P N Gadgil, Kalyan Jewellers, PC Jeweller: How jewellery companies' Q2 updates look like

A major catalyst is the surge in demand—especially in consumer-facing sectors—fuelled by the onset of the festive season, which is expected to lift discretionary spending across categories like automobiles, durables, and retail.

This recovery is further supported by recent GST rate rationalisation, which has reduced the tax burden on various goods and services, boosting disposable incomes and fuelling consumption.

P N Gadgil Jewellers

The company said it has recorded festive season sales of ₹618 crore on Navratri and Dussehra for the financial year 2025–26, reflecting a strong 65% YoY growth over the previous year.

Navratri contributed sales of ₹428 crore, up by 66% YoY, while Dussehra alone delivered the company’s highest-ever single-day festive sales of ₹190 crore, increased by 64% YoY.

The Gold segment remained the key growth driver, with revenue rising 64% YoY, supported by healthy performance in Diamond by 47% and Silver up by 133%.

Despite gold prices surging over 50% YoY and 18% QoQ, demand stayed strong. Gold volume increased by 10% to 456 kg, while diamond and silver volumes grew by 53% and 64%, respectively.

Dr Saurabh Gadgil, Chairman and Managing Director of P N Gadgil Jewellers, said, “Crossing record sales during Navratri and Dussehra, with Dussehra delivering our highest-ever single-day festive sales, is a proud milestone for PNG Jewellers. This milestone is the result of the festive spirit and the enduring bond we share with our customers. Gold once again emerged as the leader of growth, with Diamond and Silver also contributing significantly."

In line with the positive response to last Navratri’s ‘Nine Days, Nine Stores’ campaign, "we brought PNG Jewellers even closer to our patrons this Navratri through 6 exclusive PNG Jewellers showrooms and 4 LiteStyle shop-in-shop stores, offering greater convenience and choice," the MD added.

The chairman further said the company will remain on offering contemporary designs with the craftsmanship and service that PNG Jewellers is known for, while strengthening our presence across PAN India. "We see this as a strong beginning to the festive quarter and are confident of building on this momentum," Gadgil added.

PC Jeweller

PC Jeweller, in its business update for the quarter ended September 30, 2025 (Q2 FY26), said it has concluded the quarter with a strong performance driven by strong consumer demand during the ongoing festive season, achieving standalone revenue growth of approximately 63%, compared to the corresponding quarter of the previous financial year.

Further, the company has successfully reduced its outstanding debt that was payable to its banks by approximately 23% during this quarter. This is in addition to the reduction of approximately 9% already done during the first quarter of this financial year and the reduction of more than 50% that was already done in the previous financial year.

This debt reduction is in line with the company’s goal of becoming debt-free by the end of FY 2025-26, PC Jeweller said in its press release.

During the quarter, the company expanded its retail presence by opening a franchise-owned showroom in Pitampura, Delhi. This addition further strengthens PC Jeweller’s footprint in the region and supports its strategy of balanced growth through a mix of company-owned and franchise showrooms.

Looking ahead, the company said it is confident about building on its strong performance in the upcoming quarters and is focused on reclaiming its leading market position, which it has held in the past.

Kalyan Jewellers

Kalyan Jewellers said the recently concluded quarter has been a very gratifying one, recording consolidated revenue growth of approximately 30% when compared to the same period in the previous financial year.

"Our India operations witnessed revenue growth of approximately 31% during Q2 FY2026 as compared to Q2 FY2025, 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 negated the impact of the higher base due to the customs duty reduction in India during Q2 of the last financial year. The quarter recorded healthy same-store-sales growth of approximately 16%," the company said in its Q2 business update.

During the recently concluded quarter, the company launched 15 Kalyan showrooms in India, two showrooms in the Middle East and 15 Candere showrooms in India.

The company said its digital-first jewellery platform, Candere, recorded a revenue growth of approximately 127% during the quarter as compared to the same period during the last year.

"The ongoing quarter has started off well, and we are encouraged by robust footfalls across all our major markets. We are upbeat about the ongoing season and are fully prepared with fresh collections, campaigns and the launch of 15 more Kalyan showrooms before Diwali," the company said.

As of September 30, 2025, the total number of showrooms across India and the Middle East stood at 436 (Kalyan India – 300, Kalyan Middle East – 38, Kalyan USA – 2, Candere – 96).

How shares are performing

P N Gadgil Jewellers was trading around 2.5% higher at ₹644.30 on the NSE. Shares of PC Jeweller were trading 0.22% lower at ₹13.38 apiece on the NSE, while Kalyan Jewellers India was down nearly 2% at ₹483.