Mumbai, Oct. 9 -- The retail segment recorded 31.1% year-on-year growth, supported by same-store sales growth of 25.5%. The franchise business grew 34.7%, while e-commerce revenue declined 83.6% following a strategic reduction in low-margin gold coin sales and a shift towards higher-margin jewellery products.

Gold coin and bar sales accounted for around 15.8% of retail revenue in Q2 FY27, compared with 23.3% in the year-ago quarter. The company said the changing sales mix, along with a higher contribution from retail and studded jewellery, was improving the quality and profitability of its revenue mix.

Category-wise, gold revenue grew 23.5% year-on-year, while diamond and silver revenue increased 21% and 12%, respectively. The retail st...