Brokerages back Titan, Kalyan as India's 15% gold duty hike squeezes jewellery sector
India's raised gold import duty pressures jewellers, but Antique and JM Financial stay bullish on Titan, Kalyan and Senco. Resilient FY26 demand, lightweight designs, exchange-led buying and BIS hallmarking formalisation favour organised chains. Titan guides FY26 jewellery sales up 45%; Senco EBITDA up 135%.
India raised gold import duty to 15%, pressuring jewellers. Brokerages Antique and JM Financial stay positive on Titan, Kalyan and Senco, citing resilient FY26 demand, lightweight jewellery, exchange-led buying and formalisation via BIS hallmarking favouring organised chains.