Company management said Q2 growth was impacted by timing shifts and a decline in gold coin investment demand, but expects a strong festive season

Thu 8 Oct 2026

Growth above declared figure

4-5%

Gold coin growth in prior quarters

40-60%

Adornment business extra growth

4 to 5 percentage points

Heard on business television between 11:55:28 - 11:58:28 IST.

• Management said the timing shift between September and October festive periods was natural and expected, with underlying growth 4-5% higher than declared.
• Said this quarter saw the first decline in gold coin investment demand after many quarters of 40-60% growth, as customers held back amid price uncertainty.
• Excluding bullion/coins, adornment (jewellery) business growth could be another 4-5 percentage points higher.
• Cited customer confusion over gold price direction due to dollar movements, US bond yields, Japan and interest rate uncertainty, plus speculation on customs duty cuts on gold which management does not expect.
• Expressed optimism for festive season given concentrated wedding dates and expected customer clarity on gold prices.

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