Jewellery Showdown: SEBI RAs Rank Kalyan, Senco, Titan & PNG After Sparkling Q1 Sales

India’s jewellery retail sector delivered strong growth in the first quarter of FY26, driven by festive demand, expanding digital channels, and store additions across key players.

SEBI-registered research firm Financial Sarthis has released a comparative breakdown of jewellery players’ Q1 FY26 performance, evaluating key metrics such as revenue growth, same-store sales growth (SSSG), and digital traction.

Kalyan Jewellers

Kalyan Jewellers posted a 31% year-on-year (YoY) revenue increase in India, with SSSG at around 18%, aided by festive demand during Akshaya Tritiya and the wedding season. 

Middle East operations rose 26% YoY, while digital arm Candere rebounded with a 67% increase. 

The total showroom count stood at 406 across India, the Middle East, USA, and Candere’s online presence.

PN Gadgil Jewellers

PN Gadgil Jewellers saw a 19.4% YoY uptick in retail sales (70.3% of total revenue), with SSSG at 8%. 

E-commerce revenue surged 126%, franchisee sales jumped 109%, and the studded jewellery ratio rose to 10% of retail sales. 

The company reported 55 stores across formats.

Senco Gold

Senco Gold recorded a 24% YoY rise in retail revenue, with SSSG at 19%. 

Diamond sales volumes climbed 35% in Q1, while old gold exchange contributed 40% of total sales. 

Senco added nine new stores in the quarter, bringing its total to 179 jewellery outlets.

Titan Company

Titan’s jewellery division, including Tanishq and Mia, grew 19% YoY, with like-to-like growth at 15%. 

Plain gold grew 27%, coin sales were up 65%, and studded jewellery saw low double-digit growth. 

CaratLane posted 22% growth, with like-to-like at 11%.

Financial Sarthis flagged Senco Gold as the SSSG leader at 19%, followed by Kalyan Jewellers (18%), Titan (15%), and PNG (8%). In digital, PN Gadgil ’s e-commerce rose 126%, Candere grew 67%, and CaratLane advanced 22%.

Separately, SEBI-registered advisory firm Cashvisory highlighted India’s broader jewellery sector outlook, pegging the market at $78.5 billion in FY21 and targeting $100 billion by 2027. 

Reforms include 100% FDI, gold duty cuts, lab-grown diamond R&D support, and expanded export corridors like the UAE CEPA. 

While FY24 exports declined 15% YoY to $22.27 billion, the report cited government reforms, SEZ upgrades, and the rise of organised branded players as long-term growth drivers.

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