The country’s top two organised jewellery retail firms — Titan and Kalyan Jewellers — reported double-digit sales growth in the June quarter (Q1FY26), their latest business updates said. While Titan reported a 20% year-on-year growth in its consumer business in Q1, Kalyan Jewellers reported a 31% year-on-year increase in consolidated revenue for the quarter.
The financial performance comes amid volatility in gold prices and geopolitical tensions in West Asia during the period.
The Tata Group-managed jewellery and watchmaker added 10 stores during the April-June quarter, taking its combined retail network presence to 3,322 stores in Q1.
The company’s jewellery division, which contributes over three-fourths of its revenue, reported an 18% growth in the domestic market and added 19 stores. Akshaya Tritiya was the chief contributor to sales, though gold price volatility was a challenge, impacting buyer growth for Tanishq, Mia, Zoya and CaratLane, the company said.
Also, customers preferred light-weight and lower-karatage jewellery amid the volatility in gold prices, with gold coins showing strong gains, while plain gold grew in mid-teens and studded segment growth in early double digits. Sales for CaratLane were in healthy double-digits of 38%, Titan said.
Kalyan Jewellers, on the other hand, said both its India business and international operations reported revenue growth of 31% each, compared to the same quarter last year. The company derives 15% of its consolidated topline from international operations, while 85% of its consolidated turnover comes from India. The India business growth was driven by robust Akshaya Tritiya sales and wedding demand, it said. Same-store sales growth (SSG) for India business stood at 18% during the quarter.
In West Asia, Kalyan Jewellers witnessed revenue growth of 26% for Q1, despite geopolitical issues. The company’s digital-first jewellery platform, Candere, reported a revenue growth of 67% in Q1, it added.
During the quarter, the company launched 10 Kalyan showrooms and eight Candere showrooms in India. One Kalyan store was launched in the US. At the end of the June quarter, the company’s total number of showrooms across India and West Asia stood at 406.
For FY26, the company plans to launch 170 showrooms across its Kalyan and Candere formats. This will include 80 Kalyan stores and 50 Candere showrooms in India.