As bullion stabilises, investors rally behind Indian jewellery brands with robust earnings, retail expansion, and strategic agility.
Even as gold prices take a breather from their recent highs, India’s leading jewellery stocks have continued to glitter. In the first quarter of FY26, shares of PC Jeweller, Kalyan Jewellers, Senco Gold, and Titan Company have climbed between 10% and 45%, underscoring investor confidence in the sector’s resilience and long-term fundamentals.
What’s fueling the optimism isn’t just sentiment—it’s strong performance on the ground. Each of these companies posted upbeat Q1 updates, driven by festive demand around Akshaya Tritiya, expanding retail footprints, and a shift in consumer preferences toward lightweight gold jewellery and coins. Brands also benefited from effective marketing and disciplined financial management, making jewellery one of the most attractive pockets in an otherwise cautious equity landscape.
PC Jeweller: Rallying on a Debt-Free Mission
Leading the pack is PC Jeweller, which surged 44% in FY26 so far. A staggering 80% jump in Q1 revenue, fuelled by strong wedding and festival buying, was complemented by the company’s ongoing debt-reduction strategy. Having already cut bank borrowings by 50% in FY25, PC Jeweller shaved off another 7.5% this quarter. Its goal to become completely debt-free by year-end has sent a clear signal to investors—and the stock has responded accordingly.
Senco Gold: Festive Tailwinds and Smart Retailing
Senco Gold has seen its share price rise around 25%, with Q1 revenue up 28% year-on-year. Buoyed by footfall during regional festivities like Poila Baishakh, Akshaya Tritiya, and Baisakhi, the brand also reported a 19% growth in same-store sales. Even as gold prices climbed 32% over last year, Senco sustained demand through strategic initiatives like old gold exchange—accounting for 40% of sales. Nine new stores and creative campaigns like The Golden Curve and Bangle Utsav bolstered its visibility and appeal in Tier 1 and Tier 2 markets.
Titan Company: The Steady Performer with Global Vision
Titan, the most established name among the four, posted a 12% gain—a modest return, but one built on solid ground. Tanishq’s domestic jewellery revenue grew 18% in Q1, with consumers gravitating toward lightweight pieces and gold coins. Though studded jewellery saw a more tempered volume growth, higher ticket sizes helped offset the impact.
International performance stood out, with US jewellery sales nearly doubling year-on-year, contributing to a 49% rise in global jewellery revenue. Titan also added 19 jewellery stores across India, and opened new doors in Dubai and Sharjah, reinforcing its global push. Growth in adjacent categories—23% in watches, 12% in eyewear—strengthened its position as India’s most diversified luxury play.