Brokerages back Titan, Kalyan, Senco despite 15% gold duty hike
Antique and JM Financial retain positive ratings on organised jewellers, citing resilient demand, lightweight designs and exchange-led buying. Titan jewellery sales seen +45% and EBITDA +39% in FY26, with BIS hallmarking-led formalisation favouring listed players even as gold imports fall ~5% YoY.
Brokerages Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco despite India's 15% gold duty hike, citing resilient demand, lightweight designs, exchange-led buying and formalisation via BIS hallmarking favoring organised jewellers.