Brokerages back Titan, Kalyan, Senco despite 15% gold import duty hike
Antique and JM Financial retain positive ratings on organised jewellers, arguing they are better positioned to absorb the duty hike via lightweight designs, hallmarking-led formalisation and exchange-driven buying. Titan jewellery sales are seen up 45% in FY26 even as gold imports fall ~5% YoY.
Brokerages Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco despite India's gold import duty hike to 15%, arguing organised jewellers are better prepared via lightweight jewellery, hallmarking formalisation and exchange-led buying.
Why this matters
Reinforces a run of brokerage calls backing Titan, Kalyan and Senco through the 15% gold duty hike, framing organised jewellers as better positioned than unorganised peers to weather the cost pressure.
retail-company theme accelerating at +494100% QoQ.