Record gold prices gut volumes 19%, but value demand jumps 47% to ₹99,900cr in Q4FY26
Titan, Kalyan and PNG posted 66-124% revenue growth as gold peaked at ₹1.69L/10g, yet margins compressed (Titan Ebitda 7.2% vs 10.7%). Retailers pivot to lightweight, lower-carat and studded designs — Kalyan studded mix at 31%, Candere at 70%.
Q4FY26: Indian jewellers' volumes fell 19% YoY as gold hit record ₹1.69L/10g, but value demand rose 47% to ₹99,900cr. Titan, Kalyan, PNG posted strong revenue growth; margins compressed. Retailers pivoting to lightweight, lower-carat, studded designs.