Gold prices hit the sky this year with record highs near Rs 1 lakh per 10 grams, but the sheen isn’t as bright for the stocks of the jewellers who sell it. From Titan’s quiet resilience to Senco’s steep fall, the year leading up to Diwali 2025 has been a rather testing period for India’s listed jewellery companies. Most fell, a few held on and only one or two managed to actually glitter.
Jewellery industry growing, just not in the equity market
Nomura’s Anchor Report on India Jewellery estimates the market’s current size at $90 billion (Rs 7.5 lakh crore), with a projected rise to $150 billion (Rs 12.5 lakh crore) by FY33. Organised players are still outpacing the broader market, growing 1.5 times faster. But that expansion has come with higher costs lease rates, compliance, and muted margins.
Here’s how each of India’s major jewellers performed as the lights of Diwali 2025 draw near.
Titan Company: Steady amid the swings
In a year when most jewellery stocks declined, Titan managed to stay just above the waterline. The stock edged up about 2%, a modest gain, but enough to prove its reputation as the sector’s safe haven.
At a market capitalisation of Rs 3.1 lakh crore, Titan remains India’s jewellery giant by several orders of magnitude. In the quarter that ended in June 2025 (Q1 FY26), its profit stood at Rs 1,091 crore, with Rs 16,523 crore in sales. The P/E ratio, around 85, remains elevated but justified by consistency.
Nomura’s view: Titan is the dependable compounder, not the momentum play. It expects earnings growth of about 24% annually between FY26 and FY28 as cost pressures ease.
Kalyan Jewellers: Expansion meets market reality
Kalyan Jewellers share price performance has been one of paradoxes. Operationally strong, strategically sound, yet its stock dropped around 34% over the year.
The company’s Rs 49,000 crore market cap indicates its growing dominance, supported by a Q1 FY26 profit of Rs 264 crore and Rs 7,268 crore in sales. Its aggressive expansion of 135 new stores in FY25, and 170 more coming in FY26 has cemented its physical reach, especially in Tier-2 and Tier-3 towns.
But high valuation early in the year left little room for error. Nomura noted that its franchise-led Franchise Owned, Company Operated (FOCO) model has improved capital efficiency but temporarily pressured profit margins.
Bluestone Jewellery: New entrant that sparked early enthusiasm
Bluestone Jewellery share price doesn’t fit in the one-year chart, it hasn’t been listed that long. The company debuted on August 19, 2025, and since then its stock has risen roughly 27%, closing around Rs 694 in mid-October.
For a fresh listing, that’s a strong start. In the June 2025 quarter (Q1 FY26), its sales were near Rs 493 crore, underlining the strength of its hybrid model digital-led discovery combined with expanding experience stores in metros and mini-metros.
Nomura’s research pointed to the same structural shift. India’s online jewellery segment, still just 6% of the market, is expected to double by FY28. Bluestone is one of the few positioned squarely in that lane.
PN Gadgil Jewellers: Reliable, regional, and realistic
PN Gadgil’s year has been steady operationally, soft in market terms. Share price of PN Gadgil fell about 11%, despite maintaining healthy profits and expanding modestly beyond Maharashtra.
In the first quarter of FY26, profit stood at Rs 69 crore, on Rs 1,715 crore in sales. With a P/E of around 36, the valuation remains fair for a mid-sized regional brand.
Nomura’s structural analysis of the sector applied well here: mid-tier organised players are growing faster than the market but still lack the brand heft to attract large-cap investor attention. PNG remains the quiet performer, profitable, disciplined, but low on excitement.
PC Jeweller: Struggling to regain trust
PC Jeweller remained stuck in the past year. The share fell roughly 19% this year, mirroring the market’s continued hesitation to reprice trust.
For the June 2025 quarter (Q1 FY26), profits stood at Rs 162 crore and sales at Rs 725 crore, showing a business still standing, but sentiment is what this company lacks most. With a P/E of about 14, it trades cheap but investors aren’t convinced the worst is over.
Nomura’s report indirectly captured its dilemma in a post-hallmarking era, credibility is currency. And that’s something PCJ is still trying to earn back.
Ethos: A luxury slowdown story
Ethos, the country’s leading luxury watch retailer, slipped around 6% over the past year. Modest by comparison, but telling nonetheless.
Its Rs 7,400 crore market cap and P/E near 80 reflect strong fundamentals but weaker consumer appetite for high-end goods. In its Q1 FY26 earnings, profit stood at Rs 19 crore, as inflation squeezed discretionary spending and buyers turned to gold and silver rather than premium watches.
Nomura flagged this trend in its broader outlook urban luxury spending cycles are shortening, with preference tilting back toward assets with resale value. Ethos remains profitable, but its category faced the chill of shifting consumer mood.
Thangamayil Jewellery: Regional strength, valuation strain
Thangamayil Jewellery share price lost around 17% this year, reflecting investor fatigue more than business weakness.
In the quarter that ended in June 2025 (Q1 FY26), profit came in at Rs 46 crore, on Rs 1,558 crore in sales. The P/E near 59 mirrors Titan’s premium but without national scale.
Nomura noted that southern India’s organised jewellery markets, where Thangamayil dominates, are mature. Growth now depends on northward expansion something the company is only starting to explore. Until that happens, returns may stay muted even as fundamentals hold firm.
Rajesh Exports: Scale without reward
Rajesh Exports continued to puzzle investors. Despite colossal turnover Rs 1.31 lakh crore in Q1 FY26 sales the stock fell about 38% this year.
Quarterly profit turned negative, and the P/E, around 73, feels detached from its financial reality. Nomura’s research helps explain why: export-driven jewellers face global volatility, from currency swings to soft overseas demand.
Senco Gold: A sharp fall
The steepest decline came from Senco Gold shares; the stock plunged roughly 54% in the past year.
That fall followed a euphoric run after listing last year. The fundamentals remain respectable profit of Rs 104 crore on Rs 1,825 crore in sales, with a P/E near 24 but valuations had outrun earnings growth in Q1FY26.
Nomura still sees Senco as structurally sound, crediting its gold saving schemes and scalable franchise network. But the market has shifted from enthusiasm to realism.
Measures to boost jewellery sector
Even as jewellery stocks fought their own market battles this year, two quiet developments reshaped the industry’s ground realities one regulatory, one tactical.
First, in July 2025, the government expanded the hallmarking regime to include 9-karat gold. Until then, official certification covered only 14K and above. The new rule opens the door to more affordable jewellery at a time when gold prices are scraping record highs. Retailers see this as a way to retain customers who are being priced out of the 22K and 24K segments.
Secondly, the market has seen a surge in “zero making charge” offers. From national chains to digital-first brands, jewellers have begun promoting designs with no visible making fees. But industry experts say the reality is more complicated.
Together, these shifts reveal how jewellers are trying to adapt to extreme gold inflation. Lower purity certification makes jewellery accessible; creative pricing keeps showrooms busy. Whether these changes will protect margins or simply postpone pain will become clear only after the festive dust settles.
Nomura on jewellery industry: Gold wins, margins don’t
If one line sums up this Diwali season, it’s this: gold got richer, jewellers didn’t. While metal prices lifted sales volumes, higher input costs and financing rates crushed margins. Organised players still hold about 40% of India’s jewellery market, projected to rise to 45% by 2030, but profitability remains patchy.
Nomura’s long-term view stays optimistic growth at 9% CAGR, driven by rising affluence and urban demand but investors are clearly distinguishing between scale and returns.