Analysts at Elara Capital, in a note last week, projected that retail companies would deliver revenue growth of 12 per cent year-on-year (Y-o-Y) for the quarter. “This will be led by wedding-season consumption and festival demand, driving sequential volume improvement,” the note said.
It added: “Demand is selective, with value-led categories outperforming, while premium recovery remains calibrated and mix-driven. Channel checks suggest sharper assortment planning and new product launches are driving incremental footfall, with customer conversion at higher price points.” Analysts also cautioned that elevated discounting and seasonal promotions may weigh on margins.
Jewellery tops the quarter
Titan Company reported a 41 per cent Y-o-Y growth in its jewellery portfolio for the quarter, boosted by higher average selling prices, which offset flat buyer growth. To navigate elevated gold prices, Tanishq introduced a gold exchange offer that “sustained consumer engagement beyond the traditional festival window”, the company said. Meanwhile, gold coin sales nearly doubled Y-o-Y, “reinforcing their strong investment proposition”.
Rival Kalyan Jewellers described the quarter as very encouraging, with consolidated revenue rising about 42 per cent Y-o-Y, driven mainly by strong festival demand. “Demand after Diwali remained robust despite gold-price volatility. Growth was broad-based across plain gold and studded categories, and the quarter recorded healthy same-store sales growth of roughly 27 per cent,” the company said.
Tata Group’s apparel arm, Trent — which operates Westside and Zudio — reported a 17 per cent Y-o-Y revenue growth to ₹5,220 crore, opening 17 new Westside and 48 new Zudio stores during the quarter.
Elara Capital said in a note that an extended wedding season and occasion-led buying lifted demand for wedding wear, even as “broader discretionary spending remained measured”. Seasonality and wedding gifting also supported modest growth in luggage sales. With elevated competition, “sales are driven by new launches and product differentiators”, the analysts observed.
Nuvama Institutional Equities, in its sector preview, forecast a subdued December quarter overall, with jewellery retailers standing out. “Titan posted robust 40 per cent growth in its core jewellery segment, mirroring strong trends among other jewellers. Value retail formats struggled again, weighed down by a high base from Pujo and delayed winter wear sales. Footwear companies are likely to continue exhibiting weakness, consistent with prior quarters,” the report said.
It added: “Quick-service restaurants face persistent soft demand, except for Restaurants Brand Asia and Jubilant FoodWorks, which achieved over 5 per cent like-for-like growth. Electronics retailers are also likely to report subdued performance.”
 "Retail sector, festivals, Weddings")