Brokerages back Titan, Kalyan, Senco despite gold import duty hike to 15%
Antique and JM Financial retain positive ratings on organised jewellers, citing resilient demand, lightweight designs and exchange-led buying. Titan FY26 jewellery sales seen up 45%, Senco EBITDA up 135%, even as gold imports slid ~33% MoM in Feb and ~50% in Mar 2026.
Antique and JM Financial retain positive ratings on Titan, Kalyan and Senco despite India's gold import duty hike to 15%, citing resilient demand, lightweight jewellery, exchange-led buying and rising formalisation benefiting organised branded jewellers.
Why this matters
Reinforces Titan's Q4 jewellery strength, where Zoya bespoke delivered double-digit growth and India held gold duties. Analysts now see organised jewellers absorbing the 15% duty hike.
Retail-company signals accelerating, up 460400% QoQ.