India's jewellery retailers forecast strong growth despite festive calendar shift

India's leading jewellery retailers have demonstrated resilience in the September quarter, with consolidated revenue growth ranging from 22 to 28 per cent despite a significant shift in the festive calendar this financial year. The strong performance by major listed players suggests that consumer appetite for gold and studded jewellery remains robust, even as key celebrations transition to later in the fiscal year.

Kalyan Jewellers led the growth metrics, reporting approximately 27 per cent revenue expansion across its domestic operations during the quarter ended September. The company's same-store sales increased around 20 per cent, indicating strong underlying demand momentum. The retailer's international operations expanded 18 per cent during the period, while its lifestyle jewellery brand Candere recorded a significant 64 per cent surge in revenue, signalling diversification benefits.

Other major players including Titan and P N Gadgil Jewellers also posted double-digit year-on-year growth in their respective quarterly updates to stock exchanges, reinforcing the sector-wide strength. Analysts attribute the outperformance to healthy consumer sentiment and increased discretionary spending despite the unusual festive calendar.

The shift of Navratri and associated celebrations to the December quarter of FY27 was anticipated to pressure second-quarter sales. However, jewellery retailers have managed to sustain growth through strong underlying demand and effective inventory management, suggesting that consumer purchases remained resilient across categories during the period.