India’s appetite for premium products continues to rise. IMARC Group estimates the luxury goods market, valued at USD 10.6 billion in 2025, may surpass USD 18.8 billion by 2034 with a 6.17% CAGR. Another report notes that watches and jewellery make up roughly 64% of this market.
The middle class is now the key contributor, especially in entry-premium categories such as ₹50,000–₹3 lakh watches, lighter diamond jewellery, branded gold jewellery, handbags, beauty items, and gifting products. This growing participation is reflected in broader market estimates. Industry analysts widely estimate that aspirational upper-middle and middle-class households account for 35–45% of purchase volume, although the ultra-rich still dominate total spending.
From this perspective, two stocks worth tracking in the premium goods market segment are Ethos Ltd and Titan Company Limited.
From Rolex To Tanishq: 2 Luxury Bets To Watch
From watches to jewellery, here’s how these stocks are riding India’s premium wave:
Ethos Limited.
Founded in 2003, Ethos is India’s leading luxury and premium watch retail company. The company sells its watches through an omnichannel model, where customers can browse, buy, exchange, or return products both online and offline. It currently has 94 stores across India.
Ethos partners with some of the world’s top luxury watchmakers. Its portfolio includes over 70 global brands, such as Rolex, Omega and Longines.
Ethos also deals in jewellery and lifestyle products. In the former, the company has a partnership with Messika, which has a presence in around 85 countries and is engaged in selling luxury diamond-studded jewellery. When it comes to lifestyle products, the company sells luggage pieces, collector boxes, watch stands, and more from premium brands like Messika, Wolf, Zero Halliburton, and Jaeger-LeCoultre.
As it focuses on growth, the company has taken several measures over the last 12 months. Ethos inaugurated new watch boutiques in Srinagar, New Delhi, and Mumbai. In June 2025, to boost Ethos’ presence in the Middle East, Ethos acquired its Dubai subsidiary, Ficus Trading Limited, which deals in watches, clocks, and spare parts.
Moving to the financials, in Q3 FY26, the company posted a revenue of ₹469 crore, an increase of ₹86 crore sequentially and ₹99 crore on a yearly basis. The net profit for the December quarter stood at ₹31 crore, a 29.2% increase on a QoQ basis and around 7% on a YoY basis.
For the April to December quarter of FY26, the consolidated revenue stood at ₹1,198.2 crore, up 27.4% YoY. Out of the total revenue, 71% came from luxury and ultra-luxury watch sales.
The pre-owned watch segment was among the key contributors to total sales for the nine-month period ending 31 December 2025, as the segment saw a growth of 26% on a year-on-year basis. For the same April to December 2025 period, same-store sales grew by 14.1%.
Ethos reported the average selling price of its products for the first nine months of FY26 at ₹2.08 lakh, compared to ₹2.04 lakh in the year-ago period.
Ethos Limited 5-Year Financial Performance
| Particulars | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales (₹ in crores) | 387 | 577 | 789 | 999 | 1,252 |
| Operating Profit (₹ in crores) | 43 | 72 | 120 | 158 | 197 |
| Net Profit (₹ in crores) | 5 | 23 | 60 | 83 | 96 |
| EPS (₹) | 2.4 | 11.2 | 23.7 | 31.1 | 35.9 |
Despite decent financials, Ethos fared poorly on the stock price chart. Over the span of six months, the stock price fell by over 15%, while on a year-to-date basis, the share price declined by over 20%.
In terms of the shareholding pattern, Foreign Institutional Investors (FIIs) reduced their holding by 1.7% in the March quarter of FY26 to 10.89%. In contrast, Domestic Institutional Investors (DIIs) raised their stake to 23.59% in Q4 FY26, compared to 21.25% in the December quarter of the same financial year.
Considering the Ethos Ltd. potential, Emkay Global Financial Services issued a Buy rating on 18 March 2026 with a target price of ₹3,200.
Titan Company Limited
Founded in 1984, Titan Company, a Tata Group company, has aggressively expanded over the years. Titan’s ecosystem currently has 16 brands and over 2,000 retail stores. In the watch segment, the company own brands including Raga, Xylys and Fastrack.
In the jewellery segment, you will find Titan products under the following names:
BeYon, Tanishq, Zoya, Miya and CaratLane.
Titan also operates in eye care, fragrances, women’s bags, and Indian wear.
To expand its footprint, around 3 months ago, Titan Holdings International FZCO, a wholly owned subsidiary of Titan in the UAE, acquired a 67% stake in Damas Jewellery Business in the GCC countries through its subsidiary, Signature Jewellery.
During January to March 2026, the company inaugurated multiple stores. Here is the breakdown:
| Brand | New Stores |
| Tanishq | 12 (4 in GCC region) |
| Mia | 14 |
| CaratLane | 5 |
| Titan World | 19 |
| Fastrack | 7 |
| Helios | 4 |
| Helios Luxe | 2 |
| Eye care | 12 (but the company has also closed 32 stores) |
Let’s turn to the financials now.
During Q4 FY26, the company’s total revenue rose 46% YoY to ₹20,300 crore. Net profit for the period stood at ₹1,179 crore, with a 35% growth compared to Q4 FY25.
The jewellery segment, which increased by 50% on a yearly basis, contributed ₹18,195 crore to the total income. If this segment is broken down further, the total income of subsidiaries like Tanishq, Mia and Zaya for the March quarter of FY26 stood at ₹16,047 crore, up 48% YoY. CaratLane’s total income for the quarter stood at ₹1,066 crore.
The consolidated Indian jewellery business for the quarter rose 46% on an annual basis, while the international jewellery business surged 174% YoY to ₹1,081 crore.
Watch business revenue stood at ₹1,222 crore, reflecting 8% growth compared to the same quarter in the previous financial year. The EBIT margin for this segment for the quarter was 11.7%.
Other businesses, such as the eyecare segment, reported revenue of ₹227 crore, while emerging businesses such as SKINN Fragrances, IRTH Women’s Bags and Indian Dress Wear (Taneira) showed varying growth, with a few remaining flat during the quarter.
Titan also recommended a dividend of ₹15 per share. This translates to a healthy dividend payout ratio of 27.9% over the years.
Titan Company Limited 5-Year Financial Performance
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
| Sales (₹ in crores) | 28,799 | 40,575 | 51,084 | 60,456 | 87,584 |
| Operating Profit (₹ in crores) | 3,344 | 4,882 | 5,292 | 5,694 | 8,355 |
| Net Profit (₹ in crores) | 2,198 | 3,274 | 3,496 | 3,337 | 5,073 |
| EPS (₹) | 24.5 | 36.6 | 39.4 | 37.6 | 57.1 |
Even during the period of global turmoil, Titan fared well on the price chart. In the six-month period, Titan’s stock price saw an over 9.5% jump, while on a year-to-date basis, the share price increased by around 3.5%.
The shareholding pattern in Titan remained almost the same in the March quarter when compared to the December quarter of FY26. FIIs marginally raised their stake by 0.1% to 15.65% in Q4 FY26, while DIIs increased their holding to 14.84%.
Betting on continued strength in the jewellery segment and improving retail productivity, Morgan Stanley kept its Overweight rating unchanged on Titan Company. The brokerage set a 12-month target price of ₹5,102 in April 2026.
Titan Company vs Ethos vs Others
| Company | P/E | Dividend Yield (%) | ROCE (%) |
| Titan Company | 72.45 | 0.26 | 25.80 |
| Ethos | 64.60 | 0.00 | 13.75 |
| Kalyan Jewellers | 28.86 | 0.39 | 20.52 |
| PC Jeweller | 13.33 | 0.00 | 6.55 |
Compared to peers, Titan Company stands out for its stronger execution quality, superior capital efficiency, diversified revenue mix, and better balance between growth and profitability. Its wide presence across jewellery, watches, fashion accessories, and international markets reduces concentration risk and supports premium valuations.
Ethos, on the other hand, remains a niche luxury play with higher dependence on imported premium watches and affluent discretionary spending, making it relatively more vulnerable to currency movements and demand slowdowns.
Kalyan Jewellers appears more reasonably valued with healthy operational efficiency, though its positioning is tilted more towards mass-premium jewellery rather than pure luxury. Meanwhile, PC Jeweller continues to lag peers due to weaker operational quality, lower profitability efficiency, and lingering investor concerns around business consistency and balance sheet strength.
Roadblocks to Luxury Brand Growth
Despite the sector’s strong growth potential, the industry continues to face several headwinds. Here are four of the most significant challenges that could impact its future growth trajectory:
- For luxury jewellery brands, the sharp rise in gold prices is the primary concern. Higher bullion rates have increased working capital needs, inventory costs and consumer purchase hesitation, especially in discretionary jewellery buying.
- India’s dependence on imported gold continues to remain a structural risk. According to industry estimates, India imports nearly 70-80% of its gold requirement, exposing jewellery companies to currency volatility and trade deficit concerns.
- A major overhang emerged on 10 May 2026 after Narendra Modi urged Indians to avoid non-essential gold purchases for one year to conserve foreign exchange reserves amid geopolitical tensions and rising oil prices. The statement triggered a sharp correction in jewellery stocks on 11 May 2026.
- Luxury watch retailers such as Ethos face a different challenge: heavy dependence on imported Swiss watches. Since most luxury watches are sourced internationally, fluctuations in the rupee against the Swiss franc and US dollar directly impact procurement costs and margins. Ethos has repeatedly highlighted currency fluctuations as a major operational risk.
Conclusion
India’s premium consumption story remains structurally strong, but readers should now focus more on execution quality than on brand appeal alone. Titan Company has a slightly better position due to its diversified product categories, stronger cash generation, deeper retail penetration, and lower dependence on a single product segment.
Ethos offers higher long-term growth potential in the luxury watch space. However, its stock price remains volatile due to exposure to imported inventory and to the sensitivity of affluent discretionary spending cycles.
Reader should closely track currency movements, same-store sales growth, inventory turnover, and margin sustainability, as these factors may decide whether premium valuations remain justified over the next few years.
It may be a good idea to add these stocks to your watchlist and keep track to see how they perform in time to come.
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Rishabh Sinha is a seasoned financial content creator with over 10 years of experience in BFSI domain. His portfolio spans over 20 of India’s most trusted financial brands. Rishabh brings depth, structure, and a reader-first approach to every piece he crafts.
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