The rally isn’t just sentiment-driven—it’s backed by solid fundamentals. All four players delivered strong Q1 business updates, each benefiting from a combination of factors — including robust revenue growth driven by Akshaya Tritiya sales, regional festivities, and aggressive showroom expansion. Consumer preferences are also evolving, with a clear shift toward lightweight jewellery and gold coins, while brands are bolstering performance through strategic marketing efforts and prudent debt management. Together, these trends highlight the sector’s ability to shine even amid challenging macroeconomic conditions.
Stock performance in FY26 so far shows PC Jeweller leading the pack with a sharp gain of 44%, followed by Kalyan Jewellers India and Senco Gold, both rising about 25%. Meanwhile, Titan—the largest company by market capitalization in the segment—has registered a gain of 12%.
ETMarkets.comLet’s take a closer look at what’s fueling this rally:
PC Jeweller – Turning Heads with a Debt-Free Vision : PC Jeweller made a powerful comeback in FY26, emerging as the top performer among gold stocks. A massive 80% year-on-year revenue spike in Q1 — thanks to strong wedding and festive demand — set the tone. But what truly caught investor attention was the company’s sharp focus on debt reduction, trimming bank borrowings by 7.5% in Q1, following a 50% cut in FY25. With plans to go debt-free by FY26-end, and operational momentum backing that target, investor confidence surged. The market rewarded PC Jeweller’s discipline and ambition — with stock prices gleaming early in the fiscal year.
Kalyan Jewellers – Going Big with Multi-channel Expansion: Kalyan Jewellers is proving the power of multi-channel growth, clocking 31% revenue growth across Indian and international markets in Q1. India operations thrived with an 18% jump in same-store sales, while its digital-first brand Candere soared with 67% growth, fuelled by a fresh marketing campaign and strong online traction. Overseas markets — particularly the Middle East — also held up well, contributing 15% to consolidated revenue. With a massive showroom rollout planned (170 in FY26) and momentum across physical and digital fronts, Kalyan is all set for a golden expansion spree.
Senco Gold – Riding the Festive Wave with Flair : Senco Gold sparkled this year with a perfect blend of strong festive traction, rapid retail expansion, and creative marketing. Q1 revenue jumped 28%, including 24% YoY retail growth and 19% same-store sales growth (SSSG) — driven by high footfall during Akshaya Tritiya, Poila Baishakh, and Baisakhi. Despite a 32% YoY rise in gold prices, the brand sustained demand with clever tactics like promoting old gold exchange, which made up 40% of total sales. With 9 new stores added in Q1 and fresh campaigns like Bangle Utsav and The Golden Curve drawing crowds, Senco is shaping up as a major contender in the modern jewellery space.
Titan Company – A Trusted Bet with Global Ambitions: Titan, the most diversified and stable player in the pack, continues to play the long game — and win. Tanishq’s domestic jewellery business grew 18% YoY in Q1, while high gold prices nudged consumers toward lighter jewellery and gold coins. Though the studded jewellery segment saw slightly muted volume growth, overall ticket sizes increased, helping drive early double-digit gains.
Notably, Titan’s US jewellery business nearly doubled YoY, boosting the company’s international revenue by 49%. The company also added 19 jewellery stores in India and launched outlets in Dubai and Sharjah, showcasing its global push. Add in strong growth in watches (+23%) and eyewear (+12%), and Titan proves once again why it remains a solid gold pick in uncertain times.
