Glimmer Without the Glitter—Jewellery Shares Shine with 45% Returns as Gold Fades

Image Source: Upstox

Despite a slowdown in gold’s meteoric rise, India’s jewellery stocks are delivering glittering returns in FY26, with top players like PC Jeweller, Kalyan Jewellers, Senco Gold, and Titan Company posting gains of up to 45%. The rally is powered by strong Q1 business updates, festive demand, and aggressive retail expansion—even as macroeconomic uncertainties linger.

Top Performers in FY26 So Far

PC Jeweller: Leads the pack with a 44% gain, driven by an 80% YoY revenue spike and a sharp focus on debt reduction
Kalyan Jewellers: Up 25%, fueled by multi-channel growth, 67% surge in digital brand Candere, and expansion into the Middle East
Senco Gold: Also up 25%, thanks to festive traction, old gold exchange programs, and 9 new stores in Q1
Titan Company: Gained 12%, with international jewellery revenue up 49%, and continued strength in watches and eyewear

Sector Trends & Consumer Behavior

Shift toward lightweight jewellery, gold coins, and studded pieces amid high gold prices
Brands are leveraging creative marketing, digital channels, and retail footprint expansion to sustain demand
Despite a 32% YoY rise in gold prices, companies are adapting with 18-carat and 9-carat offerings to attract price-sensitive buyers

Market Outlook

Jewellery stocks are proving resilient, backed by solid fundamentals, festive demand, and strategic execution
Investors remain optimistic as companies continue to innovate and expand, even as gold prices stabilize

Sources: Economic Times, Moneycontrol, CNBC TV18, Angel One