Editor’s Note
**Editor’s Note:** Despite record-high gold prices, India’s leading jewelry retailers—PNG, Kalyan, Titan, and Senco Gold—are reporting strong sales and profit growth, driven by sustained consumer demand and strategic expansion into smaller towns and international markets.
Despite rising gold prices, companies like PNG, Kalyan, Titan, and Senco Gold are witnessing a tremendous surge in sales and profits, greatly benefiting investors.
Vikrant Singh Shekhawat
India, 09-Jul-2026 09:02 PM IST
The craze for jewelry among Indians is deepening over time, and even though gold prices have touched new heights recently, people’s love for the yellow metal has not diminished. This demand is having a direct and positive impact on major listed jewelry companies in the stock market. Four large companies—PNG Jewelers, Kalyan Jewelers, Titan, and Senco Gold—have recorded excellent surges in sales and profits. These companies are not only strengthening their foothold in big cities but are also opening new stores in smaller towns and even abroad, leading to substantial earnings for their investors.
Typically, the first quarter of any financial year (April to June) is considered a sluggish period for jewelry purchases. Despite this, the latest financial figures of these giant companies tell a completely new and encouraging story. Due to heavy consumer demand, the business of jewelry companies is experiencing strong growth. This surge is not just a coincidence but is backed by these companies’ robust expansion plans and excellent business models. According to a report by Equitymaster, these four jewelry stocks have growth plans that look extremely promising for the future. Let’s understand in detail how these companies have strengthened their market position.
Starting its journey in 1832, PNG Jewelers is today one of India’s oldest and most trusted retail brands. After starting from Pune, the brand established a deep presence in the Maharashtra market and is now rapidly expanding across the country. Over the past three years, the company’s sales have grown at an annual rate of 44.4% and net profit at 46.4%. In the fourth quarter of FY2026, the company earned a massive revenue of 35,443 million rupees, compared to just 15,882 million rupees in the same quarter last year. During the same period, the company’s net profit also increased from 620 million rupees to 903 million rupees. With 25 new stores opened during the year, the company’s total number of stores reached 78 by March 2026. The company’s management estimates that they will successfully achieve a revenue of 135 billion rupees in FY2027.
Kalyan Jewelers has become one of India’s largest organized jewelry chains today. The company has built an extensive network from India to countries in the Middle East. Its digital platform, Candere, is also rapidly making its mark in the online market. Over the past three years, the company has performed excellently, recording a 32.3% increase in sales and a 47.2% increase in profit. In FY2026, the company’s total revenue crossed the 357 billion rupee mark. The most notable aspect of this financial performance was that the company reduced its debt in India by 3,600 million rupees, a very positive sign for any business. With the opening of its first store in the UK, the company has opened a total of 129 new showrooms. In the upcoming FY2027, the company plans to open 150 new showrooms and increase sales at existing stores.
Titan, a Tata Group company, remains the undisputed leader in the jewelry market today. With its strong and diverse brands like Tanishq, Mia, and Zoya, Titan dominates 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 FY2026, the company recorded a massive income of 761 billion rupees, while net profit stood at 51 billion rupees. This is a significant jump compared to the profit of 33.3 billion rupees in the previous FY2025. The company is no longer limited to India but is aggressively expanding internationally. Using the Damas network, the company is opening select Tanishq stores in countries like the UAE, Saudi Arabia, and Qatar. The management is fully confident that jewelry sales will see an excellent growth of 15% to 20% in FY2027.
Another major company making a strong claim in the market is Senco Gold. Over the past three years, the company has recorded an annual growth of 21.4% in sales and 7.3% in profit. The fourth quarter of FY2026 was particularly successful for the company, with revenue of 19.97 billion rupees and profit of 1,570 million rupees. As part of its expansion strategy, Senco Gold is now focusing on Tier-2, Tier-3, and Tier-4 cities instead of metropolitan areas. The company is rapidly opening stores in new geographical regions like Rajasthan, Central Maharashtra, and Western Uttar Pradesh, which is likely to further accelerate the company’s growth rate in the coming times.
