Kalyan Jewellers reported its slowest sales growth in four quarters in the July-September period (Q2FY26), with demand tempered by rising gold prices, though festive season sales led by Navratri did offset some of the impact.

Consolidated revenue in Q2 rose 30% year-on-year (y-o-y), Kalyan Jewellers said in its business update released Monday. India operations, which contributes 85-88% to consolidated revenue, saw revenue growth of 31% (y-o-y) in the September quarter, driven by wedding demand and festive sales. Same-store sales growth (SSG) for the period was 16%, lower than the 23% seen in the year-ago period. Rival Titan is yet to release its Q2 business update.

What happened to gold prices?

Gold prices have risen 50% year-to-date, underpinned by strong central bank buying, increase

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