Old gold now funds 38% of PNG Jewellers' Q2 sales
The share was 29% a year earlier, on figures still subject to auditors' limited review. Revenue rose 22.4% at PNG and more than 26% at Kalyan Jewellers in the quarter to 30 September.
By The Retail Desk
What changed
The customer's own metal paid for more of it. Old gold exchange made up 38% of PNG Jewellers' quarterly sales against 29% a year earlier. Revenue rose 22.4% at PNG and more at Kalyan Jewellers.
What it means
- If you buy old gold: More than a third of one chain's sales are funded by the customer's metal.
- If you read Indian revenue growth: PNG's 22.4% sits beside an 83.6% fall in e-commerce. The mix matters.
- What this is not: Audited, or comparable between the two chains.
Key figures
| Old gold exchange share of PNG salesfrom 29% in Q2 FY26 | 38% |
|---|---|
| PNG Jewellers revenue growthdespite Navratri moving to Q3 | 22.4% |
| Kalyan consolidated revenue growthIndia up about 27%, SSSG about 20% | 26%+ |
| Kalyan showrooms at 30 September365 India, 42 international, 138 Candere | 546 |
Source: Company-reported figures for the quarter ended 30 September 2026 (Q2 FY27), published by GJEPC on 9 October 2026. Both companies state the figures remain subject to limited review by their statutory auditors.
A third paid in metal
Thirty-eight from twenty-nine. Old gold exchange reached 38% of PNG Jewellers' Q2 sales, against 29% a year earlier.
Studded moved too. The retail studded jewellery ratio rose to 11.8% from 9% a year earlier, which the company attributes to stronger diamond jewellery demand.
Coins came out. E-commerce revenue fell 83.6% on what PNG calls a strategic reduction in lower-margin gold coin sales, against retail growth of 31.1%.
| Measure | Kalyan Jewellers | PNG Jewellers |
|---|---|---|
| Consolidated revenue growth | over 26% | 22.4% |
| Same-store sales growth | about 20% (India) | 25.5% (retail) |
| Retail / franchise detail | India about 27%, international 18% | retail 31.1%, franchise 34.7% |
| E-commerce / digital | Candere about 64% | down 83.6%, gold coins cut |
| Old gold exchange share | Not published | 38%, from 29% |
| Studded ratio | Not published | 11.8%, from 9% |
| Stores at 30 September | 546 (365 + 42 + 138 Candere) | 80 (79 India, 1 US) |
| Stated plan | 4 more Akshaya Thanga Maligai franchises in FY27 | about 23 more in FY27, to around 103 |
Notes on this table
The two columns are not like for like and are printed side by side for that reason. Kalyan publishes a consolidated group figure with an India and an international split; PNG publishes retail and franchise segments. Neither publishes the other's disclosures, so the empty cells are genuine absences rather than zeros. Both companies state the figures remain subject to limited review by their statutory auditors, with detailed results to follow after board approval, and neither published a profit figure in this release. Kalyan's Middle East growth of 12% is stated as driven entirely by same-store sales, and its international operations contributed approximately 11% of consolidated revenue.
Kalyan grew on a larger base
Twenty-six and up. Consolidated revenue rose more than 26% year on year. India operations grew approximately 27% on same-store sales growth of around 20%.
Eighteen abroad. International operations grew 18%, including 12% in the Middle East driven entirely by same-store sales, and contributed about 11% of consolidated revenue.
Candere sixty-four. The digital-first brand grew approximately 64%. Kalyan opened nine Candere showrooms in India during the quarter.
Both are still opening
Five hundred forty-six. Kalyan's network reached 546 showrooms at 30 September. It opened 12 showrooms in India during the quarter, a net addition of 11.
Eighty, nearing a hundred. PNG opened two stores during the quarter to reach 80 in total. It plans about 23 more this financial year, for roughly 103 outlets.
Debt and a disposal. Kalyan completed the sale of a non-core property valued at about Rs 86 crore. It expects a second at around Rs 16 crore this quarter, and reports non-GML debt at zero.
What to watch
- After board approvalThe audited Q2 FY27 results from both companies. Every figure here is pre-review and no profit number has been published.
- Q3 FY27Whether Navratri landing in the third quarter lifts PNG's comparative, since the company names that shift as a drag on this quarter.
- Through FY27Whether PNG's old gold exchange share holds above a third, and whether its guided network of about 103 stores is reached.
The story so far
Go deeper
What would change this call
The audited numbers. Both companies state plainly that these figures are subject to limited review by their statutory auditors and that detailed results follow board approval, so any of them can move. The old gold share is the figure most worth re-reading at that point, because it is a mix statistic rather than a revenue line and mix statistics are the ones most often restated once a reporting basis is fixed.
What an old-gold share actually measures
In Indian jewellery retail a customer frequently part-pays by handing over existing gold, which the retailer takes in at an assayed value and credits against the new purchase. That transaction is recorded as a sale at the full ticket, so a rising old-gold share does not reduce reported revenue; it changes what the revenue is made of. Two things follow and they point in opposite directions. The first is that a high old-gold share is a demand support in an expensive market: a customer priced out of a cash purchase at 1,250-rupee-plus gram levels can still transact by converting metal they already own, which keeps units moving when affordability is stretched. The second is that it is a cash-flow and margin question, because the retailer receives metal rather than money and then has to decide whether to remelt, resell or hold it, and the making charge on the new piece is the part of the ticket that is genuinely new income. A share moving from 29% to 38% in a single year is therefore a statement about the customer's purchasing power at least as much as about the retailer's performance, and it cannot be read as either good or bad without the margin disclosure that neither company published here.
Method
One primary, fetched this morning and greped before writing. GJEPC's own page was fetched directly (200, 35,673 bytes, saved to newsroom/sources/2026-10-10/desk/kalyan.html) and every printed figure was confirmed in the raw bytes: '38% from 29%' 1 hit, '22.4%' 1, '26%' 1, '11.8%' 1, '83.6%' 1, '25.5%' 1, '31.1%' 1, '64%' 1, '546 showrooms' 1, '365 Kalyan' 1, '80, including 79' 1. All figures are taken from the page's own body paragraphs; GJEPC's listing chrome and its 'Prev / Next' navigation carry other stories and nothing from them is used. ARCHIVE, period rule, both sides named: entity search for 'Kalyan Jewellers' against website/content/articles.json returns 4 hits, all opened and read — 2026-08-09 (a-forty-six-percent-came-back.html) is a different metric and a different period, 2026-09 (a-one-state-one-banner.html) is a brand-positioning story, and neither of the other two carries a quarterly result. No article in this paper covers Q2 FY27 for either company. Same entity, different reporting period — ADVANCED, and what advanced is that this paper has never printed a Kalyan or PNG quarter and now prints the one ended 30 September 2026. Exclusivity is low and that is stated rather than hidden: the Indian financial press carries these releases in English on the same day, and the reason to print it here is the old-gold mix figure rather than the growth rates. No quotation is carried; neither company's release contains a figure-bearing quotation worth the allowance. No percentage here is Carat Capital's own division: every figure is the company's, reproduced at the precision the source gives it, and the two columns of the table are deliberately not reconciled because the companies report on different bases.