In India’s jewellery trade, Titan has always been the benchmark for scale, brand power and retail discipline.

But now there’s a challenger.

Kalyan Jewellers , once a Thrissur-based family outfit, is increasingly being pitted against the jewellery giant. And with good reason.

In FY25, Kalyan’s revenue rose about 35% to roughly Rs 25,000 crore, nearly 2x faster than Titan’s 18% growth.

For a business that spent decades confined to the South, that catch-up pace is striking.

The momentum continued into the new financial year. In the June quarter, consolidated revenue jumped 31% year-on-year to Rs 7,268 crore, on the back of same-store sales growth of 18% and a 30% leap in the studded-jewellery segment.

Titan , by contrast, managed 24% growth in jewellery excluding bullion.

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