Synopsis : India's jewellery retailers delivered another strong quarter as festive demand and store expansion powered robust sales despite record-high gold prices. While Titan and Kalyan Jewellers posted impressive growth, small-cap Senco Gold outpaced both with 60% revenue growth while trading at a steep valuation discount.
India's jewellery retail sector continues to shine despite record-high gold prices.
The June 2026 quarter once again demonstrated that strong consumer demand, festive buying and expanding retail networks continue to support sales growth across the organised jewellery industry. Even after higher import duties and elevated gold prices, leading retailers reported healthy revenue growth.
While Titan Company remains the undisputed market leader, one smaller listed player has quietly delivered the strongest growth during the quarter.
Strong quarter across the jewellery industry
Gold prices averaged nearly ₹1.44 lakh per 10 grams during the June 2026 quarter, almost 41% higher than a year ago.
Despite expensive gold, demand remained resilient during festivals such as Akshaya Tritiya and Bihu, helping jewellery retailers maintain strong momentum.
Q1 FY27 Revenue Growth
- Senco Gold: 60% YoY
- Titan (Domestic Jewellery): 39% YoY
- Kalyan Jewellers: 38% YoY
Titan continues to dominate
Titan's domestic jewellery business recorded 39% year-on-year growth, supported by healthy demand across both plain and studded jewellery categories.
Its international jewellery business expanded even faster, helped by the integration of Dubai-based Damas Jewellery.
The company also continued expanding its retail presence by adding 33 net stores during the quarter, taking its domestic jewellery network to 1,227 outlets.
Titan remains the benchmark for India's organised jewellery industry, backed by strong brand equity and industry-leading profitability.
Kalyan Jewellers maintains steady momentum
Kalyan Jewellers reported consolidated revenue growth of approximately 38% year-on-year during the June quarter.
Same-store sales growth stood at nearly 28%, supported by strong wedding demand and Akshaya Tritiya sales.
The company expanded its network by opening 12 Kalyan showrooms and five Candere stores, taking its total network to 524 outlets across India and international markets.
Senco Gold steals the spotlight
Among the listed jewellery retailers, Senco Gold delivered the strongest quarterly performance.
The Kolkata-based retailer reported approximately 60% revenue growth and 38% same-store sales growth, significantly outperforming larger peers.
Management attributed the strong performance to robust festive demand across eastern India, particularly during Akshaya Tritiya and Bihu, along with continued store expansion.
The company opened eight new showrooms during the quarter, taking its total retail network to 208 stores.
Profitability remains with Titan
Although Senco delivered the highest growth, Titan continues to lead on profitability.
Return on Equity (FY26)
- Titan Company: 37.7%
- Senco Gold: 25.6%
- Kalyan Jewellers: 24.8%
Titan's superior return ratios continue to justify its premium positioning within the sector.
A striking valuation gap
The biggest difference among these companies lies in valuations.
Current PE Multiples
- Titan Company: 79.3x
- Kalyan Jewellers: 26.6x
- Senco Gold: 9.3x
Despite delivering the strongest revenue growth during the June quarter, Senco Gold trades at just 9.3 times earnings—an almost 89% discount to Titan's valuation.
While Titan commands a premium because of its scale, brand strength and consistent profitability, the valuation gap has become increasingly noticeable.
What investors should watch
India's organised jewellery sector continues to benefit from formalisation, rising disposable incomes, expanding retail networks and strong cultural demand for gold.
Titan remains the industry leader, Kalyan continues to strengthen its pan-India presence, while Senco Gold is emerging as one of the fastest-growing regional jewellery retailers.
Whether Senco's strong revenue momentum eventually translates into sustained earnings growth will be one of the key factors investors may watch over the coming quarters.
Disclaimer : This article is intended solely for informational and educational purposes and should not be construed as investment advice or a recommendation to buy, sell or hold any security. Company financials, valuation multiples and quarterly business updates are based on publicly available information. Investors should conduct their own research and consult a SEBI-registered financial advisor before making any investment decisions.
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