India’s leading jewellery companies have posted a mixed but largely resilient performance for the first quarter of FY26, navigating through high gold prices, fluctuating demand, and a cautious consumer environment. While the April-June period saw some moderation in buyer sentiment due to record-high gold rates, festive and wedding demand provided a significant boost to overall revenues.
PC Jeweller Sees 80% Revenue Surge
Delhi-based PC Jeweller Ltd posted a robust 80% year-on-year growth in standalone revenue in Q1 FY26, citing strong consumer demand during the wedding and festival season. Despite the challenges posed by gold price volatility, the company reported a solid performance across its 52 showrooms (49 of which are company-owned), and expressed confidence in becoming debt-free within this financial year.
Kalyan Jewellers Reports 31% Growth Amid Demand Pauses
Kalyan Jewellers reported a 31% rise in consolidated revenue for the June quarter, with both its Indian and international businesses contributing to the growth. While demand witnessed intermittent slowdowns due to price volatility and geopolitical tensions, strong performance during key periods helped support momentum. Global operations contributed 15% to total revenue, while the company’s digital arm, Candere, saw a substantial 67% revenue increase. Middle East operations also grew 26%, driven by strong same-store sales growth.
Senco Gold Rides Festive Wave for 28% Growth
Senco Gold reported a 28% increase in total revenue for Q1 FY26, helped by major regional festivals like Akshaya Tritiya, Poila Baishakh, and Baisakhi. The company recorded 24% growth in retail revenue and a 19% increase in same-store sales. Despite elevated gold prices — which rose by nearly 32% year-on-year — Senco maintained strong value growth, supported by initiatives like old gold exchange, which accounted for 40% of its total sales. Senco also introduced a new sub-brand, Litestyle, to cater to rising demand for lightweight and stylish jewellery.
P N Gadgil Jewellers Sees Steady Growth
P N Gadgil Jewellers reported a 19.4% rise in retail segment revenue, representing over 70% of total revenues. The company achieved record single-day sales on Akshaya Tritiya, with a 35.1% jump year-on-year. While Same Store Sales Growth (SSSG) stood at 8%—affected by the shift of the Gudi Padwa festival to the previous quarter—the company noted rising consumer interest in studded jewellery, with the stud ratio reaching 10%, up 41.6% YoY.
Titan Registers 20% Growth in Consumer Businesses
Titan Company, one of India’s largest branded jewellery players, posted a 20% increase in overall consumer business revenue for Q1 FY26. The jewellery division grew 18% YoY, though high gold prices in May and June dampened purchase volumes. Customers gravitated toward lightweight and lower-karatage pieces. The company also expanded its footprint by adding 19 stores across its Tanishq, Mia, and CaratLane brands. While buyer volumes remained flat, ticket size increases helped sustain like-to-like growth, especially for CaratLane.
Sector Outlook: High Gold Prices Test Volume, But Value Holds Strong
The Q1 updates suggest that while the steep surge in domestic gold prices — peaking between ₹86,900 and ₹1,01,000 per 10 grams — impacted volume growth, value-based purchases remained firm. Festivals like Akshaya Tritiya and regional celebrations provided strong seasonal tailwinds. Many consumers opted for lower-weight jewellery or traded in old gold to offset rising prices.
Jewellery makers also highlighted evolving consumer preferences, with an increasing share of studded jewellery and a shift towards lightweight fashion-oriented collections. The industry’s digital push and geographic expansion strategies remain critical levers for sustaining growth amid macroeconomic uncertainties.
Despite facing headwinds from global economic factors and gold price surges, India’s jewellery sector showed resilience in Q1 FY26, backed by festive demand, strategic initiatives, and evolving consumer behaviour. Most companies remain optimistic about maintaining momentum in the upcoming quarters.