PC Jeweller vs Senco Gold vs Kalyan Jewellers: As the Q2 results season approaches, companies have begun releasing their business updates for the September quarter, offering investors an early view of their performance.
Jewellery players such as PC Jeweller, Senco Gold and Kalyan Jewellers have also announced their September quarter business updates, giving a sneak peak into how the companies performed during the quarter.
Q2 business updates
PC Jeweller Q2 business update FY27
Jewellery retailer PC Jeweller posted a strong business update for the second quarter, with consolidated revenue increasing 28% year-on-year in Q2 FY27, supported by healthy consumer demand.
The company also reported a significant improvement in its financial position after becoming debt-free during the September quarter. PC Jeweller said it had fully repaid its outstanding borrowings from all 14 consortium banks, completing the repayments ahead of the scheduled timelines.
According to Seema Srivastava, Senior Research Analyst at SMC Global Securities, PC Jeweller staged a dramatic turnaround, achieving a debt-free status after clearing its legacy bank dues and resolving export receivables, making it an intriguing special-situation play.
Nevertheless, its past corporate governance and financial restructuring overhang mean it carries higher structural risk for conservative long-term compounding compared to its peers.
Senco Gold Q2 business update FY27
Senco Gold reported a 29% year-on-year (YoY) increase in retail revenue during Q2FY27, driven by a 19% rise in same-store sales growth (SSSG), reflecting continued strength and customer loyalty across its existing store network. Overall revenue growth for the quarter was stronger at 31% YoY.
The company also recorded its highest-ever topline of more than ₹5,000 crore in the first half of FY27. On a trailing twelve-month (TTM) basis, Senco Gold crossed the ₹10,000 crore sales milestone for the first time.
Srivastava said that the company demonstrated stellar operating metrics, crossing a major milestone with a Trailing Twelve Month (TTM) topline exceeding 10,000 crores, backed by a healthy 19% Same-Store Sales Growth (SSSG), strong diamond stud ratio improvements, and disciplined regional expansion, positioning it as an efficient mid-to-large cap compounding candidate.
Kalyan Jewellers Q2 business update FY27
For the quarter under review, Kalyan Jewellers reported consolidated revenue growth of more than 26% year-on-year (YoY), supported by strong operating performance and healthy same-store sales growth across its key markets in India, despite a high base from the previous year.
The company’s India business recorded approximately 27% YoY revenue growth in Q2FY27, while same-store sales growth stood at 20%. Meanwhile, revenue from the international business increased around 18% during the quarter compared with the corresponding period of the previous financial year.
“Kalyan Jewellers remains the premier institutional scale choice, boasting a massive multi-geography footprint of 546 showrooms, stellar execution across domestic and Middle Eastern markets, zero non-GML debt, and an exceptional 64% growth surge in its digital-first lifestyle brand Candere,” Srivastava said.
Best jewellery stock to buy after Q2 business update
Sugandha Sachdeva, Founder of SS WealthStreet, while picking PC Jeweller as the top stock to buy, said that the outlook for the stock appears constructive, supported by a meaningful improvement in its balance sheet as well as a strengthening technical setup.
From a technical perspective, she added that the stock has also shown a notable turnaround after rebounding from its March 2026 low of around ₹7.47. It is currently sustaining above its key short-term moving averages, including the 20-day and 50-day EMAs, while the recent price action has been supported by healthy volumes.
“The key hurdle on the upside is placed around Rs. 15.50. A decisive breakout above this level could strengthen momentum further and open the way towards Rs. 19.50 from a medium- to longer-term perspective. On the downside, Rs. 11.80 remains an important support. As long as the stock holds above this level on a weekly closing basis, the broader outlook remains positive,” she said.
Meanwhile, Srivastava said that for a long-term core allocation focused on predictable market-share gains in India’s accelerating organized retail jewellery sector, Kalyan Jewellers and Senco Gold offer superior corporate governance, aggressive yet disciplined network expansions, and robust balance sheets, whereas PC Jeweller suits aggressive investors banking on a post-turnaround re-rating.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
