Archive · 12 Oct 2026
Regional Jewellers Match Titan Growth at Steep Valuation Discounts
Several regional jewellery companies reported strong sales in the September 2026 quarter.
Their same-store sales growth was close to, or higher than, Titan Company’s domestic jewellery growth of 21%.
The companies said festivals and customer offers helped bring in shoppers.
Senco Gold also reported strong growth in sales through digital channels.
Old-gold exchange offers were another way retailers encouraged purchases.
The regional companies’ shares had lower price-to-earnings ratios than Titan’s, according to the figures in the article.
Titan had the highest reported return on equity among the companies compared.
The article suggests investors watch how the regional chains perform, but it does not say their shares are guaranteed to rise.
In the September 2026 quarter, Kalyan Jewellers, Senco Gold and P. N. Gadgil Jewellers reported same-store sales growth of 20%, 19% and 25.5%, respectively.
Titan Company’s domestic jewellery business grew 21%; the article says regional chains’ growth broadly matched the market leader’s.
Retailers cited festivals, promotions, digital sales, new designs and old-gold exchange offers as contributors to demand.
The regional companies’ reported price-to-earnings ratios ranged from 9.6 to 39.1, compared with 67.1 for Titan Company.
The article reports return on equity of 23.5%–25.6% for the regional chains and 37.7% for Titan Company.
- Who
- Kalyan Jewellers India, Senco Gold, P. N. Gadgil Jewellers and Titan Company.
- What
- Regional jewellery chains reported same-store sales growth broadly matching Titan’s domestic jewellery business, while trading at lower price-to-earnings ratios.
- When
- The September 2026 quarter.
- Where
- India’s gold jewellery retail market.
- Why
- Retailers attributed sales momentum to festivals, promotions, digital sales, designs and old-gold exchange offers.
- Kalyan Jewellers same-store sales growth
- Approximately 20% year over year
- Senco Gold same-store sales growth
- 19% year over year
- P. N. Gadgil Jewellers same-store sales growth
- 25.5% year over year
- Titan domestic jewellery business growth
- 21% year over year
- Reported P/E ratios
- Kalyan: 39.1; Senco: 9.6; P. N. Gadgil: 19.7; Titan: 67.1
- Reported return on equity
- Kalyan: 24.8%; Senco: 25.6%; P. N. Gadgil: 23.5%; Titan: 37.7%
- Average gold price
- Rs 1.5 lakh per 10 grams in the September 2026 quarter, up more than 40% year over year