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 (~50%). Titan jewellery sales seen up 45% and EBITDA up 39% in FY26; Senco EBITDA up 135% in 9M FY26. BIS hallmarking formalisation favours organised chains even as imports fell ~5% YoY.
Antique and JM Financial retain positive ratings on Titan, Senco Gold and Kalyan Jewellers despite India's gold import duty hike to 15%, citing resilient demand, lightweight jewellery, exchange-led buying and BIS hallmarking formalisation favoring branded chains.
Why this matters
Reinforces the pattern of brokerage confidence in Titan, Kalyan and Senco through gold duty changes, following prior calls backing branded jewellers and Titan's Q4 jewellery strength with Zoya's double-digit bespoke growth.
retail-company theme accelerating, up 480600% QoQ.