Thangamayil, Kalyan outgrow Titan in Q4FY26 — yet trade at 33–63% P/E discounts
Thangamayil Jewellery posted 105.7% sales growth and 354% profit jump in Q4FY26; Kalyan Jewellers grew 66.2% with 47% SSSG and 24 new showrooms. Both outpaced Titan's 80.5% jewellery sales rise (aided by Damas), but trade at P/Es of 48 and 26.6 versus Titan's 72.2 — a re-rating gap worth watching.
Southern jewellery chains Thangamayil and Kalyan Jewellers outpaced Titan in Q4FY26 sales and profit growth, with aggressive store expansion and strong SSSG, yet trade at 33-63% P/E discounts to Titan despite Titan's Damas acquisition driving 80.5% jewellery sales growth.