Brokerages back Titan, Kalyan, Senco despite gold duty hike to 15%
Antique and JM Financial retain positive ratings on organised jewellers, citing resilient demand, lightweight designs and BIS hallmarking-led formalisation. Titan jewellery sales seen +45% FY26; Senco EBITDA +135% in 9M 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%, citing resilient demand, lightweight jewellery, and formalisation via BIS hallmarking benefiting organised jewellers.