Brokerages back Titan, Kalyan, Senco as India's 15% gold duty hike favours organised jewellers
India raised gold import duty to 15%, but Antique and JM Financial stay bullish on organised jewellers. Titan guides FY26 jewellery sales +45% and EBITDA +39%; Senco posts EBITDA +135% in 9M FY26. Lightweight designs, ~50% exchange-led buying and BIS hallmarking shift share from unorganised players despite gold prices up 56%.
India raised gold import duty to 15%; brokerages Antique and JM Financial stay positive on Titan, Kalyan and Senco, citing resilient demand, lightweight jewellery, exchange-led buying and BIS hallmarking favoring organised jewellers over unorganised players.
Why this matters
Extends Titan's momentum after Q1 domestic business jumped 37% with jewellery up 39%, and FY26 revenue crossing Rs 75,000 crore with jewellery at 91.5% of turnover. Brokerages see the duty hike accelerating organised share gains.
Retail-company signals accelerating at +605400% QoQ.