Brokerages back Titan, Kalyan, Senco despite gold duty hike to 15%
India's gold import duty hike to 15% pressures the jewellery sector, but Antique and JM Financial favour organised retailers. Titan's jewellery sales seen up 45% and EBITDA up 39% in FY26; Senco EBITDA up 135% in 9M FY26. Lightweight designs, exchange-led buying (~50% at Titan) and BIS hallmarking cushion the blow versus the FY13-14 cycle.
India's gold import duty hike to 15% pressures jewellery sector, but brokerages Antique and JM Financial back Titan, Kalyan and Senco, citing lightweight jewellery, exchange-led buying, BIS hallmarking and organised retailers' resilience versus FY13-14 cycle.