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 up 45% and EBITDA up 39% in FY26; Senco EBITDA up 135% in 9M FY26. Formalisation seen favouring organised players even as imports fall.
Brokerages Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco despite gold duty hike to 15%, citing resilient demand, lightweight jewellery, exchange-led buying and formalisation favoring branded organised jewellers.