7 months ago

Jewellery Retailers Report Strong Sales Despite High Gold Prices

Jewellery Retailers Report Strong Sales Despite High Gold Prices
Titan, Kalyan, and PNG: Can sales outrun sky-high valuations? · financialexpress.com

Even though gold prices have reached very high levels, some big jewelry companies in India are doing really well.

Titan Company, P N Gadgil Jewellers, and Kalyan Jewellers India all reported strong sales growth in the last quarter of 2025.

People are still buying gold because they see it as a good investment, especially during uncertain times.

These companies are also opening new stores and introducing new products, like lab-grown diamonds, to attract more customers.

However, the prices of these companies' stocks are also very high, which might make some investors cautious.

Key facts

Gold Price
Rs 1.44 lakh per 10 grams in Mumbai
Titan Company's Jewellery Division Growth
41% y-o-y in Q3FY26
Titan Company's Consolidated Jewellery Revenue
Rs 16,522 crore in Q2FY26
PNG's Retail Sales Growth
46% y-o-y in Q3FY26
Kalyan Jewellers' Consolidated Sales Growth
42% in Q3FY26
Titan Company's P/E Ratio
More than 90 times
Kalyan Jewellers' P/E Ratio
More than 50 times
PNG's P/E Ratio
27 times

Sources

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