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# India's Jewellers Grew 26–29% in Q2. Gold Rose About 28%.
- URL: https://www.moatmarginresearch.com/jewellers-q2-growth-gold-price/
- Published: 2026-10-08T01:22:30.000Z
- Updated: 2026-10-08T01:22:30.000Z
- Description: Kalyan, Senco and PC Jeweller grew 26–29% in Q2; Titan's jewellery ~21%. Senco says gold averaged ~28% higher. What grew beyond the gold price.
- Author: A K Karthikeyan
- Tags: Moat Insights

**Kalyan, Senco and PC Jeweller each reported Q2 revenue growth between 26% and 29%; Titan's jewellery grew about 21%. In the same filings, Senco says average gold prices were about 28% higher than a year earlier. Read against that, most of the quarter's growth is the price of gold. What's left over is where the moat shows: Senco's diamond volumes, Titan's studded mix and new stores.**

## What the filings say

| Company                         | Q2 FY27 revenue growth | Same-store growth | Source  |
| ------------------------------- | ---------------------- | ----------------- | ------- |
| Senco Gold (retail)             | 29%                    | 19%               | \[SEN\] |
| PC Jeweller (consolidated)      | \~28%                  | not given         | \[PCJ\] |
| Kalyan Jewellers (consolidated) | \>26% (India \~27%)    | \~20%             | \[KAL\] |
| Titan (jewellery, domestic)     | \~21%                  | not given         | \[TTN\] |

And the price backdrop, from Senco (\[SEN\]): gold prices were "\~28% higher YoY" on average in Q2, and ₹1.44–1.46 lakh per 10 grams through the quarter.

## The arithmetic: growth beyond gold

If revenue simply followed the gold price, 28% growth would mean the same grams sold at higher prices. On that rough basis (our arithmetic, see note):

|                    | Reported | Beyond a 28% gold rise (rough) |
| ------------------ | -------- | ------------------------------ |
| Senco, retail      | 29%      | \~+1%                          |
| PC Jeweller        | \~28%    | \~0%                           |
| Kalyan             | \~26%    | \~−2%                          |
| Titan jewellery    | \~21%    | \~−5%                          |
| Kalyan, same-store | \~20%    | \~−6%                          |
| Senco, same-store  | 19%      | \~−7%                          |

- **Same-store sales trail gold.** At both Kalyan and Senco, existing stores grew less than the gold price. On this rough reading, existing stores sold fewer grams; new stores made up the rest.
- **The shortcut has limits.** Studded jewellery and making charges don't track gold, and a richer mix can lift revenue without more grams. Titan's lower figure partly reflects coins, which fell by a high single digit.

## What grew beyond the price

The filings point to three things the gold price doesn't explain:

- **Diamonds at Senco.** Diamond jewellery value +31%, volume +7% (\[SEN\]). That 7% is real volume growth, and its stud ratio was 12.2%.
- **Studded at Titan.** Studded grew in the early thirties against about 20% for plain gold; buyers grew mid-single digits (\[TTN\]).
- **New stores.** Kalyan opened 12 Kalyan showrooms in India (net 11) and 9 Candere stores; Senco opened 6 (\[KAL\], \[SEN\]).

## Moat and margin

**Focus moat: intangible assets (brand trust).** In a high-value, infrequent purchase, a trusted brand's edge should show as growth beyond the gold price. This quarter, the evidence is mixed:

- **Present:** Senco's diamond volumes and Titan's studded mix grew faster than gold.
- **Absent:** same-store revenue trailed the gold price at the two companies that report it.

**The margin side.** These are pre-results updates, with no margins. Higher gold prices lift revenue per gram; whether they lift profit depends on making charges, mix and hedging, which the updates don't give. The balance sheets did change:

- Kalyan says non-GML debt is now zero (\[KAL\]);
- PC Jeweller says it has repaid all its bank debt, and it completed a ₹500 crore preferential issue to its promoter (\[PCJ\]).

**MoatSCOREs:** Titan 5.17, Kalyan Jewellers 5.03 (both AMBER+, first pass); Senco Gold and PC Jeweller are not yet scored (\[MS\]).

## The bear case

- **Price, not demand.** Growth roughly equals the gold price; same-store revenue trails it.
- **Fewer grams per store.** On our rough reading, existing stores sold less gold by weight.
- **A tough Q3 comparison.** Kalyan notes all nine days of Navratri fell in Q2 last year; Titan says the festive calendar shifted into Q3.

## The case for

- **Real volume where it matters.** Diamond volume +7% at Senco; studded at Titan in the early thirties.
- **Stores keep coming.** New showrooms at every company that reports them.
- **Cleaner balance sheets.** Kalyan and PC Jeweller have cut debt.

## What to watch

1. Q2 results: jewellery margins, and any grams or volume disclosure.
2. Q3 updates in January: same-store growth against the gold price, with the festive season inside the quarter.
3. Studded share: Senco's stud ratio (12.2%) and Titan's studded growth.

## Sources

- **\[KAL\]** [Kalyan Jewellers, quarterly update Q2 FY27, 7 Oct 2026](https://nsearchives.nseindia.com/corporate/KALYANKJIL%5F07102026073927%5FQ2%5FUpdate.pdf) (NSE)
- **\[SEN\]** [Senco Gold, business update Q2 & H1 FY27, 7 Oct 2026](https://nsearchives.nseindia.com/corporate/Sencogold%5F07102026175129%5FSE%5FIntimation%5FBusiness%5FUpdate%5F07102026.pdf) (NSE)
- **\[PCJ\]** [PC Jeweller, business update Q2 FY27, 7 Oct 2026](https://nsearchives.nseindia.com/corporate/PCJEWELLER%5F07102026191523%5Fupdate07102026.pdf) (NSE)
- **\[TTN\]** [Titan Company, quarterly update Q2 FY27, 6 Oct 2026](https://nsearchives.nseindia.com/corporate/TITAN%5F06102026182232%5FQ2update202627.pdf) (NSE)
- **\[MS\]** [Moat & Margin, Moat Screener](https://www.moatmarginresearch.com/moat-screener/) and [How MoatSCORE works](https://www.moatmarginresearch.com/moatscore/)

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> Educational research, not investment advice. Every figure above is drawn from the companies' own filings, read from the primary documents on 8 October 2026; the gold-price rise is Senco Gold's statement, and growth beyond gold is our rough arithmetic, labelled as an estimate. MoatSCOREs read live from the Moat Screener on 8 October 2026\. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.