Shares of gold and precious metal jewellery companies surged sharply in Wednesday’s morning trade after the sector delivered an upbeat set of business updates for the December quarter (Q3 FY26). Strong festive demand, higher ticket sizes, and robust store-level performance lifted investor sentiment across the board.
Titan Company led the rally, with its stock climbing up to 4.5% to touch a fresh record high of ₹4,300 on the NSE. Other jewellery names joined the up-move: Senco Gold jumped nearly 14% to ₹368.40, Kalyan Jewellers traded over 1.5% higher at ₹507.75, while Thangamayil Jewellery rose more than 6%. Tribhovandas Bhimji Zaveri (TBZ) advanced around 10%, and PC Jeweller added close to 3%.
💎 Titan Company: Festive Demand Drives 41% Growth in Jewellery
Titan, the Tata Group’s flagship consumer brand, reported a 41% year-on-year growth in its jewellery business during Q3 FY26, supported by a vibrant wedding and festive season. Revenue expansion was aided by higher average selling prices (ASPs), which helped offset relatively flat footfall.
To counter the impact of elevated gold prices, Tanishq rolled out an aggressive gold exchange programme, helping sustain customer engagement beyond the peak festive window.
Changing Consumer Preferences
Titan highlighted distinct buying trends across categories:
- Gold coins almost doubled in sales versus last year, reinforcing their appeal as an investment option.
- Plain gold jewellery delivered high-thirties growth, reflecting demand for design-led, premium aesthetics during weddings and festivals.
- Studded jewellery posted its best performance of FY26, with mid-twenties growth, backed by healthy buyer additions.
- Like-for-like growth across all jewellery formats stood in the low thirties.
💍 ‘beYon’: Titan Enters Lab-Grown Diamond Space
Toward the end of the quarter, Titan introduced ‘beYon’, its lab-grown diamond jewellery brand. While natural diamonds across Tanishq, Mia, Zoya and CaratLane will continue to anchor milestone and emotional purchases, beYon targets everyday, fashion-forward diamond jewellery for value-conscious, style-driven consumers.
🏬 Store Expansion
During Q3, Titan added 47 net stores in India:
- Tanishq: 10
- Mia: 11
- Zoya: 1
- beYon: 1
- CaratLane: 24
⌚ Watches: Premiumisation Lifts Growth
Titan’s Watches division grew about 13% YoY, led by analogue watches, which saw ~17% festive growth. Premiumisation trends drove solid gains for the Titan brand, while Sonata and Fastrack delivered strong double-digit value growth supported by healthy volumes.
Net store additions (Watches): 22
- Titan World: 9
- Fastrack: 9
- Helios: 3
- Helios Luxe: 1
👓 EyeCare Delivers Steady Performance
The EyeCare business recorded around 16% YoY growth, supported by both international and in-house brands.
- Runway added 2 premium sunglass stores.
- Titan Eye+ optimised its network by opening 11, renovating 20, and closing 30 outlets.
🧴 Emerging Businesses: Mixed but Promising
- Fragrances rose about 22% YoY, driven by strong volumes in Fastrack and Skinn.
- Women’s bags surged ~111% YoY, helped by volume expansion and higher ASPs in Fastrack and Irth.
- Taneira (ethnic wear) saw a ~6% YoY decline as lower volumes offset higher prices.
- Irth added 2 stores in Delhi and Kolkata.
🌍 International Markets Power Growth
Titan’s overseas jewellery business (Tanishq, Mia, CaratLane) grew about 81% YoY, led by strong traction in the GCC, Singapore, and North America. The company opened two new Tanishq stores in Boston and Orlando during the quarter.
🪙 Senco Gold: Rapid Expansion Amid High Gold Prices
Senco Gold reported 51% YoY growth in Q3, lifting its nine-month growth to ~31% and TTM revenue close to ₹8,000 crore.
- Retail growth: ~49%
- SSSG: ~39%
- Diamond jewellery: ~36% YoY growth in Q3
The company added four new franchise showrooms, taking its network to 196 outlets (including Sennes and international stores).
Gold Price Volatility
Gold prices remained elevated, rising ~23% QoQ and ~65% YoY on average in Q3, peaking near ₹1,40,000 per 10 grams. Investment demand stayed strong even as volume growth was muted.
Outlook
Senco is gearing up for the Q4 wedding season and aims for 18–20% growth in studded jewellery. It targets 200 showrooms soon and remains confident of 25%+ YoY growth for FY26.
📈 Bottom Line
Robust festive demand, premiumisation, aggressive store expansion, and new product launches—especially in diamonds—have reignited investor confidence in jewellery stocks. With Titan setting fresh records and peers delivering strong momentum, the sector is entering the final quarter of FY26 on a high note.
