Indian Jewellery Sector Posts 10% Gains in Turbulent Market — Kalyan, PC Jeweller and Senco Lead the Charge

Tue Apr 07 2026

Shares of leading Indian jewellery companies have surged by up to 10% after strong quarterly earnings were reported in Q4 of the last financial year, along with reports of a reduction in the base price of precious metal imports, which have resulted in jewellery stocks witnessing strong buying action even in weak market sentiments.

Jewellery companies remain optimistic about the upcoming quarter, as the wedding and Akshay Tritiya festival will boost their revenue further. PC Jeweller, Kalyan Jeweller and Senco are seen as charging the rally for indian jewellery stocks.

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Sector Overview

The Indian Jewellery sector has seen a positive outlook due to the government’s reduction in the reference import prices, which have improved margins for Indian Jewellery companies. This policy, combined with the strong Q4 results, has given a push to Indian Jewellery stocks when most of the other sectors have struggled to find direction in this turbulent market.

The Indian jewellery sector growth is driven by increased demand from the wedding season and export demand for jewellery. These companies are also steadily gaining market share through store expansion, omnichannel retail, and transparent sourcing. This structural shift from the unorganised to branded retail continues to underpin long-term earnings for listed companies.

Stock-by-Stock Breakdown

Kalyan Jewellers has reported a revenue growth of approximately 64% on a YoY basis for the Q4 in March and a growth of approximately 42% for the full year FY2026. The gains build on an already strong earnings trajectory. Kalyan Jewellers has been the most consistent performer, with a recent rise of 5.40% and reaching ₹415.65, following the government’s announcement and strong Q4 results.

PC Jewellers have reported a revenue growth of 32% for the Q4 YoY basis, and a growth of almost 49% for the full year FY2026. PC Jeweller has also seen a remarkable recovery by successfully reducing its outstanding bank debt by approximately 23%. PC Jewellers has also consolidated an increase in net profit of 5% YoY, as elevated gold prices helped boost the company’s bottom line.

Senco Gold has reported a growth of 46% YoY for its Q4 update and a 35% YoY growth for the full year FY2026. Senco Gold has stood out in the rally by rising approximately 11% and reaching ₹320.60. The growth was followed by a reduction in the base import of gold. Senco also achieved a retail business growth of approximately 49% and same-store sales growth of around 39%. Senco Gold has also launched seven new showrooms in Q4, reaching a total of 201 showrooms.

Key Drivers Behind the Rally

Government Policy – The cuts in the import reference price have helped the Indian Jewellery companies to improve their margins noticeably; all three firms have seen a combination of margin expansion expectations and demand resilience in the near future.

Wedding and Festive Demand – Despite the volatility in gold prices because of the ongoing geopolitical tension, consumer demand has remained high across all three companies. Indian jewellery companies also noted robust growth in their results with high ticket purchases and strong customer turnout.

Earning Strength – Q4 results of the Indian Jewellery companies have broadly beaten the expectations. The market is currently growing at a CAGR of 8.93% and is forecasted to grow more, providing a strong base and current stock level momentum. Companies are looking forward to a good Q1 FY2027, too, because of the growing demand.

Outlook On Indian Jewellery Stocks

Short term outlook for the sector remains constructive as Lower import costs, sustained demand and aggressive expansion of stores give listed jewellers multiple opportunities to drive their earnings growth throughout the year. But Investors have to be mindful of the fluctuation in the gold price. Sudden movement in the gold price could also squeeze the margin for the companies, which will affect their performance. The investors are advised to carefully look for same-store sales growth as the primary indicator of organic business growth.

(This article is for informational purposes only and does not constitute investment advice.)

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FAQs

Is PC Jeweller a good stock to buy for the long term?

PC Jeweller is not an ideal buy and forgot stock right now. Aggressive investors can consider it, but in a small allocation, with the understanding that this is a speculative turnaround play, not a high conviction counter.

Which Jeweller share is best?

The best jewellery share would depend on your goal. If you have a long term goal, Titan first is a good choice because of its brand strength, execution consistency and better trust and governance perception. But, if you want higher growth and higher risk, then Kalyan Jewellers is often the more aggressive bet.

Is Kalyan Jewellers a good buy for the long term?

Yes, Kalyan Jewellers is a good long-term stock to buy, but investors should buy it in staggered accumulation, not in bulk. Buying on dips could be a good strategy for this stock.