Malabar Gold & Diamonds is eyeing strong double-digit growth in the second half of FY26, powered by festive demand, a rebound in discretionary spending, and a surge in rural consumption. The jewellery major’s growth strategy is increasingly shaped by digitally influenced purchase journeys and its continued expansion into Tier 2 and Tier 3 markets.

“As consumer journeys become more digital, shoppers are browsing and comparing products online before walking into stores to make the final purchase. This omnichannel behavior is now at the heart of our retail expansion,” said Asher O., Managing Director – India Operations.

Malabar currently operates 262 stores across India and over 150 international outlets in 14 countries, including the US, UK, Canada, Australia, New Zealand, Singapore, Malaysia, and the GCC region. The company aims to cross a global count of 410 stores by the end of FY26, with over 35 new showrooms slated to open in India over the next few months.

Tier 2 and Tier 3 cities have emerged as major growth engines, supported by rising disposable incomes, social media exposure, and aspirational consumption patterns. “Even in agriculture-led districts, post-harvest income is translating into gold purchases. Lightweight, contemporary designs are seeing the highest traction in these markets,” Asher added.

Recently, the brand relocated its Pitampura showroom to a new 9,500 sq. ft. space at Vaishali Enclave, Delhi, which was inaugurated by Bollywood actor and brand ambassador Anil Kapoor.

On the financial front, Malabar expects its India retail revenue to climb from Rs.42,000 crore in FY25 to around Rs.54,000–Rs.55,000 crore in FY26. Its global B2C revenue is projected to surpass Rs.76,000 crore.

The company continues to focus on natural gold and diamond jewellery while keeping a close watch on the evolving lab-grown diamond (LGD) segment. “We are exploring lab-grown diamonds, but our core remains natural diamonds. At the same time, 18-carat collections are showing strong growth alongside traditional 22-carat designs,” Asher said.

Malabar’s pricing advantage stems from its backward-integrated manufacturing setup, with multiple production units and design studios across India. Its ‘one-year-one-rate’ pricing model ensures uniform rates nationwide, reinforcing customer trust.

The group is also in the process of consolidating its operations in preparation for a potential IPO, signaling its intent to strengthen governance and scalability ahead of public listing.