Senco Gold grows 60% but trades at 9x earnings as Titan, Kalyan post strong Q1FY27 despite tax hike
Indian gold jewellery retailers delivered robust Q1FY27 growth even as import tax jumped to 15% from 6%. Titan's domestic jewellery rose 39% (intl +128%) with 33 net new stores; Kalyan grew ~38% (SSSG ~28%). Smaller rival Senco Gold outpaced both at 60% revenue growth and 38% SSSG—yet trades at just 9.3x versus Titan's 79.3x and Kalyan's 26.6x.
Indian gold jewellery retailers posted strong Q1FY27 growth despite higher import taxes. Titan grew 39% domestically, Kalyan ~38%, and Senco Gold 60%; Titan added 33 net stores. Senco trades at 9.3x earnings versus Titan's 79.3x.