Gold jewellery retailers have benefited once again from strong demand in the June 2026 quarter, and that’s despite the government recently raising the import taxes on these precious metals to 15% from May 13, 2026 from 6% earlier.
Clearly, Indian consumers cannot get enough of the precious metal – gold prices had averaged Rs 1.44 lakh per 10 gram in the June 2026 quarter, nearly 41% higher from a year earlier. Gold prices in Mumbai are currently at Rs 1.45 lakh per 10 grams.
Gold jewellery retailers have benefited from strong demand during the June 2026 quarter for festivals like Akshaya Tritiya and Bihu (eastern region), and it helped them to grow sales despite sharply higher prices of the precious metal.
Titan Company , the largest jewellery retailer in the country, gave its Q1FY27 quarterly update after the close of Monday trade, and on Tuesday, the stock gained 2.6% to Rs 4,602.
Meanwhile, Senco Gold, a smallcap stock, was broadly flat at Rs 326.5 on Tuesday.
Here’s a snapshot of updates from key jewellery companies:
Quarterly updates for the June 2026 quarter
| Gold jewellery chain | Growth in June 2026 quarter |
| Titan (domestic jewellery business) | 39% y-o-y |
| Kalyan Jewellers India (consolidated sales) | 38% y-o-y |
| Senco Gold | 60% y-o-y |
Gold jewellery retail chains, whether an all-India player like Titan Company or regional players like Thrissur-based Kalyan Jewellers India and Kolkata-based Senco Gold, benefited from new / innovative jewellery designs coupled with a larger store network and festive demand to drive strong growth during Q1FY27.
Titan’s Domestic Dominance: Unpacking the 39% Surge in Plain and Studded Categories
Titan in its provisional update for June 2026 quarter has highlighted that in its key domestic jewellery business grew by 39% y-o-y on a like-to-like basis.
The Bangalore-based retailer also highlighted its core jewellery categories of plain and studded grew (individually) in mid-thirties. And festivals like Akshaya Tritiya helped to keep demand strong despite higher duties imposed by the government.
Its smaller international jewellery business with the addition of Dubai-based Damas Jewellery from 1 January 2026, grew by 128% y-o-y in Q1FY27. Its international business also includes overseas sales of Tanishq and Mia brands in North America.
The growth reported by Titan Company in June 2026 quarter was stronger than a year earlier. In its investor presentation for the June 2025 quarter, the company had highlighted that its consolidated jewellery sales grew 19.3% y-o-y to Rs 12,797 crore.
Meanwhile, Titan Company highlighted that its jewellery business grew by 50% y-o-y in the March 2026 quarter. However, the sales performance in the March quarter and June quarter are not strictly comparable, given that Q4FY26 is the peak wedding season.
On store additions, Titan added 33 net local stores across Tanishq, Mia, Zoya, beYon and CaratLane to take its store network to 1,227 outlets at the end of the June 2026 quarter. Meanwhile, it added one store in its international network to take the network to 163 outlets.
In its fourth quarter update for FY26, 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 highlighted its jewellery network consisted of 1,194 retail outlets in the domestic market, and it had 162 outlets overseas with the acquisition of Damas Jewellery.
Now, let’s shift our attention to two regional players.
Kalyan’s Q1 Playbook: 28% Same-Store Sales Growth Driven by Wedding Season
Kalyan Jewellers India has highlighted consolidated revenue growth of approximately 38% y-o-y in the June 2026 quarter, with same-store-sales-growth (SSSG) of approximately 28% y-o-y in the quarter under review.
The company has highlighted its sales growth was driven primarily by robust demand from Akshaya Tritiya and weddings in the first quarter of FY27.
The above growth was stronger than the growth recorded in the June 2025 quarter – Kalyan Jewellers India had grown its consolidated net sales by 31.5% y-o-y to Rs 7,268.4 crore in Q1FY26, and in its earnings presentation for the quarter it had highlighted SSSG of 20% in the south and 16% in non-south. It had also highlighted non-south contributed to 51% of its total revenue in the June 2025 quarter.
However, store addition grew at a slower pace compared to March 2026 quarter for Kalyan Jewellers India – the company launched 12 Kalyan showrooms and 5 Candere showrooms in India. As a result, as of June 30, 2026, its total showrooms across India and international markets stood at 524 outlets.
In the previous quarter, Kalyan Jewellers India launched 28 (net 24) Kalyan showrooms in India, and 14 Candere showrooms. The retailer’s total number of showrooms across India and international markets was 507, as of March 31, 2026.
Senco Gold’s Eastern Advantage: Decoding the 60% Revenue Jump
Senco Gold reported robust revenue growth of 60% y-o-y in the June 2026 quarter with SSSG of 38% y-o-y in the quarter under review.
The company highlighted strong growth for the yellow metal due to several festivals in the eastern and other regions it operates in the June 2026 quarter including Akshaya Tritiya and Bihu.
The growth reported in the June 2026 quarter was stronger than a year earlier. For instance, in the June 2025 quarter, Senco Gold had grown its consolidated revenues by 30% y-o-y to Rs 1,826.2 crore with SSSG of 19.6% in the quarter, according to its press release.
Senco Gold launched 8 showrooms in Q1 FY27 taking its total store network to 208 outlets. The company had ended the March 2026 quarter with 201 showrooms.
The Efficiency Metric: How Titan’s 37.7% RoE Justifies its Market Premium
| Gold jewellery retailer | Return on equity (RoE) (in %) |
| Titan Company | 37.7% |
| Kalyan Jewellers India | 24.8% |
| Senco Gold | 25.6% |
Titan Company had a consolidated RoE of 37.7% in FY26, according to Screener.in, while it was 25.6% for Senco Gold, and 24.8% for Kalyan Jewellers India.
The Valuation Disconnect: Analyzing Senco’s 9.3 P/E Against Mega-Cap Multiples
Valuations of gold jewellery retailers
| Gold jewellery retailer | Consolidated P/E |
| Titan Company | 79.3 |
| Kalyan Jewellers India | 26.6 |
| Senco Gold | 9.3 |
Titan Company trades at a P/E of 79.3 while Kalyan Jewellers India trades at 26.6 times.
Senco Gold, which is much smaller than Titan Company in terms of sales, reported robust revenue growth of 60% y-o-y in the June 2026 quarter, and it trades at a P/E of just 9.3. That is an 88% discount to Titan’s valuation. While the two may not be strictly comparable given the size of operations, the gap is striking.
Readers could add Senco Gold to their watchlist of stocks for 2026 and see if its performance matches expectations over the next few quarters.
Disclaimer:
Amriteshwar Mathur is a financial journalist with over 20 years of experience.
The writer and his family have no shareholding in any of the stocks mentioned in the article.
Disclaimer: 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.