Brokerages back Titan, Kalyan, Senco as gold duty hike tests jewellery demand
Antique and JM Financial retain positive calls on organised jewellers despite the gold import duty rising to 15%. Analysts cite resilient demand, lightweight designs, exchange-led buying (~50% of Titan volumes) and rising formalisation. Titan jewellery sales seen up 45% and EBITDA up 39% in FY26; Senco EBITDA up 135% in 9M FY26.
Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco despite the gold import duty hike to 15%, citing resilient demand, lightweight jewellery, exchange-led buying and rising formalisation favoring branded organised jewellers.
Why this matters
Brokerages reaffirm confidence in Titan after Q1 FY27 consumer businesses surged 41% and domestic sales rose 37% with store count at 3,680, signalling demand resilience despite the gold duty hike.
Retail-company theme accelerating at +600200% QoQ.