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Bullion Stocks, Gold Stocks: Bullion jewellery stocks have come into sharp focus after strong fourth‑quarter business updates from Kalyan Jewellers, Senco Gold, and Titan, as robust wedding demand, festive buying and improving consumer sentiment helped offset volatility in gold prices. While all three companies reported healthy growth, the pace, drivers, and medium‑term outlook varied, offering investors a clearer picture of how different business models are navigating a challenging pricing environment due to the ongoing conflict between the US, Israel, and Iran.
Kalyan Jewellers Q4 Update
International operations remained a meaningful contributor, with Q4 growth of 45 per cent YoY and FY26 growth of 33 per cent, despite early‑March disruptions caused by geopolitical tensions. Middle East revenue grew 39 per cent YoY in the quarter. The overseas business accounted for 11 per cent of total revenue during the period.
The jeweller opened 28 Kalyan showrooms and 14 Candere stores during Q4. As of March 31, 2026, total store count stood at 507, including 342 in India, 38 in the Middle East, 124 Candere outlets, and a small but growing presence in the US and UK. Management said FY27 has begun on a strong note, aided by healthy footfalls and encouraging bookings for Akshaya Tritiya and the wedding season, keeping near‑term growth prospects upbeat.
Store expansion continued with seven stores launched in Q4, taking the total network to 201 outlets, ahead of the company’s initial target of 200 stores by H1 FY27. The network includes 102 COCO stores, 85 franchise‑run outlets, 12 Sennes, and two stores in Dubai.
Looking ahead, Senco plans to add 20–25 stores in FY27, targeting 20–25 per cent value growth and an EBITDA margin of 7.5–7.8 per cent, supported by festivals such as Akshaya Tritiya, Poila Boishakh and the summer wedding season.
Senco’s shares have delivered solid short‑term gains, outperforming the broader market in recent weeks. The stock rose 12.55 per cent over the past week and 11.15 per cent over the past month, compared with gains of 5.03 per cent and a marginal 0.11 per cent decline, respectively, in the Nifty Total Market index. On a year‑to‑date basis, the stock is up 2.14 per cent, outperforming the benchmark’s 8 per cent fall. However, over a one‑year period, Senco has gained 2.14 per cent, trailing the index’s 7.94 per cent return.
Within jewellery, studded jewellery recorded strong growth, while plain gold jewellery grew in the mid‑thirties. Coin sales were a standout, nearly tripling compared with Q4 FY25, reflecting sustained consumer preference for gold investment amid price volatility.
Titan’s watches division delivered 7 per cent YoY growth, aided by 16 per cent growth in analog watches, even as smartwatches saw a sharp 53 per cent decline, highlighting a shift toward traditional and premium analog categories. Brands such as Titan, Sonata, and international labels benefited from premiumisation trends, which lifted average ticket sizes during the quarter.
Titan’s shares have delivered a strong outperformance against the benchmark across timeframes. Over the past week, the stock has advanced 8.46 per cent, nearly double the 4.51 per cent gain in the Nifty 50, and has risen 6.84 per cent over the past month, even as the index declined 1.20 per cent. On a year‑to‑date basis, Titan is up 9.74 per cent, sharply outperforming the benchmark’s 9.21 per cent fall. The longer‑term trend remains robust, with the stock gaining 40 per cent over the past year, compared with a 5.98 per cent rise in the Nifty 50.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
