Jewellery stocks shine after strong Q3 updates: Titan, Kalyan Jewellers and Senco Gold rally

Mumbai | 7 January

Jewellery stocks traded higher after upbeat Q3FY26 updates.

Titan Company shares rose over 4% to a fresh 52-week high, while Senco Gold jumped up to 14%. Kalyan Jewellers also gained over 5%, tracking strong festive-led demand across domestic and overseas markets.

The sector benefited from a seasonally strong festive quarter, even as gold prices surged nearly 60% year-on-year during the period.

Here’s a look at their Q3 business updates.

Titan: Jewellery leads, international business stands out

Titan reported 38% growth in domestic consumer sales during Q3FY26, with the jewellery segment rising 41% year-on-year. Its key brands – Tanishq, Zoya and Mia grew around 40%, while CaratLane recorded a 42% rise.

The company said revenue growth was driven by higher average selling prices, while gold coin sales nearly doubled from last year. The plain gold category grew in the late-thirties, while studded jewellery delivered its best performance so far in FY26, growing in the mid-twenties.

Titan’s international business grew 79% year-on-year, while the watches segment rose 13%, led by 17% growth in analog watches. Smart watches, however, declined 26% due to lower volumes.

The eyewear business also grew 16% during the quarter.

Titan added 56 stores during Q3, taking its total store count to 3,433.

Kalyan Jewellers: Strong India and overseas momentum

Kalyan Jewellers reported around 42% revenue growth in its India operations during Q3FY26, supported by strong festive demand. Same-store sales growth stood at about 27%, indicating broad-based demand despite volatile gold prices.

International operations grew around 36% year-on-year, with the Middle East business up nearly 28%. The company’s digital-first platform, Candere, continued to outperform, posting triple-digit growth during the quarter.

Kalyan expanded its footprint with 21 new showrooms in India, one in the UK, and 14 Candere stores, taking its total network to 469 showrooms globally. 

Senco Gold: Festive demand drives sharp growth

Senco Gold also delivered a strong Q3 performance, with revenue rising 51% year-on-year, led by festive demand and higher gold prices. Its retail business grew 49%, while same-store sales growth stood at 39%.

Diamond jewellery sales increased 36% during the quarter. The company added four new showrooms in Q3 and said it remains confident of opening three to four more stores in Q4.

Senco reiterated its expectation of over 25% growth in FY26, supported by strong nine-month performance.

Key trends stood out this quarter

First, buyer demand held up better than expected despite elevated gold prices. In Titan’s case, buyer growth remained largely flat instead of declining, with higher average selling prices offsetting volume pressure.

Second, studded jewellery saw healthy growth across the industry as consumers shifted towards adornment jewellery during periods of high gold prices. This mix shift is considered positive for margins. 

Why investors are watching the sector

Despite a sharp rise in gold prices, jewellery companies reported strong festive-led growth, resilient consumer demand and an improving product mix. The performance in studded jewellery and digital channels has further supported sentiment, keeping jewellery stocks firmly in focus after the Q3 updates.

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