Gold retailers face bruising Q1 FY27 as duty hikes, adhik maas dent volume growth
Titan's jewellery segment grew 39% YoY and Kalyan 38% in Q1 FY27, but SSSG slowed sharply (Kalyan 28% vs 47%) as the 15% import duty, price volatility and adhik maas pressured demand. Old-gold exchange propped up sales while discounting squeezed margins; FY27 volumes seen falling 13-15%.
Indian gold retailers like Titan, Kalyan and Senco saw slower Q1 FY27 revenue growth amid gold duty hikes, price volatility and adhik maas. Old-gold exchange drove sales, but discounting pressures margins; volumes expected to decline 13-15% in FY27.