Senco Gold grows 60% vs Titan's 39%—yet trades at just 9x earnings in Q1FY27
India's gold jewellers posted strong Q1FY27 demand despite gold import tax rising to 15% and average prices up 41% to Rs 1.44 lakh/10g. Senco Gold led growth at 60% y-o-y, ahead of Titan's 39% and Kalyan's 38%. Titan added 33 net domestic stores (1,227 total) and saw international sales jump 128%.
Indian gold jewellery retailers posted strong Q1FY27 demand despite higher import taxes. Titan's domestic jewellery grew 39%, Kalyan 38%, and Senco Gold 60%. Senco trades at ~9x earnings, a steep discount to Titan; Titan added 33 net domestic stores.