highlighting healthy footfalls across major markets. The company said it is well-prepared for the festive season and plans to launch another 15 Kalyan showrooms before Diwali.As of September 30, 2025, Kalyan Jewellers operated 436 showrooms across India and international markets — including 300 in India, 38 in the Middle East, two in the US, and 96 under Candere.At 10:25 am, shares of the company were trading at Rs 488, lower by 0.9% from the last close on the NSE. Kalyan Jewellers India shares are down 37% on a year-to-date basis.

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