Listed jewellery retailers posted strong September-quarter growth despite Navratri moving into the December period, with resilient gold and studded jewellery demand driving higher sales.
India’s listed jewellery chains reported a strong September quarter, with revenue rising roughly 22% to 28% across key names even as the Navratri season shifted out of the quarter and into the December period this year. Business updates from Titan, Kalyan Jewellers, P N Gadgil Jewellers and PC Jeweller pointed to resilient buying appetite for gold and studded pieces, supported by higher customer spending and healthy same-store sales, according to company statements and market disclosures.
Kalyan Jewellers said its India business grew about 27% in the quarter, helped by a rise of around 20% in same-store sales, while overseas revenue increased 18% and its Candere brand posted a 64% jump. The company said consolidated revenue advanced by more than 26%, adding that the quarter was stronger than expected despite a demanding comparison base, because all nine days of Navratri had fallen in the same period a year earlier.
P N Gadgil Jewellers also reported a 22.4% year-on-year increase in revenue, with retail sales up 31.1% and same-store sales rising 25.5%, underlining what the company described as a mainly organic expansion in existing outlets. Its franchise business grew 34.7%, while e-commerce revenue dropped sharply after a strategic move away from lower-margin gold coin sales towards jewellery with better profitability. The company said the mix shift is helping improve the quality of earnings, and it has signalled an expansion plan that includes dozens of new stores over the fiscal year.
Titan, which owns Tanishq, Mia, Zoya, beYon and CaratLane, said its jewellery division rose by about 21%, with studded jewellery sales growing in the early thirties and plain gold jewellery up about 20%. Investment-led demand for gold coins softened from a high base, but buyer numbers still increased in the mid-single digits and average transaction values climbed at a double-digit pace. PC Jeweller, meanwhile, reported consolidated revenue growth of about 28%, saying customer demand remained healthy and business momentum stayed strong.
The figures suggest that the industry managed to absorb at least part of the festive-calendar shift, although retailers are still likely to benefit from some demand being pushed into the December quarter. That timing effect could provide an additional lift later in the financial year, but the September numbers indicate that underlying consumer appetite for jewellery remains firm even outside the peak festival window.
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