India, Sept. 30 -- A jewellery retailer does not necessarily need hundreds of stores to generate large revenue. Lalithaa Jewellery offers an interesting example, with a much smaller store network but significantly higher revenue generated per store than several organised jewellery peers. The contrast with Titan is particularly striking because Titan has built one of India's largest organised jewellery networks, while Lalithaa has concentrated on large-format stores in South India.

The latest peer comparison in the Lalithaa prospectus shows Rs 410.23 crore of operating revenue per store for Lalithaa in FY26, against Rs 51.01 crore for Titan. That works out to roughly 8X higher revenue per store. The same FY26 comparison shows 61 stores f...