Malabar Gold & Diamonds expects strong double-digit growth in the second half of FY26, buoyed by festive spending, rising rural consumption, and a surge in digitally influenced purchases. The company, among India’s largest jewellery retailers, is also gearing up for a potential IPO as it consolidates operations and scales up across new markets.
According to Asher O, Managing Director of India Operations, shoppers are increasingly blending digital research with physical store visits before buying. “Consumers may not complete purchases online, but their decisions are deeply shaped by digital exploration. This behaviour is shaping our retail strategy,” he told ETRetail.
The company currently operates 262 outlets across India and over 150 international stores in 14 countries, including the US, UK, UAE, Australia, and Singapore. Malabar plans to expand its global footprint to over 410 stores by the end of FY26, with more than 35 new stores expected to open in India over the next few months. Tier II and Tier III cities are driving this growth, supported by rising disposable incomes and increasing exposure to global trends through social media.
The jeweller recently inaugurated a new 9,500 sq ft showroom in Delhi’s Vaishali Enclave, replacing its Pitampura outlet. Bollywood actor and brand ambassador Anil Kapoor attended the opening.
On the financial front, Malabar expects its India retail revenue to rise from ₹42,000 crore in FY25 to around ₹54,000–₹55,000 crore in FY26, while global B2C revenue is projected to exceed ₹76,000 crore.
Malabar continues to focus on natural gold and diamond jewellery but remains watchful of the lab-grown diamond trend. The company’s integrated manufacturing and design operations help sustain competitive pricing, while a unified “one-year-one-rate” policy across states strengthens consumer trust.
