Editor’s Note
Despite record-high gold prices, Indian demand for jewelry remains robust, defying seasonal trends. Strong Q1 performance and expansion plans highlight promising growth in key jewelry stocks.
Despite gold prices hitting record highs, Indians’ love for the yellow metal remains undiminished. This demand is clearly reflected in the stock market. Typically, the first quarter (April to June) of any financial year is considered sluggish for jewelry purchases. However, the latest updates from companies tell a completely different story. Due to heavy demand, the business of jewelry companies is booming. This surge is not a coincidence but is driven by strong expansion and excellent profits. According to a report by Equitymaster, there are four major jewelry stocks whose business model growth plans look extremely promising. Let’s understand in detail which companies are increasing their market dominance.
Founded in 1832, PNG Jewellers is today considered one of India’s oldest and most trusted retailers. Starting from Pune, the brand has established a deep presence in Maharashtra and is now rapidly expanding across the country. Over the past three years, its sales have grown at a CAGR of 44.4% and net profit at 46.4%. In the fourth quarter of FY26, the company generated bumper revenue of ₹35,443 million, compared to just ₹15,882 million in the same quarter last year. During the same period, net profit jumped from ₹620 million to ₹903 million. With 25 new stores opened in the full year, the company had a total of 78 stores by March 2026. Management estimates that they will achieve revenue of ₹135 billion in FY27.
Kalyan Jewellers is today among India’s top organized jewelry chains. From India to the Middle East, the company has built an extensive network. Its digital platform ‘Candere’ is also rapidly gaining ground. The company has posted stellar performance over the past three years, with sales growth of 32.3% and profit growth of 47.2%. In FY26, the company’s total revenue crossed ₹357 billion. Most notably, the company reduced its debt in India to ₹3,600 million this year, a very positive sign for the business. Along with opening its first store in the UK, the company opened 129 new showrooms. In the upcoming FY27, the company aims to open 150 new showrooms and increase same-store sales growth.
Titan Company, part of the Tata Group, needs no introduction. With strong brands like Tanishq, Mia, and Zoya, Titan rules the market. Over the past three years, the company’s sales have grown at a rate of 29.2% and profit at 15.7%. In FY26, the company recorded a massive income of ₹761 billion, while net profit stood at ₹51 billion, compared to ₹33.3 billion in FY25. The company is now expanding aggressively not only in India but also on foreign soil. Using the Damas network, the company is opening select Tanishq stores in countries like the UAE, Saudi Arabia, and Qatar. Management expects jewelry sales to see excellent growth of 15-20% in FY27.
Another major company making a strong claim in the market is Senco Gold. Over the past three years, the company has recorded annual sales growth of 21.4% and profit growth of 7.3%. The fourth quarter of FY26 was extremely strong for the company, with revenue of ₹19.97 billion and profit of ₹1,570 million. As part of its expansion strategy, the company is now moving beyond metros to focus directly on Tier-2, Tier-3, and Tier-4 cities. The company is rapidly opening stores in new areas like Rajasthan, Central Maharashtra, and Western Uttar Pradesh, which is expected to drive excellent growth in the future.
