Brokerages back Titan, Kalyan, Senco despite 15% gold duty hike
Antique and JM Financial retain positive ratings on organised jewellers, arguing they are better cushioned via hallmarking formalisation, lightweight designs and exchange-led buying. Titan is guided for 45% FY26 jewellery sales growth and 39% EBITDA growth; Senco eyes 30% sales and 135% EBITDA growth even as gold imports slid 33% MoM in Feb 2026.
Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco despite gold import duty hike to 15%, arguing organised jewellers are better prepared via hallmarking formalisation, lightweight jewellery and exchange-led buying amid resilient demand.