Shares of jewellery companies including Senco Gold, PC Jeweller, Kalyan Jewellers, PN Gadgil, TBZ and Titan fell on Thursday, a day after staging a sharp rally on the back of strong December-quarter (Q3) updates.
Analysts said profit-booking, elevated gold prices and weak broader market sentiment weighed on the stocks. TBZ saw the sharpest fall, down 10.5% intra-day before ending the day at Rs 171.15 apiece, down 8.7% versus the previous day’s close.
Other laggards included PN Gadgil, Senco Gold, Sky Gold and Diamonds and PC Jeweller, which fell between 3% and 6% intraday. Market leaders Titan and Kalyan Jewellers–the country’s largest and second-largest jewellery retailers–declined between 0.8% and 2% during the session. The stocks ended the day down 0.6% and 1.7%, respectively.
Revenue Surges Despite Gold Price Headwinds
Most listed jewellery retailers have reported revenue growth of 37–51% in the third quarter, supported by festive demand and higher average selling prices. Market leader Titan said its core jewellery business surged 41% year-on-year, while brands such as Tanishq, Zoya and Mia posted growth of around 40%. Its subsidiary CaratLane grew 42% over the same period.
The company also highlighted that sales of gold coins nearly doubled compared to the third quarter of FY25. While plain gold grew in the high 30s, the studded business saw its best performance in FY26 so far, growing in the mid-twenties.
Kalyan Jewellers reported consolidated revenue growth of about 42% in Q3. Its India operations also recorded revenue growth of nearly 42%, driven by strong festive demand.
“The period after Diwali also continued to remain robust despite volatility in gold prices. Growth was broad-based across plain gold and studded categories. The quarter recorded healthy same-store-sales-growth of approximately 27%,” the company said.
Senco Gold said that it recorded a 51% year-on-year growth in the October-December period, driven by Dhanteras and Diwali, wedding buying and the shift of Q2 demand to Q3. Diamond jewellery sales, the company said, continued to see strong momentum, growing 36% year-on-year during the quarter.
Preparing for the Q4 Wedding Season
“While, we have navigated the peak festive demand, we are prepared for the Q4 wedding season, Valentine’s Day and International Women’s Day as well as other local festivals. We are targeting growth in the region of 18-20% in the studded category through curated collections,” the company added.