Titan, Kalyan, Senco, Thangamayil extend rally, surge up to 9%; here's why

In the past month, Titan (up 14 per cent), Thangamayil Jewellery (28 per cent) and Sky Gold (21 per cent) logged strong gains as against a 4 per cent rise in the BSE Sensex.

Jewellery companies stocks price movement

 

Shares of jewellery companies continued their upward movement, surging up to 9 per cent on the BSE in Thursday’s intra-day trade on healthy business outlook.

 

Kalyan Jewellers India, Thangamayil Jewellery, Senco Gold, Sky Gold & Dimonds, PC Jeweller, P N Gadgil Jewellers and Titan Company rallied up to 9 per cent amid heavy volumes. Of these, Titan Company, Thangamayil Jewellery and Sky Gold & Diamonds hit their respective all-time highs. In comparison, the BSE Sensex was up 0.57 per cent at 76,888 at 09:32 AM.

 

In the past one month, Titan (up 14 per cent), Thangamayil Jewellery (28 per cent) and Sky Gold (21 per cent) rallied over 10 per cent each, as against 4 per cent rise in the benchmark index.

 

 

Why are jewellery stocks outperforming market?

 

Most of the jewellery companies including Titan and Kalyan reported healthy growth in the quarter, despite an entire 28-day Adhik Maas period falling in the April to June 2026 quarter (Q1FY27), which typically impacts wedding-related demand. Consumer demand remained resilient, supported by relatively stable gold prices. 

 

The ongoing quarter has started off well and the management of Kalyan Jewellers said they are upbeat about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country.

 

Meanwhile, on the long term outlook, Thangamayil Jewellery in its FY26 annual report said that India's jewellery sector enters with a complex and fundamentally resilient outlook. Elevated gold prices create near-term volume headwinds for jewellery, but the sector's cultural anchoring, investment appeal of gold, and rising consumer affluence provide structural support. India's position as the world's largest gold jewellery market by value and the world's second-largest diamond jewellery market is expected to strengthen over the coming years.

 

Organised players are clearly gaining market share from unorganised competitors — a trend that is structurally irreversible given regulatory and consumer preference tailwinds. The emergence of lab-grown diamonds as a mainstream affordable luxury category, the deepening of digital and omnichannel retail, and the opening of Tier 2 and 3 markets provide multiple avenues of growth that are not dependent on a single driver, the company said.

 

Brokerages view on Titan, Kalyan Jewellers

 

Analysts at ICICI Securities believe the robust Q1FY27 performance despite headwinds reflects the resilient underlying jewellery demand. Though store expansion and formalisation of the industry reinforce our positive stance on Titan and Kalyan, any structural downward correction in natural diamond price remains a concern. The brokerage firm reiterates its view of Kalyan maintaining its strong growth momentum in FY27, with a modelled standalone jewellery revenue compound annual growth rate (CAGR) of 22 per cent for Kalyan vs. 18 per cent for Titan over FY26–28E.

 

At the consolidated level, Titan aims for 2x growth in both revenue and earnings before interest tax (EBIT) by FY30E and analysts at JM Financial Institutional Securities broadly concur with management’s long-term jewellery aspirations given its strong execution and market share gains.

 

The brokerage firm said they remain more conservative on eyecare and watches segments until there is clearer evidence of sustained improvement. Overall, Titan remains one of India’s highest-quality consumer discretionary franchises, supported by category leadership, strong execution and multiple growth levers. Analysts retain BUY rating with a target price of ₹4,900; valuing stock on 55x FY28E EPS.  ========================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.