Shares of jewellery makers have climbed 11-23% over the past month, outperforming the 3.5% rise in the benchmark BSE Sensex, driven by strong wedding and festive demand, resilient consumer spending despite record gold prices, and sharp improvement in same-store sales growth. Domestic sales grew 32-124% year-on-year in the March quarter. The momentum is expected to continue given strong footfalls due to the ongoing wedding season and Akshaya Tritiya. Despite geopolitical disruptions, companies have continued to open new stores, driven by franchise-led store expansion in FY27, which may support margins.

Titan Company, the country’s largest listed jewellery maker, stated in a quarterly update that its business grew by 46% year-on-year in the March 2026 quarter, faster than the 25% growth in the year-ago quarter. The company reported high-single-digit growth in buyers after nearly flat trends over the past three quarters. The same-store sales growth (SSSG) rose to 48% from 15% year-on-year. Among other jewellery companies, Kalyan Jewellers‘ consolidated revenue grew 65% with SSSG of over 45% for the quarter. PN Gadgil Jewellers reported SSSG of 86% year-on-year leading to revenue growth of 124%, driven by wedding demand and a higher contribution from studded jewellery.

PC Jeweller’s standalone revenue grew 32% year-on-year while that of Senco Gold’s rose 46%. Senco Gold SSSG grew 34% driven by growth in footfall, mainly in its gifting and lightweight segments.

International operations, too, delivered strong growth despite war related disruptions. Titan’s international business, including the Damas network, grew 156% year-on-year, despite the impact of West Asian geopolitical conflict on March footfalls. Kalyan Jewellers reported 45% year-on-year international revenue growth as strong Ramadan sales in late March compensated for weakness in customer walk-ins in the first three weeks of March.

Jewellery retailers continued with aggressive store expansion although geopolitical situations in West Asia caused supply-side disruptions in international showroom launches. Domestically, Titan and Kalyan added net 42 and 24 showrooms in India respectively. PN Gadgil added 12 stores, of which four were franchisee-owned, while Senco added seven showrooms, two of them franchisee-led.

For these companies, FY27 has started on a strong note, buoyed by healthy advance collections ahead of Akshaya Tritiya on Sunday April 19 and the wedding season. Senco Gold pointed to robust footfalls ahead of regional festivals and is targeting 20-25% value growth while sustaining Ebitda margins of 7.5-7.8%.