Brokerages back Titan, Kalyan, Senco despite gold duty hike to 15%
Antique and JM Financial retain positive ratings on branded jewellers, citing resilient demand, lightweight designs and exchange-led buying. Titan jewellery sales seen +45% and EBITDA +39% in FY26; Senco EBITDA up 135% in 9M FY26. Formalisation favors organised players even as imports fall.
Brokerages Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco despite India's gold duty hike to 15%, citing resilient demand, lightweight jewellery, exchange-led buying and formalisation benefits favoring branded organised jewellers.
Why this matters
Reinforces Titan's momentum after Q1 domestic business jumped 37% with jewellery up 39%, and FY26 revenue crossing Rs 75,000 crore with jewellery driving 91.5% of turnover.
Retail-brand signals steady at 2,564 over the trailing 90 days.