Mumbai: Shares of gold jewellery companies rallied on Wednesday as strong third-quarter updates from large players such as Titan Company, Kalyan Jewellers India and Senco Gold lifted market sentiment.
The positive share price momentum could extend into the coming quarters, supported by rising gold prices and sustained sales growth, analysts said. Shares of Senco Gold advanced 11.7% on Wednesday, whereas Kalyan and Titan gained 4% each.
Other players like Tribhovandas Bhimji Zaveri (TBZ), Thangamayil Jewellery, PN Gadgil Jewellers, PC Jeweller and BlueStone Jewellery and Lifestyle moved up between 2% and 16% even as benchmark indices Sensex and Nifty slipped for the third straight day. “Large jewellery players like Titan, Kalyan and Senco reported strong sales growth this quarter, driven not only by strong ornaments demand but also by increased investor interest in gold coins amid price appreciation in Q3, which led to a pop in shares across the sector on Wednesday,” said Harsh Thakkar, research analyst at Samco Securities.
Titan’s jewellery business grew 41% year-on-year in Q3, while Senco’s revenue was up 51% and Kalyan Jewellers saw a consolidated revenue growth of approximately 42%, the companies said in exchange filings. Thakkar said this growth has also been supported by international operations at Titan and Kalyan Jewellers, along with aggressive store expansion and good same-store sales growth.
Analysts said this momentum could continue this quarter. “Management commentary suggests this momentum could extend into Q4, supporting the recent upside in stock prices,” said Arijit Malakar, equity research analyst at Ashika Stock Broking. “While the December quarter is seasonally strong due to festive and wedding demand, we expect value-led growth to persist and demand to remain resilient despite higher gold prices.”
Malakar said a large part of the growth was also driven by a nearly 12% rise in gold prices during the quarter rather than volume expansion. Companies suggested a marginal volume decline in the fourth quarter. Gold has been one of the top performing assets of 2025, gaining over 64% in the year. However, performance of jewellers’ stocks have been mixed.
While Thangamayil Jewellery and Titan Company are up 96% and 23% in the past year, shares of PN Gadgil Jewellers, TBZ, Kalyan Jewellers, PC Jeweller and Senco are down 5% to 35%.
