Titan vs Kalyan Jewellers: Which stock is a better buy now? Q1 margins, store network and brokerage view compared

In the jewellery sector space, Titan Company and Kalyan Jewellers are in focus, but their recent numbers and stock performance highlight a  different outlook.

Both companies reported their Q1FY27 results. Moreover, both companies have seen a strong revenue performance. However, the factors driving that growth are not exactly the same. 

Titan has a larger jewellery business and a wider brand portfolio. On the other side, Kalyan Jewellers has been expanding its store network and gaining ground outside South India.

Which stock offers better value and what are brokerages saying about their future earnings and target prices? Let’s take a look –

Titan Vs Kalyan Jewellers: Share price performance 

Titan has gained more than 4% in five days, around 11% in one month, 19% in six months and 47% over one year. The stock is up around 26% so far in 2026 and hit a new 52-week high.

Kalyan, meanwhile, has delivered a sharper rally in the recent past. Its stock has risen around 60% in one month and 37% in six months. Over one year, it is up around 13%, while the year-to-date gain stands at about 24%.

Titan vs Kalyan Jewellers: Q1FY27 performance 

Titan entered the June quarter with strong growth across its key businesses. Consolidated revenue rose 29% year-on-year (YoY) to Rs 21,360 crore. Its jewellery business grew 30% YoY, while jewellery sales excluding bullion increased 43%.

Domestic jewellery also remained strong. Tanishq, Mia and Zoya recorded around 33% like-for-like growth. CaratLane was another contributor, with revenue increasing 40% during the quarter.

Titan added 35 jewellery stores during the quarter, taking its total jewellery store count to 1,261.

Kalyan Jewellers, however, delivered faster headline growth. Consolidated revenue increased 46% YoY to Rs 10,590 crore. Its India business grew 47%, while same-store sales growth stood at 28%.

The South region recorded 30% same-store sales growth, while the non-South business grew 27%. Kalyan also continued expanding its network, adding 12 stores in India during the quarter.

Titan vs Kalyan Jewellers: What’s the brokerage view on both stocks 

The brokerage view becomes more interesting when the two stocks are compared.

Motilal Oswal has a ‘Buy’ rating on both companies. It has set a target price of Rs 6,000 for Titan, implying around 21% upside, while its target for Kalyan is Rs 700, indicating around 18% upside.

On Titan, the brokerage said, “Titan continues to remain one of our top picks in the space.” It expects sales, EBITDA and adjusted profit after tax to grow at compound annual growth rates of 18%, 22% and 25%, respectively, between FY26 and FY28.

For Kalyan, Motilal Oswal expects revenue, EBITDA and profit after tax to grow at 24%, 18% and 23%, respectively, over the same period.

But Jefferies has a clear difference in its stance. It has a Hold rating on Titan with a target price of Rs 5,000. The brokerage noted that while reported jewellery margins were strong, some gains were linked to customs duty-related inventory gains and mark-to-market movements. Jefferies said, “Hold stays.”

For Kalyan, however, Jefferies has initiated coverage with a Buy rating and a target price of Rs 830. This indicates around 39% upside from the reference price used by the brokerage.

Jefferies said, “Kalyan combines neighbourhood relevance with organised scale, creating a differentiated growth engine that drives share gains, a trend that should continue in the coming years.”

It expects Kalyan’s earnings per share to grow at a 21% compound annual growth rate between FY26 and FY29.

Conclusion

Gold has seen a rather volatile 2026 so far but these gold retail stocks – Titan and Kalyan Jewellers project a very different picture. From same-store sales growth trends to revenue upticks, customers continue to buy gold jewellery. 

While brokerages remain constructive on broad growth trends, individual margin performance is seen as the ultimate measure, particularly among top players. The street will watch out for new initiatives and key growth drivers going forward.  

Disclaimer: The stock performance insights, brokerage ratings, and target prices featured in this article are for informational and educational purposes only and do not constitute direct financial advice, an offer, or a solicitation to buy or sell securities. Target prices and growth projections carry inherent market risks and do not guarantee future returns. Readers should conduct their own independent research and consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.