Jewellery Giants Face Off: A Deep Dive into Q1 FY26 Results of Titan, Kalyan, and Senco Gold

Introduction

The Indian jewellery sector stands as a dynamic and rapidly expanding market, reflecting both the country’s rich cultural heritage and rising consumer aspirations as one of the most significant contributors to the global gems and jewellery industry. India’s Q1 FY26 financial results provide critical insights into how market leaders are navigating evolving consumer preferences, economic fluctuations, and global trends. This article compares the Q1 FY26 performances of three prominent jewellery companies—Titan Company, Kalyan Jewellers, and Senco Gold—offering a comprehensive analysis of their financial health, growth strategies, and market positioning amidst the promising and competitive landscape.

 

India’s Jewellery Market: Trends and Outlook

The Indian jewellery market is poised for remarkable growth, with projections indicating an expansion from Rs. 6,340 billion in 2024 to a staggering Rs. 11,000–Rs. 12,000 billion by 2029, driven by a compound annual growth rate (CAGR) of 12%–14%. This acceleration is expected to propel India past the United States as the second-largest jewellery market globally. The wedding jewelry sector, which accounts for approximately 40% to 45% of the entire market, is projected to grow to about Rs. 4,600 to 5,100 billion by 2029, with a compound annual growth rate (CAGR) between 6% and 9%. This growth is primarily fueled by India's deep-rooted cultural connection to gold and the time-honored practice of giving jewelry as gifts during weddings.

 

India’s jewellery prowess is also showcased by its dominance in the global diamond supply chain, particularly in cut and polished diamonds, with over 90% of global demand met through Indian exports. India has also established itself as the world’s second-largest exporter of lab-grown diamonds, a fast-growing segment that reflects both the nation’s manufacturing capabilities and its embrace of sustainable, technology-driven innovation. This robust growth trajectory, coupled with evolving consumer tastes favoring a blend of traditional and contemporary designs, suggests a vibrant and lucrative future for the jewellery industry in India, making it a critical arena for investment and strategic expansion.

 

Company Profiles and Market Positioning in the Indian Jewellery Sector

 

Titan Company Limited

 

Headquartered in Bengaluru, leads India’s branded jewellery market. By FY 2024–25, Titan’s jewellery division—driven by brands like Tanishq, Mia, Zoya, and CaratLane—accounted for roughly 80–90% of the company’s total revenue. During this period, the company’s market share expanded significantly, rising from about 4.5% in FY 2019 to nearly 8% by FY 2024. Titan aims to increase this to 10–11% by FY 2027-28, targeting 1,250 stores across its jewellery brands—up from roughly 900 today. The company also plans to add 40–50 new Tanishq stores in FY 2025–26, improving both scale and customer reach. Titan’s diversified business model—with watches, eyewear, and lifestyle products—complements its dominant jewellery portfolio and strengthens its omni-channel presence.

 

Kalyan Jewellers India Limited

 

Founded in 1993 and based in Thrissur, Kerala, Kalyan Jewellers has aggressively expanded its physical footprint, reaching a total of 406 showrooms by June 30, 2025. Kalyan Jewellers has built a diversified presence with 287 showrooms across India, 36 in the Middle East, two in the United States, and 81 under its online-first arm, Candere. During Q1 FY 2026, the company posted an impressive 31% year-on-year increase in consolidated revenue, supported by resilient festive spending and sustained wedding-related demand. The company has ambitious plans to launch 170 new showrooms in FY 2026, leveraging a franchise-owned, company-operated (FOCO) model to scale efficiently across both formats.

 

Senco Gold & Diamonds Limited

 

Senco stands out as a regional powerhouse in Eastern and Northeastern India, valued at around Rs. 6,100–6,150 crore as of mid-2025. While smaller in scale relative to Titan and Kalyan, it holds a strong position in regional organised jewellery retail, offering gold, diamond, silver, lab-grown diamond, and lifestyle jewellery. Its focused value-driven strategy, supported by both company-run and franchise showrooms, is helping it steadily build its presence in untapped markets.

 

Together, these three players—Titan with its national leadership and diversified offering, Kalyan with aggressive expansion and wedding-focused reach, and Senco with regional strength and niche positioning—offer varied strategic lenses into India’s thriving jewellery sector.

 

Q1 FY26 Performance Overview: Titan vs. Kalyan Jewellers vs. Senco Gold

 

 

Revenue Performance

 

Titan delivered the strongest revenue in Q1 FY26, reporting Rs. 13,132 crore, supported by its diversified jewellery portfolio and premium positioning. Kalyan Jewellers followed with Rs. 5,479 crore, reflecting steady traction in both domestic and Middle Eastern markets. Senco Gold, though smaller in scale, posted Rs. 1,826 crore, showing resilience in the regional jewellery segment. The clear revenue leadership of Titan highlights its dominance in the organised jewellery market, while Kalyan and Senco continue to expand in their respective niches.

 

Profitability and Margins

 

With a net profit of Rs. 1,090 crore and margins close to 8.3%, Titan stood ahead of its competitors, reflecting its stronger operational efficiency. Kalyan Jewellers reported a net profit of Rs. 432 crore, translating to a net margin of 7.9%, which reflects efficient cost management despite a competitive environment. In comparison, Senco Gold’s net profit of Rs. 105 crore resulted in a net margin of 5.7%, underscoring modest profitability but also demonstrating its ability to generate healthy returns relative to its size.

 

Operating Efficiency

 

In terms of operating income, Titan recorded Rs. 1,473 crore, supported by scale advantages and brand premium. Kalyan Jewellers posted Rs. 631 crore, reflecting operational stability across its showroom network. Senco Gold reported Rs. 184 crore in operating profit, with an operating margin close to 10%, indicating disciplined expense management despite being a smaller player. Titan’s operating leverage sets it apart, while Kalyan and Senco continue to make steady strides in strengthening their efficiency ratios.

 

Earnings Per Share (EPS)

 

Titan reported an EPS of Rs. 12.29, the highest among the three, reinforcing shareholder value creation. Kalyan Jewellers delivered an EPS of Rs. 4.25, reflecting consistent earnings growth as it consolidates its position in both urban and semi-urban markets. Senco Gold, with an EPS of Rs. 6.39, outperformed Kalyan on a per-share basis despite being smaller in scale, which signals effective capital utilisation and potential for investor returns.

 

Operational Highlights and Strategic Initiatives

Titan Company continued its strong trajectory with a consolidated revenue growth of 17% YoY in Q1 FY26. With Akshaya Tritiya celebrations and robust wedding purchases, Titan’s key jewellery business delivered a 19% YoY rise in revenues. Titan also completed the acquisition of an additional 27.18% stake in Damas International Limited (Dubai), strengthening its foothold in the Gulf region—a strategic move aimed at expanding its premium jewellery portfolio overseas. However, analysts note that margin pressures remain, given rising gold prices and competition from regional players.

 

Kalyan Jewellers posted an impressive 27% YoY revenue growth in Q1 FY26, supported by healthy same-store sales growth and rapid showroom additions. The company accelerated its franchise-led expansion model, adding stores across non-metro markets. Its hyperlocal approach—targeting Tier-2 and Tier-3 towns—helped diversify its revenue mix while strengthening its brand visibility in semi-urban India.

 

Senco Gold & Diamonds delivered strong results with a 26% YoY growth in consolidated revenue. The company benefited from robust demand in Eastern India and aggressive retail expansion. The company stayed focused on its asset-light franchise strategy, enabling swift expansion while keeping capital investment minimal. Senco also focused on affordable jewellery lines and lightweight collections, tapping into the rising demand from younger consumers.

 

Segment-wise and Geographic Performance

Titan reinforced its leadership in the high-end domestic market, fueled by steady demand from urban consumers. Its wedding jewellery portfolio gained traction, while same-store sales rose across large-format Tanishq outlets. The company’s international presence expanded with the Damas acquisition, strengthening its Middle East positioning.

 

Kalyan Jewellers recorded a balanced performance across India and the Middle East, with India operations contributing over 70% of revenues. Growth was particularly strong in South India, its traditional stronghold, while North India continued to see steady momentum. Its Middle East business also posted double-digit growth, aided by demand from the Indian diaspora.

 

Senco Gold maintained a regional leadership position in Eastern India, but also saw increasing traction in new markets across North and West India. Its lightweight gold and diamond jewellery resonated with younger buyers, while franchise expansion supported growth in non-core geographies.

 

Market Response and Stock Performance

Investor sentiment toward jewellery companies remained positive in Q1 FY26, supported by robust consumer demand and festive tailwinds.

• Titan’s stock has gained approximately 20% YTD in FY26, reflecting investor confidence in its premium positioning and international expansion strategy. However, valuations remain rich, and some analysts flagged near-term pressure on margins.

• Kalyan Jewellers’ shares have surged more than 45% year-to-date, outpacing competitors on the back of aggressive retail network expansion and steady momentum in same-store sales. Its shift toward a franchise-driven model has been viewed positively by investors.

• Senco Gold’s stock has also delivered strong returns in FY26, aided by rapid footprint expansion and steady financial performance. However, given its smaller scale compared to Titan and Kalyan, market volatility remains higher.

The jewellery industry has delivered returns ahead of the broader market, supported by long-term consumption tailwinds and increasing formalisation.

 

Risks and Challenges

Jewellery companies face significant risks from gold price volatility, which influences consumer buying and squeezes margins. The gold price rally in Q1 FY26 shifted customer interest to cost-effective, lower-karat jewellery, moderating overall growth in volumes. Rising geopolitical frictions and global economic headwinds continue to strain jewellery exports and disrupt supply chains.

 

Competition intensifies with numerous unorganised retailers and fast-growing online platforms, pushing companies to innovate continuously. Regulatory changes—such as hallmarking rules, import duties, and tax policies—affect costs and pricing strategies. Sustaining growth hinges on effective stock management as the company balances expansion with evolving market trends.

Despite these hurdles, robust cultural demand and strong festival sales provide resilience, helping companies maintain steady growth.

 

Conclusion

The Q1 FY26 results of Titan, Kalyan Jewellers, and Senco Gold highlight the sector’s resilience amid gold price volatility and evolving consumer preferences. Each company has showcased distinct strengths—Titan in scale and brand presence, Kalyan in strong revenue traction, and Senco in operational efficiency. For investors, the key takeaway lies in monitoring how these players balance margins, expansion, and consumer demand in a dynamic market, rather than focusing on short-term performance alone.

 

Investors keeping an eye on jewellery players such as Titan, Kalyan, and Senco can leverage Enrich Money’s platform for trend analysis and smarter decision-making.

 

Frequently Asked Questions

 

1. How do Titan, Kalyan Jewellers, and Senco Gold differ in customer positioning?

Titan targets premium buyers, Kalyan caters to mass-market consumers, while Senco has a strong regional focus.

 

2. How does gold price volatility affect these companies?

Rising gold prices can shift consumer demand toward lighter or lower-karat jewellery, impacting sales volumes and margins differently for each company.

 

3. Which metric should investors focus on—revenue, EBITDA, or EPS?

No single metric gives the full picture. A balanced view of revenue growth, profitability, and earnings per share provides better clarity.

 

4. Are these companies only dependent on India for growth?

While India remains the primary market, both Titan and Kalyan have growing international footprints, whereas Senco is gradually expanding beyond its regional stronghold.

 

5. What should long-term investors watch out for?

Sustained demand, margin management, regulatory changes, and global gold price movements will be crucial drivers for all three players.

 

6. Can I invest in these jewellery companies through online platforms?

Yes, investors can easily buy shares of Titan, Kalyan Jewellers, and Senco Gold through reliable trading platforms such as Enrich Money.



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