Titan hits 52-week high, Thangamayil zooms 51% in 4 days; here's why

With gold prices correcting from its high and festive pickup in sales, ICICI Securities expects Titan's EBIDTA margins to sequentially improve in Q3 with better margins in its core jewellery business.

Share price movement of jewellery companies

 

Shares of jewellery companies were in demand with Titan Company trading at 52-week high, and Thangamayil Jewellery zooming up to 19 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes.

 

Shares of Titan Company hit a 52-week high of ₹3,809.90, gaining 2 per cent in intra-day trade after the company reported healthy earnings for the quarter ended September 2025 (Q2FY26). The stock surpassed its previous high of ₹3,797.40 touched on October 23, 2025. It had hit a record high of ₹3,885 on January 30, 2024.

 

Shares of Thangamayil Jewellery hit an all-time high of ₹3,093, on the back of over 10-fold jump in the average trading volumes. A combined 1.7 million equity shares of the company changed hands on the NSE and BSE. In the past four trading days, the stock has zoomed 51 per cent after the company posted a profit after tax (PAT) of ₹59 crore in Q2FY26. The company had posted a net loss of ₹17 crore in a year ago quarter.

 

Besides, Titan and Thangamayil, PC Jeweller, Kalyan Jewellers India and Senco Gold were up in the range of 2 per cent to 3 per cent. In comparison, the BSE Sensex was down 0.29 per cent at 83,733 at 10:17 AM.  CATCH STOCK MARKET UPDATES TODAY LIVE

What’s driving jewellery stocks?

 

In Q2FY26, Titan registered a strong performance in the backdrop of inflated gold prices. The domestic jewellery business witnessed a strong recovery in consumer momentum during the Navratri festive period. Tanishq’s attractive gold exchange offer helped to sustain sales despite elevated gold prices. The overall growth was led by ticket size improvements with buyers witnessing marginal decline compared to Q2FY25. 

 

Earnings before interest, taxes, depreciation, and amortization (EBIDTA) margin were down by 50bps year-on-year (YoY) was affected by higher gold prices and inferior mix in its jewellery business.

 

However, with gold prices correcting from its high and festive pickup in sales, ICICI Securities expects EBIDTA margins to sequentially improve in Q3 with better margins in its core jewellery business. Key monitorable in the conference call will be demand outlook in jewellery business and guidance on the margin front, the brokerage firm said.

 

Meanwhile, Thangamayil Jewellery in the month of October 2025 clocked a revenue of ₹1,032 crore, being the first-time in the history of the company crossing ₹1,000 crore mark compared to ₹371 crore in corresponding previous year thereby registering an increase by 178 per cent. Gold ornaments volume grew 77 per cent YoY to 764 kgs as against 432 kgs in October 2024. 

 

In spite of escalated gold prices in the first half, the company said it could maintain its volume offtake more or less at the same level. Post October 2025, the company increased its volume by 8.6 per cent, for the first seven months of current year FY25-26.  ALSO READ | Power Grid shares drop 3% after mixed Q2 results; should you sell or hold? 

Meanwhile, India became the world’s largest gold jewellery market in CY24, with demand rising to 563 tonnes, surpassing China’s 479 tonnes. This is supported by strong structural demand drivers like India’s consumer economy is expanding with rising household incomes, driving premiumisation and growing appetite for luxury, fuelled by enduring wedding and festive demand. 

 

The jewellery market is witnessing a strong shift towards organized players—rising from just 5 per cent in CY05 to 35 per cent in CY23 and projected to reach ~60 per cent by CY29E—driven by mandatory hallmarking, expanding branded retail presence in Tier-2/3 cities and growing consumer trust in organized brands, according to analysts at Choice Institutional Equities.

 

The brokerage firm believes the rapid scale-up of organized jewellery retail chains is structurally positive for B2B gold jewellery manufacturers. It not only ensures greater business visibility and operational stability but also accelerates the sector’s formalisation. Over the medium term, B2B players with strong design agility, automation-driven production, and flexibility to move across karat categories and compliance-led manufacturing will emerge as preferred partners, benefiting disproportionately from the expansion of organized retail.