India's top jewellers posted strong performances in the July–September quarter (Q2 FY26) despite record gold prices.

Over the past week, Titan rose 4.3% and PNG Jewellers gained 2.3%, while Kalyan Jewellers slipped 1.2% and Senco Gold dropped 8.1%.

SEBI-registered analyst Financial Sarthis compared Titan, Kalyan, PNG Jewellers, and Senco Gold in what he called the“Battle of India's Sparkling Titans.”

Titan Keeps The Crown

Financial Sarthis said Titan Company continued to dominate the market with 19% year-on-year jewellery growth, led by mid-teens growth in studded jewellery that outpaced plain gold.

The company added 34 new stores, bringing its total to 1,120, while international revenue surged 86%, with the U.S. business doubling. Subsidiary CaratLane grew 30% YoY, and both Tanishq and CaratLane posted double-digit same-store sales growth.

Titan remains upbeat heading into the festive and wedding season, supported by strong promotions, premium designs, and global expansion momentum.

The analyst said Titan continues to reign supreme with luxury-led, high-margin, and digitally integrated operations. 

Kalyan Jewellers Grows Fastest

Kalyan Jewellers delivered 30% year-on-year consolidated revenue growth, driven by a 31% rise in its India business and 17% growth in the Middle East, which now contributes 12% of total revenue.

Its online arm Candere saw an impressive 127% YoY jump, while total showroom count reached 436, including 32 new additions during the quarter.

Financial Sarthis said festive demand, showroom expansion before Diwali, and continued debt reduction point to strong momentum.

He called the Kalyan the fastest-growing jewellery brand in India, powered by scale, digital strength, and an aggressive expansion push.

Senco Gold Quietly Strengthens Its Shine

Senco Gold reported 6.5% year-on-year revenue growth for Q2 and 17.8% for the first half of FY26.

Diamond jewellery sales climbed 12% YoY in Q2 and 31% for H1, while silver sales surged 54% YoY. The company added five stores to reach a total of 184 and opened its first international showroom in Dubai.

Financial Sarthis said Senco plans to open 20 new stores in FY26 and is targeting 18–20% topline growth for the year.

The analyst said Senco is a rising contender building a strong design-led identity and expanding footprint nationwide.

PNG Jewellers Ramps Up Expansion

P. N. Gadgil Jewellers (PNG) posted a 31% jump in revenue to ₹21,733 million, with retail sales up 29%, franchise operations up 105%, and e-commerce up 113%.

The company saw same-store sales growth of 29%, with strong gains across gold, silver, and diamond categories. PNG added eight new stores, taking the total to 63, and plans to open 13–15 more in the second half of FY26.

The company is expanding into Maharashtra, Goa, Madhya Pradesh, Uttar Pradesh, and Bihar as it transforms from a regional name into a national retail brand.

Financial Sarthis said PNG has evolved from a regional legacy to a modern retail powerhouse.

Jewellery Demand Holds Strong Despite Record Gold Prices

Financial Sarthis said India's jewellery demand remains robust even at all-time high gold prices.

Noting that festive and wedding demand, omni-channel retail and diamond jewellery are factors driving the next phase of growth, he said that diamond jewellery continues to grow faster than gold in value terms and the integration of digital would be the key differentiator going forward.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

MENAFN10102025007385015968ID1110177060