Brokerages back Titan, Kalyan, Senco despite 15% gold import duty hike
Antique and JM Financial retain Buy ratings on jewellery majors, citing resilient FY26 demand, hallmarking-led formalisation and rising gold-exchange programmes. Titan jewellery sales seen +45%, Senco EBITDA +135%; targets set at Rs 4,763-4,900 (Titan), Rs 600 (Kalyan), Rs 475 (Senco). Gold imports fell 33% MoM in Feb 2026.
India's gold import duty hike to 15% pressures jewellery sector, but brokerages Antique and JM Financial retain Buy ratings on Titan, Kalyan and Senco, citing resilient FY26 demand, hallmarking-led formalisation and rising gold-exchange programmes.