India’s organised jewellery stocks sector opened FY26 on a strong footing, with Titan Company, Senco Gold, and Kalyan Jewellers reporting robust business momentum during early trading on Wednesday after announcing their quarterly updates on Tuesday. The rally reflects a combination of festive-season demand, premiumisation trends, and steady expansion across domestic and international markets, even as gold prices remain near record highs.
Among the three, Titan Company’s stock touched a fresh all-time high, while Senco Gold posted sharp gains and Kalyan Jewellers continued its steady upward trajectory, reinforcing investor confidence in the sector’s structural growth story.
Titan Company: Portfolio Expansion and Premiumisation Drive Growth
Titan Company’s jewellery division once again emerged as the key growth engine, benefiting from higher average selling prices (ASPs) that more than compensated for moderation in buyer volumes. Management indicated that gold coin sales nearly doubled, while plain gold jewellery grew in the high-thirty percent range. Studded jewellery also recorded double-digit growth, supported by resilient consumer demand during the festive season.
Importantly, Titan reported strong like-for-like (LFL) sales growth across all formats, signalling healthy underlying demand rather than growth driven solely by store additions.
A notable strategic development was the launch of “beYon”, Titan’s lab-grown diamond brand aimed at everyday fashion consumers. This move complements its established natural diamond brands Tanishq and CaratLane, positioning Titan to capture demand across price points as consumers increasingly explore affordable diamond alternatives.
Titan also continued aggressive store expansion, adding new outlets both in India and overseas, including North America, reinforcing its long-term international growth ambitions.
Outside jewellery, the watches division recorded around 13% growth, driven by festive demand, rising interest in analogue watches, and a broader premiumisation trend—further diversifying Titan’s earnings base.
Senco Gold: Strong Festive Execution and Franchise-Led Expansion
Senco Gold delivered standout performance during the festive quarter, driven by strong retail execution and focused marketing campaigns across physical stores and digital channels. Management highlighted exceptional standalone sales growth, with diamond jewellery continuing to gain traction among customers.
The company’s showroom network expanded meaningfully, with new franchise-led additions taking the total store count to nearly 200 outlets. This asset-light expansion strategy allows Senco to scale quickly while maintaining return ratios.
Rising gold prices up to nearly 23% during the quarter however, did not dampen consumer interest. Instead, elevated prices appeared to reinforce gold’s role as both a cultural and investment asset, supporting transaction volumes during festivals and weddings.
Looking ahead, Senco is positioning itself for the upcoming wedding season and has guided toward 25%+ growth in FY26, supported by network expansion, brand visibility, and growing diamond jewellery contribution.
Kalyan Jewellers: Broad-Based Growth Across Geographies
Kalyan Jewellers reported a strong consolidated revenue pickup, aided by resilient post-Diwali demand and improving performance across its domestic India operations. Both plain gold and studded jewellery recorded positive sales trends, with healthy same-store sales volume growth despite volatility in gold prices.
International operations continued to perform well, with markets in the Middle East, UK, and the US contributing meaningfully to topline growth. Kalyan’s digital-first platform Candere delivered sharp growth during the quarter, highlighting rising online demand for organised jewellery.
The company maintained its aggressive expansion strategy, opening dozens of new outlets across geographies, taking its global store count close to 470 locations—one of the largest footprints among Indian jewellery retailers.
Sector View: Gold Rally Fails to Dent Demand
The strong quarterly performance across leading jewellery retailers underscores a broader sectoral trend: high gold prices are no longer a demand deterrent. Despite gold prices rising nearly 65% year-on-year, festive buying, weddings, and gold exchange programmes sustained consumer interest.
A key structural shift supporting the sector is the continued move toward organised retail, as customers increasingly prioritise trust, transparency, and product certification—benefiting established brands like Titan, Kalyan, and Senco.
Another emerging growth lever is lab-grown diamonds, which are gaining acceptance due to affordability and design flexibility. Industry estimates suggest this segment could grow at a ~20% CAGR, creating incremental demand rather than cannibalising natural diamonds.
Market Implications and Investor Takeaway
The Q3 FY26 updates reinforce the jewellery sector’s transformation from a cyclical, price-sensitive industry into a brand-led, organised retail growth story. While near-term margins may fluctuate with gold price volatility, scale, sourcing efficiency, and premium offerings are enabling leading players to protect profitability.
From a market perspective:
- Titan remains the benchmark play on premium jewellery and lifestyle consumption
- Senco Gold offers a high-growth, franchise-driven expansion story
- Kalyan Jewellers provides diversified exposure across geographies and channels
With festive demand, wedding season visibility, and expanding store networks, organised jewellery retailers appear well-positioned for sustained growth in FY26—making the sector one of the more resilient consumer themes in the current market environment.
Kaashika is a social media strategist and financial content creator at Lakshmishree. She specialises in simplifying complex IPO and stock market concepts into clear, easy-to-understand content. Having created over 500+ pieces of financial content across reels, blogs, website posts and digital creatives, Kaashika helps audiences connect with the world of finance in a more accessible and engaging way.
