Titan, Senco Gold in spotlight on strong Q4 updates; Akshaya Tritiya tailwinds ahead

India's leading retail jewellers reported strong revenue growth in their March quarter (Q4 FY26) updates amid stable gold prices during the period.

The country's largest gold jewellery retailer – Titan Company – reported business growth of 46% in Q4, and retail sales jumped by 52%, led by Tanishq and well supported by Mia, both clocking robust growth compared to Q4 FY25.

Titan said its average ticket sizes moved up considerably, contributing to the revenue growth in the quarter.

Within categories, studded jewellery grew in the early thirties, gold (plain) clocked growth in the mid-thirties, and coins nearly tripled in sales compared to Q4 FY25, respectively.

The like-for-like growth (secondary) across all the jewellery retail formats (combined) was close to 48% YoY.

During the quarter, Titan added 27 new stores in India; eight were in Tanishq, 14 in Mia, and five in CaratLane, respectively.

Other companies' performance

Kolkata-based Senco Gold said its revenue jumped 46% annually in the March quarter, and for the financial year 2025-26, revenue advanced by 35%.

"The Q4 topline growth includes SSSG of ~34%. The wedding season in the quarter was spread across the whole quarter, and to cater to this, we launched new designs, collections, and attractive offers. Valentine's Day and International Women's Day drove strong growth in footfall, particularly in our gifting and lightweight segments," Senco Gold said.

Senco Gold said it is geared up for the upcoming auspicious occasions of Akshaya Tritiya, Poila Boishak, Baishakhi, Rath Yatra & Raja Parba in Odisha and the summer wedding season in Q1 FY27 with curated collections and hyper-local jewellery.

The company aims to achieve a minimum of 20-25% value growth while maintaining our EBITDA margin target of 7.5%-7.8%.

"The average gold price surged by 79% YoY since Q4 FY25 from ₹84,782/10 gm to ₹1,51,783/10gm in Q4 FY26 and a QoQ growth of ~20% against ₹126,638/10 gm in Q3 FY26.

Despite this highly volatile environment, customers have continued to purchase jewellery, and we have tried to plan our inventory based on changing consumer demand and maintaining our gross margin and profitability, managing the risk effectively," Senco Gold said.

Thrissur-based Kalyan Jewellers reported revenue growth of around 64% in the March quarter, and for the financial year 2025-26, the revenue jumped 42%.

"Our India operations witnessed revenue growth in excess of 65% during Q4 FY2026 as compared to Q4 FY2025, driven primarily by strong same-store sales growth (SSSG) across most of the key markets. Both wedding and discretionary demand stayed robust during the quarter despite volatile gold prices," Kalyan Jewellers said.

The quarter recorded same-store sales growth of over 45%. For the full year FY2026, the India business recorded a revenue growth of approximately 43% when compared to the prior year, the company added.

The company launched 28 Kalyan Jewellers stores and 14 Candere showrooms in the March quarter.

Kalyan Jewellers said that the new financial year has begun on a positive note with strong footfalls across most of the markets.

"We are upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya and wedding purchases for the festive/wedding season," Kalyan Jewellers said.

How stocks have performed in Q4 FY26

Despite reporting strong quarterly performance in the March quarter, share prices of these companies staged a negative performance in Q4 in line with the NIFTY50 index, which has declined 14% in Q4, data from the National Stock Exchange (NSE) showed.

Titan Company shares in the last quarter of the previous financial year declined 2.43%, Senco Gold dropped 12%, and Kalyan Jewellers shares plunged 15% compared with the 14.53% drop in the NIFTY50 index.

Expert Take

Market expert Avinash Gorakksakar said that the business of jewellery companies is likely to remain on a strong footing on the back of the upcoming summer wedding season and festive buying on the occasion of Akshaya Tritiya.