Senco Gold grows 60% at 9x earnings as Titan jewellery rises 39% in Q1FY27
Q1FY27 jewellery earnings show Titan's domestic jewellery up 39% and international up 128% on Damas, adding 33 stores to reach 163 total. Smallcap rival Senco Gold outpaced with 60% growth while trading at just 9x earnings; Kalyan revenue climbed ~38% with SSSG near 28%—all despite record gold at Rs 1.44 lakh/10g and import duty raised to 15%.
Q1FY27 jewellery earnings: Titan's domestic jewellery grew 39% and international 128% (Damas boost), adding 33 stores. Smallcap Senco Gold grew 60% at 9x earnings; Kalyan revenue up ~38% despite record gold prices and higher import duty.
Why this matters
Titan's 39% jewellery growth extends the gold-exchange momentum JPMorgan flagged, but smallcap Senco's 60% growth at 9x earnings versus Titan's 79x P/E highlights a widening valuation gap amid strong domestic demand.
Retail-company signals accelerating, up +717200% QoQ.