Jewellery Stocks: Senco Gold, PC Jeweller, Kalyan, Titan share prices fall — Should investors worry?

Shares of jewellery companies, including Senco Gold, PC Jeweller, Kalyan Jewellers and Titan Company, declined in trade, despite companies reporting strong demand and revenue growth for the December quarter.

Market participants said profit-booking, high gold prices and broader market sentiment weighed on the stocks.

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At 1:30 pm, Senco Gold shares fell 2.66 per cent to Rs 351.90, while PC Jeweller declined 2.67 per cent to Rs 10.58. Kalyan Jewellers slipped 1.53 per cent to Rs 512.80, and Titan Company was down 0.29 per cent at Rs 4,260.70.

Senco Gold Q3 and 9M Performance

Senco Gold reported a strong business update for Q3 and the first nine months of FY26. The company recorded a 51 per cent year-on-year growth in Q3, compared with 6.5 per cent growth in Q2 and 28 per cent in Q1, resulting in around 31 per cent growth for the first nine months.

Trailing twelve-month revenue reached about Rs 8,000 crore. Retail business grew around 49 per cent in Q3, with same-store sales growth of about 39 per cent.

Diamond jewellery sales rose around 36 per cent year-on-year in the quarter. The company added four franchise showrooms in Q3, taking its total network to 196 showrooms.

Impact of Rising Gold Prices

However, Senco highlighted continued volatility in gold prices, which rose around 23 per cent quarter-on-quarter and about 65 per cent year-on-year. Gold prices touched a record high of Rs 1,40,000 per 10 grams during the quarter, which impacted volumes despite strong festive demand.

Kalyan, PC Jeweller and Titan Q3 Updates

Kalyan Jewellers reported consolidated revenue growth of around 42 per cent year-on-year in Q3 FY26, driven by festive and wedding demand. India operations grew around 42 per cent, while international operations grew approximately 36 per cent.

Same-store sales growth stood at around 27 per cent in India. International markets contributed about 11 per cent to consolidated revenue. The company added 21 Kalyan showrooms in India, one in the UK and 14 Candere showrooms during the quarter, taking the total showroom count to 469 as of December 31, 2025.

PC Jeweller reported standalone revenue growth of approximately 37 per cent year-on-year in Q3 FY26, supported by strong festival and wedding season demand.

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The company also announced its participation in the Uttar Pradesh government’s CM-YUVA scheme to support the setting up of 1,000 jewellery retail franchise units. PC Jeweller said it has reduced outstanding debt by around 68 per cent since September 2024 and remains focused on achieving a debt-free status.

Titan Company’s jewellery business recorded around 41 per cent year-on-year growth in Q3 FY26, supported by festive demand and higher average selling prices.

Growth was seen across plain gold, studded jewellery and gold coins. Titan added 47 new stores in India during the quarter across its jewellery brands and launched its lab-grown diamond brand ‘beYon’.

Market View and Broader Indices

According to ICICI Securities, both Titan and Kalyan reported healthy demand momentum in Q3 FY26, with growth across plain gold and studded categories. The brokerage said Kalyan’s strong store addition pipeline provides revenue visibility, while Titan’s margins may improve gradually in the coming quarters.

Market experts said the recent fall in jewellery stocks reflects profit-booking after strong rallies, concerns over elevated gold prices, and broader market volatility, rather than company-specific fundamentals.

Benchmark indices were trading lower in the afternoon trade on Wednesday. The BSE Sensex was down 641.51 points, or 0.76 per cent, at 84,319.63 at 1:15 p.m. The NSE Nifty 50 declined 220.35 points, or 0.84 per cent, to 25,920.40.