Desk note · industry · Retail / consumption
Business updates filed around 18 October 2026 showed leading jewellery chains posting roughly 22% to 28% revenue growth in the July–September quarter, with Kalyan Jewellers citing about 27% growth in India and strong same-store sales despite Navratri moving into the December quarter this year.
On 18 October 2026, exchange filings and business updates from major jewellery retailers showed double-digit revenue growth in the September quarter of FY27. Kalyan Jewellers said India revenue rose about 27% year on year, helped by roughly 20% same-store sales growth; its international business grew 18% and lifestyle brand Candere rose 64%. Titan, P N Gadgil Jewellers, and PC Jeweller reported similar 22% to 28% ranges in their updates. Navratri and related buying traditionally land in the September quarter, but this year much of the festival calendar shifts toward December. Executives still described the quarter as strong, pointing to wedding bookings, studded jewellery, and higher average tickets even when footfall growth was moderate.
Gold prices near record highs have not stopped Indian households from buying jewellery for weddings and festivals, though the mix tilts toward studded pieces where margins are healthier for retailers. When festivals slip a quarter, some sales simply move with the calendar rather than disappearing, which is what these updates suggest. Same-store growth in the high teens or twenties implies existing showrooms are comping well without relying only on new store openings. That pattern fits other consumption signals from the same month, including strong updates from apparel and electronics retailers, even as equity investors debate whether stocks already price in a perfect festive season.
If you are planning large jewellery purchases, compare making charges and exchange policies across chains; competition stays intense even when headline gold rates are volatile. Small investors watching Titan or Kalyan should read same-store numbers alongside store expansion plans. Suppliers of diamonds and lightweight gold designs benefit when studded growth outpaces plain bullion. Watch November and December updates to see whether the delayed Navratri cluster shows up as an even bigger spike or whether Q2 simply pulled demand forward.
Trade policy / exports
Commerce minister Piyush Goyal said on 22 October 2026 that India’s proposed free-trade agreement with the European Union could become operational within four to five months after signing, with the deal expected to be inked before year-end during his visit to Germany.
Food delivery / quick commerce
Swiggy reported on 22 October 2026 that September-quarter revenue rose 36% to about ₹7,571 crore and the consolidated net loss narrowed to ₹922 crore, as food delivery posted record adjusted core profit of about ₹349 crore while quick-commerce Instamart lost about ₹764 crore at the segment level amid heavier discounting and 69 new dark stores.
Quick-service restaurants / consumers
KFC and Pizza Hut operator Sapphire Foods India said on 22 October 2026 that September-quarter consolidated restaurant sales rose 20% year on year to about ₹885 crore, with KFC India same-store sales up 14% and adjusted EBITDA margin expanding 100 basis points to 7.1% even as the listed stock remained far below its 52-week high.
RBI / government borrowing
On 22 October 2026, the Reserve Bank of India accepted no bids at the scheduled sale of short-dated government treasury bills, the first full cancellation in about seven months, as investors demanded higher yields amid a bond selloff, oil-linked inflation fears, and expectations of more rate hikes after October’s policy minutes.
For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.