Brokerages back Titan, Kalyan, Senco as organised jewellers brace for 15% gold duty hike
Antique and JM Financial retain positive ratings, arguing organised jewellers are well-positioned for India's 15% gold import duty hike. Resilient demand via lightweight designs and exchange-led purchases (Titan gold exchange ~50%) cushions the impact. Titan FY26 jewellery sales seen +45%, Senco EBITDA +135%.
Brokerages Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco, arguing organised jewellers are well-prepared for India's 15% gold import duty hike amid resilient demand via lightweight and exchange-led purchases.