Senco Gold grows 60% at just 9x earnings as Titan, Kalyan post strong Q1FY27
Indian jewellery retailers delivered robust Q1FY27 growth despite record gold prices near Rs 1.45 lakh/10g and import tax hiked to 15%. Titan's domestic jewellery rose 39% and international 128% on the Damas addition; Kalyan grew 38% with 28% SSSG. Smaller rival Senco Gold outpaced all at 60%, yet trades at roughly 9x earnings.
Indian jewellery retailers posted strong Q1FY27 growth: Titan's domestic jewellery grew 39% and international 128% (Damas addition), Kalyan 38%, and Senco Gold 60% at ~9x earnings—despite higher gold prices and raised import taxes.
Why this matters
Follows Titan nearing TCS in market value on a jewellery-led record share high and 41% Q1 consumer growth. Senco Gold's 60% growth at 9x earnings marks an 88% valuation discount to Titan.
Retail-company signals accelerating, up 645200% QoQ.