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In the retail jewellery segment, major listed players are likely to record revenue growth of about 35 per cent year-on-year in FY26. This expansion is expected to be driven by continued store rollouts and increasing market share as the industry becomes more organised. Growth is projected to ease to around 20–25 per cent in FY27.

According to Raunak Modi, Assistant Director at CareEdge Ratings, organised jewellery retailers in India are set to deliver revenue growth exceeding 35 per cent in FY26. He attributed this to resilient consumer demand for jewellery despite elevated gold prices, stronger market share gains resulting from the rapid formalisation of the sector, and ongoing network expansion through new store openings.

Gross margins are forecast to improve by 170 to 200 basis points in FY26, largely supported by inventory gains from unhedged gold holdings. However, they are expected to settle back to a range of 14 to 14.5 per cent in FY27. EBITDA margins are likely to stand at 6.5 to 7 per cent in FY27, with profitability facing some pressure from the upfront expenses associated with opening new stores.

CareEdge’s analysis of six leading listed jewellers indicates that they collectively added around 310 outlets in FY26. This marks the second consecutive year in which store additions exceeded 300. Even so, the pace of expansion relative to the existing network slowed to 11 per cent, roughly half the earlier rate, suggesting a more measured approach to growth.

Franchise-operated outlets are expected to make up 62 per cent of the total retail network in FY26, up from less than 60 per cent in FY23.