India's Jewellers Grew 26–29% in Q2. Gold Rose About 28%.
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
- Q2 results: jewellery margins, and any grams or volume disclosure.
- Q3 updates in January: same-store growth against the gold price, with the festive season inside the quarter.
- Studded share: Senco's stud ratio (12.2%) and Titan's studded growth.
Sources
- [KAL] Kalyan Jewellers, quarterly update Q2 FY27, 7 Oct 2026 (NSE)
- [SEN] Senco Gold, business update Q2 & H1 FY27, 7 Oct 2026 (NSE)
- [PCJ] PC Jeweller, business update Q2 FY27, 7 Oct 2026 (NSE)
- [TTN] Titan Company, quarterly update Q2 FY27, 6 Oct 2026 (NSE)
- [MS] Moat & Margin, Moat Screener and How MoatSCORE works
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.
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