{"id":314144,"date":"2026-10-16T15:38:18","date_gmt":"2026-10-16T10:08:18","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=314144"},"modified":"2026-10-16T15:38:18","modified_gmt":"2026-10-16T10:08:18","slug":"jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/","title":{"rendered":"Jewellery Stocks to Buy: Titan, Sky Gold, Kalyan &#8211; Where to Invest Ahead of Q2?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Jewellery stocks jumped on 16 Oct 2026, with PC Jeweller up as much as 17%, Sky Gold up 7% and Senco, Thangamayil and Shanti Gold up 7% to 8%. Titan reported domestic jewellery growth of 21% and Kalyan India revenue growth of 27% for Q2 FY27, with festive demand partly moving into Q3. Brokerage targets and Q2 result dates were not available in the sources I read, so this is a framework and not a buy list.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Jewellery stocks head into Q2 FY27 results with strong business updates: Titan&#8217;s domestic jewellery revenue grew 21% YoY, Kalyan&#8217;s India revenue grew about 27% and PC Jeweller&#8217;s consolidated revenue grew about 28%. Sky Gold is the sharpest mover, up about 193% in 2026 as of 15 October according to a Business Standard comparison, while Titan is up only about 11% and Kalyan about 18%. Gold is near $4,400 an ounce, about 20% below its January peak, and demand softened toward the end of the quarter because Navratri and Dhanteras timing shifted festive buying into Q3. Where to invest among jewellery stocks depends on growth, valuation and balance sheet strength, and the Q2 results will confirm margins that business updates do not show.<\/p>\n<\/p><\/div>\n<p>Jewellery stocks have two drivers that pull in different directions. A higher gold price lifts revenue per sale, but it can squeeze margin and reduce the number of buyers. Analysts quoted by Business Standard say demand has held up through festive buying, premiumisation and market share gains by organised players.<\/p>\n<p>This guide compares Titan, Kalyan Jewellers, Sky Gold and PC Jeweller on what each reported, what moved on 16 October, what to check in the Q2 results and what could go wrong. It is educational and not a recommendation to buy or sell any of these jewellery stocks.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Jewellery_Stocks_Q2_FY27_Business_Updates_Compared\" title=\"Jewellery Stocks Q2 FY27 Business Updates Compared\">Jewellery Stocks Q2 FY27 Business Updates Compared<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Why_Jewellery_Stocks_Rallied_on_16_October\" title=\"Why Jewellery Stocks Rallied on 16 October\">Why Jewellery Stocks Rallied on 16 October<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Year-to-Date_Returns_Where_Jewellery_Stocks_Stand\" title=\"Year-to-Date Returns: Where Jewellery Stocks Stand\">Year-to-Date Returns: Where Jewellery Stocks Stand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#What_to_Check_in_the_Q2_Results\" title=\"What to Check in the Q2 Results\">What to Check in the Q2 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Gold_Price_and_Jewellery_Stocks_The_Risk_Side\" title=\"Gold Price and Jewellery Stocks: The Risk Side\">Gold Price and Jewellery Stocks: The Risk Side<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#How_Analysts_Frame_Jewellery_Stocks\" title=\"How Analysts Frame Jewellery Stocks\">How Analysts Frame Jewellery Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#What_to_Watch_Next\" title=\"What to Watch Next\">What to Watch Next<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Which_jewellery_stocks_rallied_on_16_October_2026\" title=\"Which jewellery stocks rallied on 16 October 2026?\">Which jewellery stocks rallied on 16 October 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#How_did_Titan_perform_in_its_Q2_FY27_business_update\" title=\"How did Titan perform in its Q2 FY27 business update?\">How did Titan perform in its Q2 FY27 business update?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#What_did_Kalyan_Jewellers_report_for_Q2_FY27\" title=\"What did Kalyan Jewellers report for Q2 FY27?\">What did Kalyan Jewellers report for Q2 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Why_is_Sky_Gold_in_the_news_among_jewellery_stocks\" title=\"Why is Sky Gold in the news among jewellery stocks?\">Why is Sky Gold in the news among jewellery stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#How_does_the_gold_price_affect_jewellery_stocks\" title=\"How does the gold price affect jewellery stocks?\">How does the gold price affect jewellery stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#When_are_the_Q2_results_for_these_jewellery_stocks\" title=\"When are the Q2 results for these jewellery stocks?\">When are the Q2 results for these jewellery stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#What_are_the_main_risks_in_jewellery_stocks_now\" title=\"What are the main risks in jewellery stocks now?\">What are the main risks in jewellery stocks now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Jewellery_Stocks_Q2_FY27_Business_Updates_Compared\"><\/span><strong>Jewellery Stocks Q2 FY27 Business Updates Compared<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Company<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27 update<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Titan<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Domestic jewellery revenue up 21% YoY<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Studded jewellery grew in the low 30% range and plain gold jewellery about 20%; buyer growth was mid single digit with double digit ticket size growth<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Titan (other segments)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">CaratLane up 32%, watches up 30%, EyeCare up 28%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">International business up 97%; consumer businesses up 25% overall<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Kalyan Jewellers<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consolidated revenue up over 26%, India up about 27%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Same-store sales growth of about 20%; Candere up about 64%; international up about 18%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">PC Jeweller<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consolidated revenue up about 28%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Became debt-free after repaying bank debt early and received about Rs 142 crore from export debtors<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sky Gold and Diamonds<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">No Q2 revenue figure in the sources I read<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Exports rose from 3% of revenue in FY23 to 12%, with a target of about 20% by FY29-30<\/td>\n<\/tr>\n<\/table>\n<p>Titan&#8217;s 21% beat the 19.3% consensus quoted by CLSA but missed the 25% that JPMorgan expected, and JPMorgan said growth was above 25% in July and August before slowing in September. The stock fell about 4% on 7 October after the update, the biggest loser on the Nifty 50 that day. Among jewellery stocks, that shows how much the market had priced in.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Screen jewellery stocks on the Univest Screener<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Jewellery_Stocks_Rallied_on_16_October\"><\/span><strong>Why Jewellery Stocks Rallied on 16 October<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Stock<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Move on 16 Oct 2026<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reason cited<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">PC Jeweller<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up to 17%, new 52-week high of Rs 16.89<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue growth, debt-free status; up about 25% in October so far<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sky Gold and Diamonds<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 7%, new 52-week high of Rs 1,073.85<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Export push; up 33% in October and 273% from its 1 February low of Rs 288<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">PNGS Reva Diamond Jewellery<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 10%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Part of the sector move<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Senco Gold, Shanti Gold, Thangamayil<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 7% to 8% each<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Healthy festive demand, per Choice Institutional Equities<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tribhovandas Bhimji Zaveri<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 5%, new 52-week high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Part of the sector move<\/td>\n<\/tr>\n<\/table>\n<p>A rally of this size in smaller jewellery stocks is a warning as well as a signal. PC Jeweller traded about 109 crore shares by 11:36 AM, roughly 11% of its equity, which points to heavy speculative activity. Sky Gold has risen almost four times from its February low, so a lot of good news is already in the price.<\/p>\n<p><strong>Risk:<\/strong> After a sharp one-month move, jewellery stocks can fall back quickly if Q2 results show weaker margin than the revenue growth suggests.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Year-to-Date_Returns_Where_Jewellery_Stocks_Stand\"><\/span><strong>Year-to-Date Returns: Where Jewellery Stocks Stand<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Stock<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">2026 return (as of 15 Oct, Business Standard)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">What it suggests<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tribhovandas Bhimji Zaveri<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 298%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Best performer; small base<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sky Gold and Diamonds<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 193%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Momentum and export story<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Thangamayil Jewellery<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 52%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Regional growth<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">PC Jeweller<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 48%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Turnaround and debt-free story<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Kalyan Jewellers<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 18%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Steady growth; down about 7% in the past month per Business Today<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Titan<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 11%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Large, steady compounder with less momentum<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">P N Gadgil Jewellers<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Negative<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Only stock in that comparison to fall<\/td>\n<\/tr>\n<\/table>\n<p>The spread is wide: the smallest jewellery stocks have returned many times what Titan has. Higher return so far in jewellery stocks does not mean higher return from here, and valuation matters more after a rally. I could not find price to earnings or target price data for these jewellery stocks in the sources I read, so check current multiples before comparing them.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track jewellery stocks and set price alerts.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Check_in_the_Q2_Results\"><\/span><strong>What to Check in the Q2 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Why it matters<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Where to look<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Operating margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Higher gold prices can lift revenue but squeeze margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Titan jewellery EBIT margin; Kalyan EBITDA margin<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Same-store sales growth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Shows demand from existing stores and not only new openings<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Kalyan reported about 20% in its update<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Studded share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Studded jewellery usually carries a better margin than plain gold<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Titan said studded grew in the low 30% range<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Inventory and hedging<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">B2B jewellers&#8217; margins may normalise as the benefit of low-cost gold inventory fades, per Choice<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sky Gold and PC Jeweller commentary<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt and cash flow<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Gold loans and working capital drive risk<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Kalyan reported non-GML debt at zero; PC Jeweller says debt-free<\/td>\n<\/tr>\n<\/table>\n<p>Demand softened toward the end of the quarter because the festive calendar shifted, according to Choice Institutional Equities. SAMCO&#8217;s Harsh Thakkar expects Q3 numbers to look healthy as Dhanteras on 6 November moves some festive demand into the December quarter. That means Q2 jewellery stocks results may look weaker than Q3 even if demand is intact.<\/p>\n<p>I could not confirm the Q2 results dates for Titan, Kalyan or Sky Gold, so check the NSE and BSE board meeting notices. The Titan and Kalyan figures above are business updates, and full results can differ.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gold_Price_and_Jewellery_Stocks_The_Risk_Side\"><\/span><strong>Gold Price and Jewellery Stocks: The Risk Side<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gold is consolidating near $4,400 an ounce, about 20% below its January peak, according to Angel One&#8217;s Vaqarjaved Khan. Ventura&#8217;s NS Ramaswamy suggests accumulating gradually if it corrects to $4,100 to $4,200. Rising oil prices, geopolitical tension and sticky inflation have pushed up US Treasury yields, which raises the opportunity cost of holding gold. The Fed has also hiked rates to 3.75% to 4.00%, which adds to that pressure.<\/p>\n<p>Investors may also hold overlapping gold exposure through gold ETFs, jewellery stocks and gold loan NBFCs, so a fall in gold can hit all three together. Gold ETFs gained about 7% to 10% in 2026 with inflows of Rs 45,923 crore, per AMFI data quoted by Business Standard.<\/p>\n<p><strong>Risk:<\/strong> A sharp fall in gold can hurt inventory values at jewellers, and a sharp rise can hurt demand volume. Neither outcome is predictable.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Analysts_Frame_Jewellery_Stocks\"><\/span><strong>How Analysts Frame Jewellery Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Business Standard quotes analysts who prefer organised jewellers over gold itself and who focus on quality franchises with visible same-store growth. SAMCO&#8217;s Thakkar suggests buying jewellery stocks on corrections, sizing positions conservatively and favouring strong balance sheets and hedged inventory. Nomura has a Buy rating on Titan with a target of Rs 5,425, as reported on 7 October. I did not find fresh targets for Kalyan, Sky Gold or PC Jeweller, and older targets from August are dated.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next\"><\/span><strong>What to Watch Next<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Q2 FY27 results dates and margin commentary from Titan, Kalyan and Sky Gold among jewellery stocks<\/li>\n<li>Dhanteras on 6 November and the strength of festive demand in Q3<\/li>\n<li>Gold price near $4,400 an ounce and any move toward $4,100 to $4,200<\/li>\n<li>Sky Gold&#8217;s export share against its target of about 20% by FY29-30<\/li>\n<li>Fed decisions, US Treasury yields and the rupee<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Jewellery stocks enter Q2 with strong revenue updates and a sharp price rally in the smaller names, while Titan and Kalyan have lagged. The right choice depends on whether you prefer scale and stability or momentum and risk, and the Q2 margin data will decide a lot. Use this as a checklist and not as a buy list.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_jewellery_stocks_rallied_on_16_October_2026\"><\/span><strong>Which jewellery stocks rallied on 16 October 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> PC Jeweller rose as much as 17%, PNGS Reva about 10%, Sky Gold about 7%, Senco, Shanti Gold and Thangamayil 7% to 8% each, and Tribhovandas Bhimji Zaveri about 5%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Titan_perform_in_its_Q2_FY27_business_update\"><\/span><strong>How did Titan perform in its Q2 FY27 business update?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Titan&#8217;s domestic jewellery revenue grew 21% YoY, studded jewellery grew in the low 30% range and consumer businesses grew 25%. The stock fell about 4% on 7 October.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_did_Kalyan_Jewellers_report_for_Q2_FY27\"><\/span><strong>What did Kalyan Jewellers report for Q2 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Consolidated revenue grew over 26%, India revenue about 27% and same-store sales about 20%, with 12 new Kalyan showrooms in India.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_Sky_Gold_in_the_news_among_jewellery_stocks\"><\/span><strong>Why is Sky Gold in the news among jewellery stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It hit a 52-week high of Rs 1,073.85, is up about 33% in October and has risen strongly since February. Exports are 12% of revenue with a target of about 20% by FY29-30.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_does_the_gold_price_affect_jewellery_stocks\"><\/span><strong>How does the gold price affect jewellery stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A higher gold price lifts revenue but can squeeze margin and reduce buyers, while a fall can hurt inventory values. Gold is near $4,400 an ounce, about 20% below its January peak.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_are_the_Q2_results_for_these_jewellery_stocks\"><\/span><strong>When are the Q2 results for these jewellery stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> I could not confirm the dates in the sources I read. Check the NSE and BSE board meeting notices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_in_jewellery_stocks_now\"><\/span><strong>What are the main risks in jewellery stocks now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Sharp price rallies, margin pressure from gold price moves, overlapping gold exposure, fading low-cost inventory benefits and demand shifting between quarters.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which jewellery stocks rallied on 16 October 2026?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"PC Jeweller rose as much as 17%, PNGS Reva about 10%, Sky Gold about 7%, Senco, Shanti Gold and Thangamayil 7% to 8% each, and Tribhovandas Bhimji Zaveri about 5%.\"}},{\"@type\":\"Question\",\"name\":\"How did Titan perform in its Q2 FY27 business update?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Titan's domestic jewellery revenue grew 21% YoY, studded jewellery grew in the low 30% range and consumer businesses grew 25%. The stock fell about 4% on 7 October.\"}},{\"@type\":\"Question\",\"name\":\"What did Kalyan Jewellers report for Q2 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Consolidated revenue grew over 26%, India revenue about 27% and same-store sales about 20%, with 12 new Kalyan showrooms in India.\"}},{\"@type\":\"Question\",\"name\":\"Why is Sky Gold in the news among jewellery stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It hit a 52-week high of Rs 1,073.85, is up about 33% in October and has risen strongly since February. Exports are 12% of revenue with a target of about 20% by FY29-30.\"}},{\"@type\":\"Question\",\"name\":\"How does the gold price affect jewellery stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A higher gold price lifts revenue but can squeeze margin and reduce buyers, while a fall can hurt inventory values. 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Check the NSE and BSE board meeting notices.\"}},{\"@type\":\"Question\",\"name\":\"What are the main risks in jewellery stocks now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Sharp price rallies, margin pressure from gold price moves, overlapping gold exposure, fading low-cost inventory benefits and demand shifting between quarters.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation to buy or sell.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jewellery stocks ahead of Q2: Titan, Kalyan, Sky Gold and PC Jeweller compared on growth, rally, gold price and risks.<\/p>\n","protected":false},"author":35,"featured_media":314143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4257,5326,7181,7233,12965,1232],"class_list":["post-314144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gold-price","tag-jewellery-stocks","tag-kalyan-jewellers","tag-pc-jeweller","tag-sky-gold","tag-titan-share-price"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["314143"],"rank_math_title":["Jewellery Stocks Ahead of Q2: Titan, Kalyan and Sky Gold Compared"],"rank_math_description":["Jewellery stocks rallied on 16 Oct after strong Q2 updates. Compare Titan, Kalyan, Sky Gold and PC Jeweller on growth, gold price and risks before Q2 results."],"rank_math_focus_keyword":["jewellery stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/jewellery-stocks-to-buy-titan-sky-gold-kalyan-where-to-invest-ahead-of-q2.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/314144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=314144"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/314144\/revisions"}],"predecessor-version":[{"id":314146,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/314144\/revisions\/314146"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/314143"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=314144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=314144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=314144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}