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Gold rush at the counter: Titan +25%, Kalyan +26% in the September quarter — but coin buying cooled
India’s two biggest listed jewellers told the exchanges their September quarter was strong. Titan’s consumer businesses grew about 25%, with jewellery up about 21% and gold coins down; Kalyan Jewellers’ consolidated revenue rose more than 26% on about 20% same-store growth. Dabur expects its India FMCG business to hit double-digit growth, and Mamaearth-owner Honasa expects early-thirties growth — while flagging inflation.
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What the filings say (quarter ended 30 Sep 2026, provisional):
| Company | Hard print or company range | Notes |
|---|---|---|
| Titan Company | Consumer businesses c.25% YoY · domestic 22% · jewellery (all brands) c.21% | 78 net stores added; 3,758 stores in all |
| Kalyan Jewellers | Consolidated revenue growth in excess of 26% · India ~27% · international ~18% | Same-store sales growth ~20%; 546 showrooms |
| Dabur India | Consolidated revenue double-digit growth expected (range) | India FMCG to hit double digits — “strongest in recent quarters” |
| Honasa Consumer (Mamaearth) | Net sales value growth early thirties expected (range) | Mamaearth high-teens; younger brands ~mid-forties |
The twist inside Titan’s numbers: plain gold jewellery grew about 20% and studded jewellery grew in the early thirties — but investment-led gold coin sales fell by a high single digit against a high base. Buyer numbers grew only mid-single digits; the growth came mostly from bigger bills (average ticket size up double digits).
Takeaway: Indians kept buying jewellery in the September quarter — at higher ticket sizes — even as coin buying cooled. Ranges are company guidance, not results. Not investment advice.
Analysis
Titan: jewellery, watches and eyewear all in the 20s
Titan’s filing (6 Oct) shows growth across its consumer businesses. Rounded company figures, quarter on year-ago quarter:
| Business | YoY growth | Stores added (net) | Total stores (Sep ’26) |
|---|---|---|---|
| Jewellery (all brands) | 21% | 42 | 1,269 |
| — Tanishq, Mia, Zoya, beYon | 20% | 29 | 875 |
| — CaratLane | 32% | 13 | 394 |
| Watches | 30% | 34 | 1,379 |
| EyeCare | 28% | — | 847 |
| Emerging businesses | 21% | 1 | 99 |
| International | 97% | 1 | 164 |
| Consumer businesses | 25% | 78 | 3,758 |
Titan’s numbers exclude bullion and digital-gold sales. International growth of 97% includes Damas Jewellery (67% held), consolidated from January 2026 — so it is not like-for-like.
Titan says demand was healthy “for most of the quarterly period”, with some softening towards the close because the festive calendar shifted into Q3 FY27. That timing matters for October–December comparisons.
Kalyan: same-store growth does the heavy lifting
Kalyan Jewellers’ update (filed 7 Oct, 7:44 a.m. IST):
- Consolidated revenue growth: more than 26%; India ~27%, despite a high base — all nine days of Navratri fell in Q2 last year.
- Same-store sales growth: about 20%.
- International: about 18%; Middle East about 12%, all from same-store growth. International was about 11% of consolidated revenue.
- Candere (lifestyle brand): revenue up about 64%.
- Showrooms: 12 Kalyan showrooms opened in India (net 11), 9 Candere and 1 in the UK; 546 in all on 30 Sep.
- Balance sheet: one non-core real-estate parcel sold for about ₹86 crore; a second (about ₹16 crore) is expected this quarter. The company says debt other than gold metal loans is now zero.
- A new regional brand, Akshaya Thanga Maligai, opened in Chennai in August; four more franchised showrooms are planned this financial year.
Kalyan’s revenue figures exclude bullion.
Beyond jewellery: growth, with a cost warning
- Dabur says demand was steady despite “persistent inflationary pressures”, Middle East tensions and deficit rainfall. Hair oils and shampoos are expected to grow in the high teens, foods and beverages mid-teens, healthcare mid-single digits. Rural continued to outpace urban. Operating margins were hit by inflation, partly offset by price increases; the company expects double-digit profit growth.
- Honasa expects early double-digit operating margins, with offline channels leading growth.
This continues the picture from Tuesday’s filings — DMart, Trent and Nykaa growing, Godrej Consumer and Marico flagging input costs (consumer Q2 updates).
Why it matters
- Bigger bills, not more buyers: at Titan, buyer growth was mid-single digit while ticket sizes grew double digits — so each purchase got costlier on average. Titan does not split that into price and weight, so we cannot say how much is the gold price (our read).
- Coins vs jewellery: the fall in coin demand suggests investment buying cooled, while wear-and-gift jewellery held up.
- Festive timing: both Titan and Kalyan point to a bigger festive and wedding season in Q3 — Kalyan says Tamil Nadu’s biggest season starts 11 Oct.
What to watch
- Full Q2 FY27 results and gross margins, especially at Titan and Kalyan
- RBI’s policy statement today and its read on inflation
- Festive-season demand in October–November
Ranges are company guidance, not reported results. Not investment advice. No politics.
Sources
- Titan Company Limited — Quarterly Update Q2 FY 2026-27, filed 6 Oct 2026 — https://nsearchives.nseindia.com/corporate/TITAN_06102026182232_Q2update202627.pdf
- Kalyan Jewellers India Limited — Quarterly Update Q2 FY2027, filed 7 Oct 2026 — https://nsearchives.nseindia.com/corporate/KALYANKJIL_07102026073927_Q2_Update.pdf
- Dabur India Limited — Update for quarter ended 30 Sep 2026 (Q2 FY27), filed 6 Oct 2026 — https://nsearchives.nseindia.com/corporate/DABURA_06102026125213_Update.pdf
- Honasa Consumer Limited — Quarterly Update Q2 FY27, filed 6 Oct 2026 — https://nsearchives.nseindia.com/corporate/HONASA16_06102026090029_QuarterlyUpdateS.pdf
- Capital Chronicle: DMart, Trent, Nykaa, Marico, Godrej Consumer, AWL Q2 updates
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