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Organised Indian jewellery retailers to outpace the industry in FY2024:ICRA

Rating agency ICRA expects the organised jewellery retailers in India to continue to outpace the industry in FY2024, aided by planned store additions by a majority of large jewellery retailers and market share gains due to accelerated formalisation of the industry.

The rating agency estimates its sample set of 12 major organised jewellers to record a revenue growth of 12-15% YoY in FY2024, despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10% YoY.

In terms of profitability, operating margin of ICRA’s sample set is likely to remain comfortable and stabilise at around 7.5-8% over the next two years.


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