Senco Gold grows 60% and trades at 9x earnings as Titan posts 39% jewellery gain
Indian jewellery retailers delivered strong Q1FY27 growth despite gold import tax rising from 6% to 15% and gold at Rs 1.44 lakh/10g (+41% y-o-y). Titan's domestic jewellery grew 39% and international 128% via Damas; Kalyan grew ~38% with ~28% SSSG; Senco led at 60% yet remains valued 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 grew 60% yet trades at just 9x earnings.
Why this matters
Reinforces the emerging pattern of Senco Gold outgrowing Titan and Kalyan in Q1FY27 while remaining valued at just 9x earnings, despite sector-wide gold cost and tax pressures.
Retail-company signals are accelerating, up 817300% QoQ.