Industry Odisha Bureau, Oct 11: India’s listed jewellers posted slower but solid revenue growth in July–September. Volatile gold prices kept buyers cautious. Retailers now await festive and wedding demand, while product mix shapes margin prospects.
India’s listed jewellers kept growing in the September quarter, but at a slower pace. Across the India gold jewellery market, major retailers still posted revenue growth above 20%. Yet for several, it fell short of sharper gains in earlier quarters. A later festive and wedding calendar pushed some demand into the December quarter. Volatile gold prices also made many buyers wait before spending.
In Q2 FY27, Titan Company, the largest listed player, reported 25% year-on-year revenue growth. That figure covers its jewellery, watches and eyewear businesses. It follows three straight quarters of growth above 40%. Nomura has warned that Titan faces a high base in coming quarters. A high base makes year-on-year growth harder to match. Its analysts added that benefits from high gold prices could fade.
Kalyan Jewellers posted revenue growth of more than 26%, against 30% a year earlier. Its expansion had peaked at 66% in the January–March quarter of FY26. Senco Gold reported 29% growth in retail revenue. Its same-store sales growth, which tracks existing outlets, was 19%. PN Gadgil Jewellers recorded 22.4% growth, while PC Jeweller reported 28%.
Gold prices have fallen roughly 10% over the past six months. Even so, 24-karat gold stayed above ₹1,50,000 per 10 grams. Deep Shah of Equirus Securities said channel checks show buyers awaiting stable prices. This has hurt showroom footfall, he said. Price swings are making customers weigh purchases more carefully.
Beyond the top line, product mix will shape margins. Gold coins and bars usually carry thinner margins than many jewellery categories. At PN Gadgil, coins and bars made up about 15.8% of retail revenue. A year earlier, that share stood near 23.3%.
Titan said coin demand fell by a high single digit, off a strong base. Its studded jewellery grew in the early 30s percent, up from 27% in Q1 FY27. PN Gadgil said the shift is improving the quality and profitability of its revenue mix.
Anand Rathi Institutional Equities analyst Utkarsh Nopany said better mix could cushion margins. Still, he does not expect margins to regain levels of two to three years ago. High gold prices, he added, remain a constraint.
Retailers are counting on Q3 FY27, covering October to December, to lift demand. The period combines a dense festive calendar with the wedding season. Durga Puja, Karwa Chauth, Dhanteras, Diwali, Chhath Puja and Christmas all fall in this window.
Senco cited an estimated 13.5 million weddings in 2026. It called wedding-led buying largely price inelastic. Kalyan said it is ready with fresh collections, campaigns and new showroom launches. These remain expectations, not confirmed sales.
