Brokerages back Titan, Kalyan, Senco despite 15% gold duty hike
Antique and JM Financial retain positive ratings on major jewellers after India's gold import duty rose to 15%. Analysts cite lightweight jewellery, exchange-led buying (~50% of Titan's gold), BIS hallmarking formalisation and resilient demand. Titan seen at +45% jewellery sales and +39% EBITDA in FY26; Senco at +30% sales, +135% EBITDA in 9M FY26.
After India's gold import duty hike to 15%, brokerages Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco, citing lightweight jewellery, exchange-led buying, BIS hallmarking formalisation and resilient demand despite higher prices.
Why this matters
Reinforces analyst confidence in Titan after strong Q4 jewellery growth and Zoya bespoke gains, with brokerages viewing the 15% gold duty hike as manageable given exchange-led buying and formalisation tailwinds.
Retail-company signals accelerating, up 479,400% QoQ.