Indian families just cannot get enough of the precious metal – gold, despite high prices. Gold prices in Mumbai had peaked at Rs 1.7 lakh per 10 gm in early March, 2026 and have since corrected to Rs 1.5 lakh levels per 10 gm.
No doubt, gold prices remain at elevated level, however, Indian families ‘love’ for gold continues and it has helped gold jewellery chains to once again report strong quarterly updates for the March 2026 quarter.
Titan Company, the largest jewellery retailer in the country, declared its quarterly after the trading hours closed on Tuesday, and in early Wednesday trade, the stock hit a 52-week high of Rs 4,514. The stock ended 6.2% higher at Rs 4,492 on Wednesday.
Kalyan Jewellers India also gained 7.5% to Rs 445 in Wednesday trade.
These gains were boosted by the two-week cease fire that has been announced in the US/Israel – Iran war.
Buoyant demand and strong business updates from jewellery chains
Quarterly updates for Q4FY26
| Company Name | March 2026 quarter (% growth) |
| Titan Company (domestic jewellery business) | 46% y-o-y |
| P N Gadgil Jewellers (retail sales) | 102% y-o-y |
| Kalyan Jewellers India (consolidated sales) | 64% |
Titan Company in its March 2026 quarter business update highlighted that its domestic jewellery business grew 46% y-o-y in the March 2026 quarter.
Gold prices on average had risen nearly 79% y-o-y in Q4FY26, and the Bangalore-based retailer highlighted that average ticket sizes also ‘moved up considerably’.
The continued popularity of gold as an investment option continues with Titan Company highlighting that gold coin sales tripled y-o-y in the March 2026 quarter.
The retailer highlighted like-to-like growth (secondary) across all its jewellery retail formats (combined) was nearly 48% y-o-y.
In the December 2025 quarter, Titan Company had grown its consolidated jewellery sales by 45.6% y-o-y to Rs 23,492 crore.
It does appear that despite record gold prices, Titan Company benefited from the Indian consumers preference for the precious metal and enjoyed better like-to-like sales growth in the March 2026 quarter.
The Tata-controlled retailer added 27 new store additions (net) in India in the March 2026 quarter, with 8 in Tanishq, 14 in Mia and 5 in CaratLane. Titan Company’s combined jewellery retail chain reached 1,194 stores at the end of the March 2026 quarter.
Its combined jewellery retail chain reached 1,167 stores at the end of the December 2025 quarter.
Regional retail chains: P N Gadgil Jewellers and Kalyan Jewellers
Pune-based P N Gadgil Jewellers also reported a strong business update for Q4FY26 – it has highlighted its retail sales grew a whopping 102% y-o-y in the quarter under review, and it was higher than the 46% y-o-y growth in its retail segment in the December 2025 quarter.
The key factors that have contributed to its strong sales momentum in Q4FY26 include
strong demand during wedding and festive season, with Gudi Padwa sales rising 38 y-o-y to Rs 171 crore. Its Foundation Day sales during the quarter also amounted to Rs 365 crore.
The Pune-based retail had same-store sales growth (SSSG) for the March 2026 quarter at a robust 86% y-o-y. Although not strictly, in the festive season of Q3FY26, this Pune-based player reporting a same-store sales growth (SSSG) of 32%.
Store expansion was strong – P N Gadgil Jewellers added 8 COCO stores (3 Legacy and 5 LiteStyle) and 4 FOCO (1 Legacy and 3 LiteStyle), taking the total store count to 78 as of March 31st, 2026.
Note: COCO stands for Company owned – Company operated; FOCO – Franchise owned, company operated.
In the December 2025 quarter the retailer added 3 exclusive company-owned outlets, to take its store network to 66.
Meanwhile, Thrissur-based Kalyan Jewellers India also witnessed a similar growth trend – it has highlighted consolidated sales grew 64% y-o-y in Q4FY26, as against 42% y-o-y growth in consolidated sales to Rs 10,343 crore in the December 2025 quarter.
Of equal importance is thesame-store-sales-growth of over 45%y-o-y in Q4FY26. This retailer’s same-store sales growth was 27% in Q3FY26.
Kalyan Jewellerslaunched 28 (net 24) Kalyan showrooms in India, and 14 Candere showrooms. The Thrissur-based retailer total number of showrooms across India and international markets was 507, as of March 31, 2026.
Its store network was 469 showrooms at the end of the December 2025 quarter.
Efficiency leaders amongst jewellery retailers – Return on equity (RoE)
Titan Company had a consolidated RoE of 31.8% in FY26, according to Screener.in, while it was 21% for P N Gadgil Jewellers, and 16% for Kalyan Jewellers India.
Sky-high valuations of jewellery retail chains
Are jewellery retailer stocks cheap?
| Company | Consolidated P/E |
| Titan Company | 81.8 times |
| P N Gadgil Jewellers | 21.8 times |
| Kalyan Jewellers India | 39.7 times |
Titan Company trades at a consolidated P/E of 81.8 times, according to Screener.in, while Kalyan Jewellers India trades at 39.7 times and P N Gadgil trades at 21.7 times.
Jewellery retailer stocks have factored in the growth opportunities over the next few quarters. Investors can monitor the sales growth of jewellery retailers over next few quarters and see if they match up to expectations.
Be sure to add these stocks to your watchlist and see how their stock prices perform in time to come.
Disclaimer:
Amriteshwar Mathur is a financial journalist with over 20 years of experience.
Disclosure: The writer and his family have no shareholding in any of the stocks mentioned in the article. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.