Gold jewellers defy 15% import tax: Senco grows 60% at 9x earnings as Titan posts 39%
Indian gold jewellery retailers reported strong Q1FY27 despite import tax rising to 15% and gold at Rs 1.44 lakh/10g (+41% y-o-y). Titan's domestic jewellery grew 39% and international 128% post-Damas; Kalyan grew 38% on ~28% SSSG; smallcap Senco Gold outpaced peers at 60% growth while trading at just 9x earnings.
Indian gold jewellery retailers posted strong Q1FY27 growth despite higher import taxes. Titan's domestic jewellery grew 39%, international 128% after Damas acquisition; smallcap Senco Gold grew 60% at 9x earnings, Kalyan grew 38%.
Why this matters
Reinforces Titan's Q1 momentum after its consumer business jumped 41% and chain expanded to 3,680 stores, even as broader gold retailers faced duty hikes and adhik maas headwinds.
Retail-company signals accelerating, up 694700% QoQ.