It’s not easy being a jewellery retailer – the nearly 50% surge in gold prices over the past one year to record levels of Rs 1,20,000 per 10 grams currently has made the operating environment quite difficult for jewellery chains amidst the festival season with middle class consumers thinking twice before making a purchase.
Several jewellery retailer stocks have seen a sharp dip in their stock prices over the past one year with some falling by more than 30%. However, amidst the difficult operating environment, jewellery retailers have surprised investors on Dalal Street with reasonably strong sales updates for the September 2025 quarter over the past few days, and that’s largely owing to the festival season commencing in September this year vis-a-vis October in 2024.
Market leaders report robust growth
For instance, Titan Company, the largest jewellery retailer in the country, reported a 19% growth in its domestic jewellery business in the September 2025 quarter along with the net addition of 34 stores in the quarter under review. The company has highlighted like-for-like growth for Tanishq and CaratLane were in double digits in the September 2025 quarter.
Its jewellery network reached 1,120 stores at the end of the September 2025 quarter. The Bangalore-based retailer has highlighted that the festival season started in September this year vis-a-vis October in 2024.
In its results presentation for the June 2025 quarter, this leading retailer had highlighted that in its jewellery business, total income for the quarter grew 19% over June 2024 quarter (excluding bullion and digi-gold sales) to Rs 12, 797 crore. And it had added 19 stores net in the June 2025 quarter.
Similarly, for Pune-based P N Gadgil Jewellers, which got listed in mid-September 2024, it has recently highlighted that its retail segment reported a 29% y-o-y growth in the September 2025 quarter, helped by strong festive season sales and the addition of 8 exclusive showrooms.
The retailer highlighted gold category registered a 24% increase in value and a 15% increase in volume in the September 2025 quarter. And its same- store-sales- growth (SSSG) was at 29%, compared to the previous quarter.
In its presentation for 9 months of FY25, the company has highlighted SSSG of 25.7% for its 22 stores.
Its total store count was 63 at the end of September 2025. Retail segment accounted for 72.2% of its total revenue in the September 2025 quarter. In the June 2025 quarter, P N Gadgil Jewellers had highlighted that its retail segment had revenue growth of 19% y-o-y. It had 55 retail stores at the end of the June 2025 quarter vis-a-vis 53 retail stores at the end of the March 2025 quarter.
And, Thrissur-based Kalyan Jewellers India, it has highlighted consolidated revenue growth of 30 % y-o-y in the September 2025 quarter helped by strong demand for wedding season and strong festive season sales. The Kerala-based jewellery retailer had launched 32 new showrooms across its operations in India and the Middle East in the September 2025 quarter, taking its network to 436 outlets. It had SSSG of approximately 16% in the September 2025 quarter versus 23 % a year earlier.
And in the June 2025 quarter, this jewellery retailer had grown its consolidated revenues by 31% y-o-y to Rs 7,268 crore and it had launched 19 stores with a network of 406 outlets.
Performance divergence: Senco Gold trails peers
However, for Kolkata-based Senco Gold, in the September 2025 quarter, its total revenues grew by 6.5% y-o-y and with the launch of five new showrooms to 184 stores. During the first half of FY26 it had SSSG of approximately 7.5% vis-a-vis 12% in the first half of FY25.
This leading retailer in the eastern region had grown its sales by 30 % y-o-y in the June 2025 quarter to Rs 1826.2 crore.
Jewellery stocks on Dalal Street
Investors on Dalal Street have been cautious on jewellery retailers — Senco Gold at Rs 326 on Friday, has seen its share price plunge by nearly 54% over the past one year while the Sensex has gained barely 1% during this period. Kalyan Jewellers India at Rs 485 has declined nearly 32% over the past one year, PC Jeweller at Rs 13 has lost nearly 16% during this period, and Thangamayil Jewellery at Rs 2020 has lost 16.9% during this period.
Only Titan Company at Rs 3,531, has gained about 2% over the past 12 months.
Outlook and valuations
Titan Company trades at a P/E of more than 60 times estimated consolidated FY26 earnings (excluding the recent acquisition of UAE-based Damas LLC), while Kalyan Jewellers India trades at more than 45 times estimated consolidated FY26 earnings. Senco Gold also trades at a P/E of more than 15 times estimated consolidated FY26 earnings.
Clearly, jewellery retail stocks are not cheap and broadly factor in the growth opportunities over the next few quarters. Also, with global gold prices showing an upward bias over the next few months and their potential impact on consumer purchase patterns, investors need to evaluate this space very carefully.
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.
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