Jewellery Stocks on Dhanteras 2026: Titan Gains After Q2 Results, Kalyan Jewellers Extends Its Rally, and What Brokerages and Retailers Say About Demand

Jewellery stocks are in focus on Dhanteras, Friday 6 November 2026, as Titan trades higher after its Q2 results and Kalyan Jewellers extends a rally that began on Thursday, per press reports. This guide lists the dated prices, what brokerages said about Titan, what retailers say about festive demand and the risks. All prices are from news reports and are time-stamped, so check live quotes on NSE or BSE.

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Jewellery Stocks Today: Prices and Moves

Stock	Price	Move	Time and source note
Titan Company	Rs 4,987.80	About 3.2% above Rs 4,831.55 close (my arithmetic)	11:02 AM IST on 6 November; opened Rs 4,800 on BSE and touched Rs 5,001.90
Kalyan Jewellers India	Rs 585.90	About 4.6% above the Rs 560 close	10:38 AM on 6 November; closed Rs 560 on NSE on 5 November, up 5.85%
Senco Gold	Rs 304.60	Up 1.42%	Morning of 4 November, not today
PC Jeweller	Rs 15.12	Up about 3%	Morning of 4 November, not today
Thangamayil Jewellery	Rs 4,579.40	Up 1.03%	Morning of 4 November, not today
P N Gadgil Jewellers	Rs 580	Up 0.77%	Morning of 4 November, not today

Prices for Senco, PC Jeweller, Thangamayil and P N Gadgil are from 4 November because a same-day source was not found, so do not read them as today's levels. Titan and Kalyan figures come from 6 November news reports.

Titan After Q2 Results: What Changed

Item	Figure
Q2 consolidated net profit	Rs 2,393 crore versus Rs 1,120 crore a year ago
One-time gain	Reported at Rs 671 crore; profit without it would be about Rs 1,722 crore (my arithmetic)
Jewellery margin	11.7%, up 60 basis points year on year, versus Citi's estimate of 10.7%
Jefferies	Upgraded to Buy, target Rs 6,000; expects about 11% jewellery margin guidance to hold
Citi	Buy, target Rs 5,875
Motilal Oswal	Buy, target Rs 5,700
JP Morgan	Neutral, target Rs 5,540
PL Capital	Accumulate, target Rs 5,330, from Rs 5,388

Against Rs 4,987.80, the targets imply about 20.3% for Jefferies, 17.8% for Citi, 14.3% for Motilal Oswal, 11.1% for JP Morgan and 6.9% for PL Capital (my arithmetic). Targets belong to the brokerages and change with the share price and fresh research; they are not Univest recommendations. See our earlier Titan Q2 results article for the quarter's detail.

Kalyan Jewellers: Rally Before Results

Item	Detail
Recent move	Closed Rs 560 on 5 November, up 5.85% (high Rs 560, low Rs 538), and was up about 4.6% on 6 November
Q2 preview	A preview piece expected profit near Rs 340 crore and revenue above Rs 10,000 crore; these are estimates, not reported numbers, so check the exchange filing
Foreign holding	FII stake rose from 10.82% to 13.83% in the September quarter, per press reports

Stocks that rally into results can swing either way on the numbers. Read the filing for revenue growth, same-store growth and margins before drawing conclusions.

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What Retailers Say About Dhanteras Demand

Voice	View
Rajesh Rokde, GJC chairman (PTI)	Expects festive sales up 20% to 30% by value, with volumes flat
Senco Gold (PTI)	Targets more than 20% growth this season
Upstox report	Shoppers prefer lighter designs and smaller tickets, and exchange old gold
Delhi gold (PTI, 5 November)	Rs 1,48,800 per 10 grams; benchmark rates differ by source

Higher gold prices lift sales value even if the number of grams sold stays flat, which is the point behind the 20% to 30% value estimate. The decline of gold from its January peak may bring back some buyers, but retailers have not shown that in reported numbers yet.

Foreign Holding in Jewellery Stocks

Company	FII stake, June to September quarter
Kalyan Jewellers	10.82% to 13.83%
Titan	15.39% to 16.37%
P N Gadgil	0.48% to 3.83%
Thangamayil	5.54% to 5.79%
Shanti Gold	1.92% to 2.22%

The figures are from press reports on shareholding patterns. Rising foreign stakes show interest but not a view on future returns.

Risks for Jewellery Stocks

Risk	Why it matters
Gold price swings	A sharp fall or rise can slow purchases and affect inventory gains and losses
Margins	Competition, discounts and gold exchange schemes can pressure margins
Valuation	Titan has gained about 23% in 2026 per Zeebiz, so expectations are high
Demand mix	Smaller tickets and lighter designs can lower the average bill
Policy	Changes in import duty or tax on gold can hit demand

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Conclusion

Jewellery stocks have moved up into Dhanteras, with Titan helped by brokerage upgrades and Kalyan Jewellers by its results run-up. Check the numbers and risks and decide whether the sector fits your plan.

Frequently Asked Questions on Jewellery Stocks

Which jewellery stocks are in focus on Dhanteras 2026?

Ans. Titan, Kalyan Jewellers, Senco Gold, PC Jeweller, Thangamayil Jewellery and P N Gadgil are in focus. Titan and Kalyan have the most recent reported moves on 6 November, while the others have prices from 4 November in this article.

What is the Titan share price today?

Ans. Titan traded near Rs 4,987.80 at 11:02 AM IST on 6 November 2026, after opening at Rs 4,800 on BSE and touching Rs 5,001.90. Its previous close was Rs 4,831.55. Prices change, so check a live quote.

What are the brokerage targets for Titan?

Ans. Jefferies has a Buy with a target of Rs 6,000, Citi a Buy at Rs 5,875, Motilal Oswal a Buy at Rs 5,700, JP Morgan a Neutral at Rs 5,540 and PL Capital an Accumulate at Rs 5,330. These are brokerage views, not Univest recommendations.

Why is Kalyan Jewellers rising?

Ans. Kalyan Jewellers closed up 5.85% at Rs 560 on 5 November and was higher again on 6 November, with Dhanteras demand hopes and an upcoming Q2 result in focus. A preview piece estimated profit near Rs 340 crore, but those are estimates.

Is Titan profit growth real?

Ans. Titan reported net profit of Rs 2,393 crore versus Rs 1,120 crore, but that includes a reported one-time gain of Rs 671 crore. Without it, profit would be about Rs 1,722 crore by my arithmetic, which is still higher than a year ago.

Do jewellery stocks rise on Dhanteras every year?

Ans. No. Stock prices depend on gold prices, earnings, margins and market conditions, not just the festival. Some years the stocks run up before Dhanteras and fall after, so past festivals do not predict this one.

What do retailers expect for Dhanteras sales?

Ans. GJC chairman Rajesh Rokde expects sales up 20% to 30% by value with flat volumes, and Senco targets over 20% growth, per PTI. Higher gold prices lift value even if volume is flat.

Should I buy jewellery stocks now?

Ans. Univest cannot give personal advice. Jewellery stocks can be volatile and are sensitive to gold prices and valuations. Review the quarterly numbers, your allocation and risk tolerance, and consult a SEBI-registered adviser.