Titan Company, PN Gadgill Jewellers, Senco Gold: What the Q1 updates by jewellery companies show

That said, here is a look at how jewellery manufacturers have fared in the just-concluded quarter, their management commentary, and the key takeaways.

PC Jeweller Ltd

PC Jeweller Ltd reported around 80% growth in revenue during the April-June quarter of this financial year on strong demand despite volatility in gold prices. The company further said it would turn debt-free this fiscal year.

Delhi-based PC Jeweller has a total of 52 showrooms, of which 49 are company-owned.

In a regulatory filing on Thursday, PC Jeweller said that the company closed the April-June quarter on a very strong note, clocking a robust performance.

"Despite the volatility in gold prices, the company was able to achieve a standalone revenue growth of approximately 80 per cent, as compared to the corresponding quarter of the previous financial year," PC Jeweller said.

The company saw high demand for its products, as consumers purchased jewellery for weddings and festivals.

Kalyan Jewellers

Kalyan Jewellers on Monday reported a 31% year-on-year increase in consolidated revenue for the first quarter of fiscal 2025-26, despite multiple pauses in demand, majorly due to volatility in gold prices and geopolitical tensions.

The company had reported a consolidated net revenue of 5,557.63 crore in the first quarter (April-June) of the 2024-25 fiscal.

India operations saw 31% revenue growth during Q1 of the fiscal 2025-26 compared to Q1 of the previous year, the company said in a regulatory filing.

The revenue from global operations was up 31% and contributed 15% to the consolidated revenue in Q1.

The revenue from Middle East operations was up 26%, driven predominantly by same-store sales growth, while the digital platform Candere recorded 67% revenue growth during Q1 of FY26.

Senco Gold

Senco Gold, in its business update, said that FY26 began on a strong footing, with Q1 delivering robust growth momentum driven by a favourable festive calendar.

Akshay Tritiya and key regional festivals such as Poila Baishakh (West Bengal), Baisakhi (Punjab), Bihu (Assam), and Ramnavmi served as strong consumption levers, fuelling footfall resulting in ~ ~28% total revenue growth, 24% YoY retail revenue growth, and 19% same-store sales growth (SSSG at the secondary sales level).

"We achieved invoice growth of 10% and SKU sold growth of 10%, reflecting both higher value purchases and effective customer engagement strategies across our retail network," it added.

The company said that in Q1 FY26, the domestic gold price surged to ₹86,900–₹1,01,000 per 10 grams, representing an average price increase on a YoY basis of nearly 32% and a QoQ basis of 5%.

This sharp price was driven by a confluence of global factors, persistent macroeconomic uncertainty, strong central bank gold purchases globally and a weakening U.S. dollar.

While such elevated pricing typically creates short-term pressure on jewellery consumption volumes, consumer behaviour remained resilient in value terms.

From Senco’s vantage point as a leading jewellery retailer, "We observed a modest softness in volume growth, particularly in the mass and bridal segments.

Retail demand in value terms remained strong, supported by the widespread adoption of old gold exchange, which contributed to nearly 40% of our total sales," it added.

P N Gadgil Jewellers

The company said its retail segment, representing 70.3% of total revenue, achieved a steady 19.4% growth in Q1 FY26 as compared to Q1 FY25. The results reflect a cautious consumer environment and stable store-level operations.

It added that festive sales remain a key driver of its success. This year, the company said it achieved its highest-ever single-day festive sales on Akshaya Tritiya, amounting to ₹139.53 crore, with a remarkable 35.1% increase over last year.

The share of studded jewellery increased by 41.6% YoY in Q1 FY26, taking the stud ratio to 10% of the retail sales. This uptick highlights the growing popularity of stud-based jewellery, aligning with evolving consumer preferences.

The Same Store Sales Growth for the quarter ended Q1 FY26 stood at 8%, primarily impacted by the absence of the Gudi Padwa festival during the quarter. The festival, which was part of Q1 in FY25 last year, was preponed in Q4 FY25 this year, thereby affecting like-for-like comparability.

Senco Gold added that in the recently concluded quarter, it expanded its footprint with the launch of our dedicated subbrand Litestyle, aimed at meeting the growing demand for stylish and lightweight jewellery.

Titan Company

Titan Company said its consumer businesses registered a growth of around 20% YoY in Q1 FY26. A total of 10 stores (net) were added during the quarter, expanding Titan's combined retail network presence to 3,322 stores.

Titan said that its jewellery domestic operations grew around 18% YoY in a quarter marked by gold price volatility affecting consumer sentiments.

While the Akshaya Tritiya period saw good traction, the increase in gold prices from May till mid-June saw some softening in customer purchases. Buyer growth was flat (YoY) for both TMZ and CaratLane. In the high gold rate scenario, customers preferred lightweight and lower karatage jewellery.

The studded ratio came in lower YoY, driven by the differential growths across segments (in TMZ), with coins continuing to lead strongly, plain gold growing in the mid-teens and studded segment growth coming in early double digits.

"The like-to-like (L2L) domestic sales growth in TMZ was in early double digits, driven entirely by ticket size growth across formats, and the L2Ls in CaratLane were in healthy double digits. Of the 19 new store additions (net) in India, 3 were in Tanishq, 7 in Mia and 9 in CaratLane, respectively," the company said.

Q1 business updates: Top takeaways

The Q1 business updates by jewellery companies show that the higher gold prices did impact their sales as the demand softened. However, festivals such as Gudi Padwa and Akshaya Tritiya attracted demand for jewellery. Further, weddings also aided the demand.

Besides, the jump in gold prices saw customers shifting towards lightweight and lower karatage jewellery.