India, Oct. 12 -- Gold retailers reported strong but moderating growth in the September quarter, as the festive season extended into the December quarter of fiscal year 2026-27 (FY27). "The festive and wedding season this time around is a bit delayed compared to the base quarter, which has led to growth moderation," said Deep Shah, analyst at brokerage firm Equirus Securities. "Additionally, our channel checks suggest that amid the falling gold prices, consumers are awaiting stability in gold prices, which has also impacted the footfalls," Shah said. The largest listed player, Titan Co Ltd, reported a 25% year-on-year growth in its revenue for Q2 FY27, driven by performances across its jewellery, watches and eyewear segments, according to its quarterly update. This contrasts with the three quarters of 40%+ growth. The company reported 21.9% on-year revenue growth in Q2 FY26. Titan will be affected by a high base in the coming quarters, too, according to Nomura. "In addition, the benefits of high gold prices could fade if gold prices remain at these levels, indicating that revenue growth may see optical moderation on a quarter-on-quarter basis from Q3 onwards," analysts at Nomura said in a 7 October report. Kalyan Jewellers Ltd reported a revenue growth in excess of 26% when compared to the year-ago quarter, the company said in the quarterly report. In comparison, in Q2 FY26 , Kalyan Jewellers reported a 30% on-year increase in consolidated revenue. The company had strong revenue growth last year, the highest at 66% on-year in Q4 FY26. Gold price volatility is also prompting customers to make purchase decisions after much consideration. Gold prices have dropped about 10% in the last six months, but are still trading above Rs.1,50,000 for 10 grams of 24-karat gold. Senco Gold Ltd said the company is showing strong resilience despite price volatility. "Q2 revenue growth accelerated to 29% on-year at the retail level, supported by 19% growth from existing stores (SSSG growth)," the company said. "We also achieved the highest-ever top line of Rs.5,000 crore in the first half of FY27 and a coveted landmark of Rs.10,000 crore sales on a trailing-12-month basis," Senco said in its quarterly update. PN Gadgil Jewellers Ltd reported a 22.4% on-year growth in revenue, while PC Jeweller Ltd reported a 28% growth rate. The product mix will be important in determining the margin trajectory. "Coins demand tapered (off a high base), resulting in a high single-digit decline on-year," Titan said. PN Gadgil reported that the share of gold coin and bar sales in retail revenue normalized to ~15.8%, compared with ~23.3% in the year-ago quarter. "The continued moderation in the lower-margin gold coin business, coupled with the increasing contribution from retail and studded jewellery, is driving a sustained improvement in the overall quality and profitability of the revenue mix," PN Gadgil said in its quarterly update....