Archive · 10 Aug 2026
Titan vs Kalyan Jewellers: Q1 Results and Brokerage Views Compared
Two big jewellery companies in India, Titan and Kalyan Jewellers, recently told everyone how much jewellery they sold.
Both made a lot more money than they did a year ago.
Titan's sales grew by 29 percent, while Kalyan's sales grew even faster, by 46 percent.
Both companies are also opening new shops in more cities.
Titan now has over 1,200 jewellery stores, and Kalyan keeps adding new ones too.
People who give advice about buying shares have different opinions about the two companies.
One expert group likes both companies a lot, but another prefers Kalyan.
The price of gold has been going up and down, which makes jewellery shares exciting to watch.
Shoppers are still buying lots of gold jewellery, so both companies are growing quickly.
This article compares their results so readers can learn more.
Titan's Q1FY27 consolidated revenue grew 29% year-on-year to Rs 21,360 crore, while Kalyan Jewellers rose 46% to Rs 10,590 crore.
Titan added 35 jewellery stores in the quarter to reach 1,261 total stores, while Kalyan added 12 stores in India.
Motilal Oswal rates both stocks Buy, with target prices of Rs 6,000 for Titan (~21% upside) and Rs 700 for Kalyan (~18% upside).
Jefferies holds a Hold rating on Titan at Rs 5,000 but initiated coverage on Kalyan with a Buy and Rs 830 target (~39% upside).
Kalyan's stock jumped about 60% in one month and 24% year-to-date, while Titan gained about 26% in 2026 and hit a new 52-week high.
- Who
- Titan Company and Kalyan Jewellers, two Indian jewellery retailers, along with brokerages Motilal Oswal and Jefferies.
- What
- A comparison of the two companies' Q1FY27 results, store performance, stock movement, and brokerage ratings and target prices.
- When
- Q1FY27 (June quarter), with stock price performance tracked over 2026 and the past year.
- Where
- India, including both companies' South India and non-South operations.
- Why
- Investors are weighing which jewellery stock offers better value amid strong gold demand, rapid store expansion, and differing brokerage views.
Titan Is the Stronger Pick
Kalyan Is the Better Buy
Preferred stock
Titan Is the Stronger Pick
Motilal Oswal keeps Titan among its top picks in the jewellery space, with a Buy rating and Rs 6,000 target, citing its larger jewellery business and wider brand portfolio.
Kalyan Is the Better Buy
Jefferies initiated coverage on Kalyan with a Buy rating and Rs 830 target, saying it combines neighbourhood relevance with organised scale to drive share gains for years.
Quality of Titan's margin gains
Titan Is the Stronger Pick
Titan reported strong jewellery margins and expects sales, EBITDA and adjusted profit after tax to grow at CAGRs of 18%, 22% and 25% respectively between FY26 and FY28.
Kalyan Is the Better Buy
Jefferies noted that some of Titan's margin gains were linked to customs duty-related inventory gains and mark-to-market movements, keeping its rating at Hold.
- Titan Q1FY27 revenue
- Rs 21,360 crore (up 29% YoY)
- Kalyan Q1FY27 revenue
- Rs 10,590 crore (up 46% YoY)
- Titan jewellery stores
- 1,261 after adding 35 in the quarter
- Kalyan stores added in India
- 12 in the quarter
- Motilal Oswal target prices
- Titan Rs 6,000; Kalyan Rs 700 (Buy on both)
- Jefferies target prices
- Titan Rs 5,000 (Hold); Kalyan Rs 830 (Buy)
- Titan stock 2026 gain
- About 26% year-to-date, new 52-week high
- Kalyan stock 2026 gain
- About 24% year-to-date, ~60% in one month