Brokerages back Titan, Kalyan, Senco despite gold duty hike to 15%
India's gold import duty hike to 15% pressures jewellers, but Antique and JM Financial stay bullish on branded chains, citing resilient demand, lightweight jewellery and exchange-led buying. Titan FY26 jewellery sales seen up 45%, EBITDA up 39%; Senco EBITDA up 135%. Formalisation favours organised players.
India's gold import duty hike to 15% pressures jewellers, but brokerages Antique and JM Financial stay positive on Titan, Kalyan and Senco, citing resilient demand, lightweight jewellery, exchange-led buying and formalisation favouring branded chains.
Why this matters
Reinforces the recurring brokerage thesis that Titan, Kalyan and Senco benefit as the 15% gold duty hike accelerates formalisation toward organised jewellers, echoing prior duty-hike coverage.
Retail-company signals accelerating at +517000% QoQ.