Kalyan Jewellers Delivers Strong Q1 Growth Across Domestic and International Markets

Research Analyst: UJVIN NEVATIA (PROPRIETOR: NEVAT INVESTMENTS) | SEBI Registration No.: INH100009628

reported an estimated 38% year-on-year growth in consolidated revenue for the first quarter of FY27, driven by strong demand across both its domestic and international businesses. The company said the quarter witnessed healthy same-store sales growth, despite the entire 28-day Adhik Maas period—traditionally considered inauspicious for jewellery purchases—falling within the quarter. The company's international operations also delivered robust performance, with revenue growing around 35% year-on-year. The Middle East business recorded nearly 30% growth, supported primarily by same-store sales despite geopolitical disruptions during part of the quarter. In India, Kalyan Jewellers expanded its retail footprint by opening 12 Kalyan showrooms and 5 Candere stores, taking its global network to 524 showrooms. The company also stated that the second quarter has started on a positive note, supported by planned store launches and preparations for the festive and wedding season. Industry & Economic Impact: The strong business update reflects resilient consumer demand in India's organised jewellery sector despite seasonal headwinds. Continued store expansion and healthy same-store sales indicate sustained formalisation of the jewellery market, with organised players gaining market share from unorganised retailers. From an economic perspective, robust jewellery demand supports industries such as gold refining, manufacturing, logistics, and retail while generating employment across the value chain. Continued expansion by organised jewellers also strengthens tax compliance, boosts consumer confidence, and reinforces domestic consumption as an important driver of India's economic growth. Source: Economic Times No Recommendations