Senco Gold grows 60% at 9x earnings as Titan's 39% growth trades at 79x P/E
Q1FY27 jewellery updates show smaller rivals outpacing Titan on growth: Senco revenue +60% (SSSG 38%), Kalyan +38%. Titan domestic jewellery grew 39% and international 128%, aided by Damas. All expanded stores despite gold import tax rising to 15%, with gold averaging Rs 1.44 lakh/10g, up 41% y-o-y.
Q1FY27 jewellery updates: Titan domestic grew 39% and international 128% (aided by Damas); Kalyan grew 38% and Senco Gold 60%. All expanded stores despite gold import tax hike to 15%. Senco trades at 9x versus Titan's 79x.