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Jewellery companies shine in Q3FY26

ICICIdirect Research 09 Jan 2026 DISCLAIMER

Overall performance
Despite higher gold prices jewellery companies witness strong performance in Q3FY26 driven by resilient festive and wedding demand.
Jewellery companies registered value growth of around 40-50% in Q3.
Jewellery companies value growth was in strong double digit, while volumes (in terms of grammage) registered a decline due to higher gold prices.

Company wise performance
Titan Company: Jewellery biz value growth 41% (ahead of our and street expectation of 20-23%); Like-for-like (LFL) growth for jewellery retail in low 30%; Studded revenues grew in mid-twenties (studded mix ~21%).
Senco Gold: Domestic revenues grew by 51%YoY; Same store sales growth (SSSG) stood at 39%; Diamond jewellery sales grew by 36%.
Kalyan Jewellers: Domestic revenues grew by 42%YoY; SSSG stood at ~27%.

Maintain Positive stance on Titan
Titan maintained the strong growth momentum in Q3FY26. With marginal decline in the EBIDTA margins (at 10-10.5%), we expect Titan’s earnings to grow by 30%+ in Q3.
Titan’s entry in Lab grown diamond through BeYon provides an opportunity to improve its studded mix, additional revenue lever in long run and clock in better margins in long run.
We have a Buy rating on Titan with a price target of Rs4,715.

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