Titan and Kalyan Jewellers reported robust revenue growth in the final quarter of the 2025-26 financial year, signalling a recovery in consumer demand across the Indian jewellery sector.
According to reports from Business Standard, listed industry leaders achieved better-than-expected top-line performance driven by high single-digit buyer growth and increased average ticket sizes.
The expansion comes during a period where gold prices surged by approximately 80 per cent compared to the previous year.
While elevated prices often suppress volume, the market demonstrated resilience as both wedding and discretionary demand remained steady throughout the January to March period.
Titan Company Jewellery Performance
Titan’s domestic jewellery business, excluding bullion sales, recorded a revenue increase of 46 per cent during the fourth quarter.
This performance was led by its retail brands, including Tanishq, Mia, and Zoya. Secondary retail sales rose 52 per cent year-on-year, outperforming initial brokerage forecasts which anticipated growth in the 40 to 42 per cent range.
According to a business update from Ventura Securities, the company added 47 net new stores during the quarter, bringing its total retail network to 3,603 outlets by the end of March 2026.
Within the jewellery sub-segments, plain gold jewellery expanded in the mid-thirties, while studded jewellery grew in the early thirties. Gold coin sales nearly trebled compared to the previous year, suggesting a strong preference for investment-oriented purchases.
While the jewellery division flourished, Titan’s watches and wearables segment saw more modest growth of 7 per cent.
A 16 per cent increase in analogue watch sales was partially offset by a 53 per cent decline in the smartwatch category, indicating a shift in consumer preferences within the wearables market.
Kalyan Jewellers and Digital Expansion
Kalyan Jewellers India reported a consolidated revenue growth of 64 per cent for the fourth quarter, surpassing market estimates.
The company’s domestic operations were the primary driver, posting a 65 per cent revenue increase. This growth was underpinned by same-store sales growth exceeding 45 per cent across its key operating markets in India.
The company also reported significant momentum in its digital-first platform, Candere, which saw revenue jump by over 360 per cent during the quarter. As per data from The Economic Times, Kalyan launched 28 showrooms in India during this period, reaching a total showroom count of 507 by the close of the financial year.
International operations in the Middle East contributed approximately 11 per cent to the consolidated revenue, despite minor disruptions caused by geopolitical tensions in the region during early March.
Market Drivers and Sector Outlook
The recovery in buyer growth follows a period of flat performance in the preceding three quarters of the financial year.
Analysts suggest that premiumisation trends have contributed to healthy increases in ticket sizes, as consumers increasingly opt for high-value and branded jewellery.
Brokerage firms maintain a positive outlook for the sector, citing market-share gains and the continued expansion of store networks as primary growth catalysts.
Although high gold prices may exert pressure on gross margins in the short term, the growth in studded jewellery and operational efficiencies are expected to provide a buffer for profitability. Industry sentiment remains optimistic for the upcoming quarter, supported by advance collections for the wedding season and Akshaya Tritiya.
