Jewellery retailers defy gold-tax hike: Titan +39%, Senco +60% at 9x earnings
Indian jewellery chains posted strong Q1FY27 growth despite gold import tax rising to 15% and gold prices up 41% y-o-y. Titan's domestic jewellery grew 39% and international 128% aided by Damas; Kalyan grew ~38% with SSSG near 28%. Senco Gold outpaced peers at 60% while trading at just 9x earnings.
Indian jewellery retailers posted strong Q1FY27 growth despite higher gold import taxes. Titan's domestic jewellery grew 39%, international 128% aided by Damas. Kalyan grew ~38%, Senco Gold 60% while trading at just 9x earnings.