It’s a trend that is increasingly being noticed by investors – smaller, regional gold jewellery retail chains are matching and even exceeding the growth reported by the largest player, Titan Company (view table below). Regional jewellery retailers understand consumers in their specific regions extremely well and are quicker in response to changing consumer patterns as compared to an all India retailer.
It needs to be clearly highlighted the sales turnover of regional gold jewellery chains is much smaller than Titan Company. Having said that, valuations of these smaller, regional gold chains is at a discount of between 44% to 87% to Titan Company (view table below).
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The above development comes at a time when Indian families cannot get enough of gold and that’s despite soaring prices of the yellow metal, and the recent hike in import duties by the government on the precious metal from 6% to 15%.
Gold prices had averaged Rs 1.48 lakh per 10 gram in the June 2026 quarter, nearly 62% higher from a year earlier. Gold prices in Mumbai are currently at Rs 1.55 lakh per 10 grams.
To help readers understand this trend, we looked at regional gold retailers in different parts of the country, and analysed their operational performance on various parameters in the June 2026 quarter and compared to Titan Company.
South India’s Gold Moat: How Regional Retailers Outpaced Titan In the southern states, gold has been viewed as a primary mode of investment for several generations by families both as a hedge against inflation and for growing a family’s net worth. As a result, high gold prices have not deterred consumers in southern states from purchasing the precious and that is reflected in the performance of retailers operating in this region.
Madurai-based Thangamayil Jewellery highlighted its same-store-sales-growth (SSSG) grew 44.4% y-o-y as against 6.83% y-o-y a year earlier. The retailer highlighted it sold 1,620 kg of gold as compared to 1,486 kg a year.
As a result, the company’s net sale jumped nearly 71% y-o-y to Rs 2,662.45 crore and its net profit also grew nearly 86% y-o-y to Rs 85.1 crore.
Thangamayil Jewellery has not provided details of store network size in its results presentation.
The Q1FY27 Operational Scorecard: Volume vs Value Disconnect
| Gold jewellery retail chain | Consolidated net sales growth (y-o-y change in %) | Consolidated net profit growth (y-o-y change in %) |
| Kalyan Jewellers India | 45.7% | 31.8% |
| Thangamayil Jewellery | 71% | 86% |
| P N Gadgil Jewellers | 40.7% | 52.2% |
| Senco Gold | 67.4% | Flat |
| Titan Company | 42.6%* | 62.9% |
*Jewellery division
Kalyan Jewellers: Middle East Expansion and 45.7% Top-Line Growth
They are not alone. Kerala-based Kalyan Jewellers India, reported a buoyant SSSG of 28% y-o-y as compared to 18% a year earlier. The retailer also had 354 showrooms in the local market as compared to 287 showrooms a year earlier. In the Middle East, Kalyan Jewellers India had 38 showrooms as compared to 36 a year earlier.
Strong operational performance helped Kalyan Jewellers India’s consolidated revenue from operations rise 45.7% y-o-y to Rs 10,588.9 crore, and its net profit also grew by 31.8% to Rs 348.6 crore.
Eastern India’s Festive Tailwinds: Senco Gold’s 67.4% Surge and the Margin Reality
In the eastern region, festivals and auspicious occasions played an important role in driving sales. For instance,Akshaya Tritiya, Poila Boishakh, Baisakhi, Bihu and the summer wedding season helped drive demand for the various new products launched by gold jewellery retail chains.
At Senco Gold, its SSSG grew by 39% y-o-y as compared to 19.6% y-o-y a year earlier. Its store network also reached 209 showrooms as compared to 186 showrooms a year earlier.
Strong demand enabled the company’s consolidated revenue from operations to rise 67.4% y-o-y to Rs 3,056 crore. However, its consolidated net profit was broadly flat y-o-y at Rs 101.1 crore. Senco Gold highlighted that it faced a difficult operating environment at its stores in the Middle East, and the resulting flat net profit.
P N Gadgil’s Geographical Pivot: Studded Jewellery and Non-Core State Expansion
Pune-based P N Gadgil Jewellers benefited from 80.3% y-o-y growth in Akshay Tritiya sales to Rs 251.4 crore coupled with strong demand for studded jewellery from its recently opened outlets in northern and central regions. The company had 78 showrooms as compared to 55 a year earlier.
As a result, P N Gadgil Jewellers reported SSSG of 46.1% y-o-y as compared to 8% a year earlier. Strong operational performance helped P N Gadgil Jewellers’ consolidated revenue from operations to grow 40.7% y-o-y to Rs 2,412.9 crore, and its net profit rose 52.2% y-o-y to Rs 105.3 crore.
The Scale Benchmark: Titan’s ₹18,250-Crore Base and Overseas Expansion
For perspective, Titan Company’s jewellery business grew 42.6% y-o-y to Rs 18,253 crore, as per investor presentation. Its key India business comprising Tanishq, Mia and Zaya business (combined) grew 38% y-o-y to Rs 16,943 crore, and that was thanks to strong demand during Akshay Tritiya and the wedding season.
The company has highlighted the international business grew 136% y-o-y to Rs 1,309 crore and that was owing to the addition of Dubai-based Damas Jewellery from 1 January 2026,.
During Q1FY27, the jewellery division added 33 stores (net) in India, comprising of 4 Tanishq stores, 17 Mia stores, 1 beYon store and 11 Caratlane stores. Its domestic store network reached 1,227 outlets while overseas it had 156 showrooms.
Capital Efficiency Matrix: Why Titan Still Commands a 37.7% RoE Premium
Titan Company has a consolidated return on Equity (RoE) of 37.7%, according to Screener.in, while for Kalyan Jewellers India has a RoE of 24.8%.
Senco Gold has a RoE of 25.6%.
Thangamayil Jewellery has a RoE of 28.1%, and for P N Gadgil Jewellers it is 23.4%.
Comparing efficiency of regional jewellery retail chains with Titan Company
| Gold jewellery retail chain | Return on Equity (in %) |
| Kalyan Jewellers India | 24.8% |
| Thangamayil Jewellery | 28.1% |
| P N Gadgil Jewellers | 23.4% |
| Senco Gold | 25.6% |
| Titan Company | 37.7% |
Valuation Divergence: Arbitrage Opportunity or Justified Brand Premium?
Kalyan Jewellers ended 1.2% lower on Wednesday at Rs 595, and it is not too far from its 52-week high of Rs 649 that was reached on 30 July 2026. The stock trades at a consolidated P/E of 42, according to Screener.in.
Thangamayil Jewellery ended broadly flat at Rs 5,507. The stock trades at a P/E of 43.5.
Meanwhile, P N Gadgil Jewellers ended lower by 0.6% at Rs 603.9, and it had reached a 52-week high of Rs 735 on 8 May, 2026. The stock trades at a P/E of 19.8.
Is the valuation discount for regional jewellery chains justified?
| Gold jewellery retail chain | Consolidated P/E (x) |
| Kalyan Jewellers India | 42.0 |
| Thangamayil Jewellery | 43.5 |
| P N Gadgil Jewellers | 19.8 |
| Senco Gold | 9.5 |
| Titan Company | 77.0 |
Senco Gold ended 1.5% lower at Rs 331.7. The stock trades at a P/E of 9.5.
The largest jewellery retailer, Titan Company ended broadly flat at Rs 5,064 and it had reached a 52-week high of Rs 5,168.6 on 11 August, 2026. The stock trades at a P/E of 77.
Titan Company trades at a significant premium to regional chains, and that’s because investors are paying for its wide pan India store network coupled with its overseas operations. The key premise is that its large distribution network in India and overseas brings stability in operations, despite the Dubai-based Damas dealing with a ratherdifficult operating environment.
Festive Season Outlook: What Investors Should Track in H2FY27
Investors will be closely watching regional jewellery chains in the upcoming festive and wedding season, which is only a few weeks away, and the sales growth as compared to Titan Company. Regional jewellery chains have the advantage of strong knowledge of tastes of consumers in their local network coupled with the ability to quickly change designs as compared to an all-India.
Readers can add regional jewellery chains to their watch list of stocks for 2026, and see if their performance matches expectations.
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.
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