Brokerages back Titan, Kalyan, Senco despite gold duty hike to 15%
Antique and JM Financial retain Buy ratings on jewellery majors even as India lifts gold import duty to 15%. Titan is guided to 45% jewellery sales growth and 39% EBITDA growth in FY26, while Senco eyes 30% sales and 135% EBITDA growth. Analysts cite resilient demand, BIS hallmarking-led formalisation and stronger exchange programmes, though valuation multiples are trimmed.
Antique and JM Financial retain Buy ratings on Titan, Kalyan and Senco Gold despite India's gold duty hike to 15%, citing resilient demand, formalisation via BIS hallmarking and stronger exchange programmes, while trimming valuation multiples.
Why this matters
Reinforces analyst conviction in Titan despite policy headwinds, echoing repeated signals backing Titan, Kalyan and Senco through the gold import duty hike to 15%.
Retail-company signals accelerating, up 483700% QoQ.