IGI Logo

Weddings and festivities aid growth; double-digit SSSG continues

Kalyan Jewellers (KALYAN) released its pre-quarterly update for 2QFY26. Here are the key takeaways:.

Company level

* KALYAN reported consolidated sales growth of ~30% YoY (est. 26% in 2QFY26, 31% in 1QFY26, and 37% in 2QFY25). ? During 2QFY26, the company launched 15 Kalyan showrooms in India, 2 showrooms in the Middle East, and 15 Candere showrooms in India.

* On 30th Sep’25, the total number of stores stood at 436, with 300 stores of Kalyan India, 96 stores of Candere, 2 stores in the US, and 38 stores of Kalyan Middle East.

* KALYAN’s 3QFY26 has started well, and the company is experiencing robust footfalls across all major markets. It is upbeat about the ongoing season and is fully prepared with fresh collections, campaigns, and the launch of 15 more Kalyan showrooms before Diwali.

India division

* India business grew ~31% YoY (est. 28%) during the quarter, vs. 31% YoY growth in 1QFY26 and 39% YoY growth in 2QFY25. The growth was driven primarily by robust wedding demand and a strong start to the festive season.

* Navratri sales, which were not part of the base quarter revenue, partially offset the impact of the higher base due to the customs duty reduction in India during 2QFY25.

* The quarter recorded a healthy SSSG of ~16% vs. 18% in 1QFY26 and 23% in 2QFY25.

* The company added 15 new Kalyan showrooms in India during the quarter.

International division

* Revenue grew ~17% YoY in 2QFY26.

* In the Middle East, KALYAN witnessed ~10% YoY revenue growth in 2QFY26, driven predominantly by SSSG.

* International markets contributed ~12% to KALYAN’s consolidated revenue for 2QFY26.

* The company opened two showrooms in the Middle East during the quarter.

Candere

* Candere recorded ~127% YoY revenue growth in 2QFY26.

* Management has been encouraged by the significant improvements in showroom footfalls, web traffic, and revenue growth YoY.

* The company opened 15 Candere showrooms during the quarter.

For More Research Reports : Click Here 

For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412