Jewellery stocks sparkle: Senco Gold, Kalyan Jewellers rally on robust Q3 growth
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Shares of leading Indian jewellery retailers witnessed a major rally today as robust Q3 FY26 business updates reassured investors of resilient consumer demand. Senco Gold led the pack with a 14% surge, while Kalyan Jewellers shares rose nearly 7% after both companies reported exponential revenue growth driven by a strong festive season and aggressive retail expansion.
Senco Gold: 51% revenue jump
Senco Gold emerged as the top performer in the sector, reporting what management termed a "remarkable" quarterly performance. The company clocked a 51% year-on-year (YoY) revenue growth for the October-December quarter, a sharp acceleration from previous quarters. Retail business grew by 49% YoY, supported by a healthy same store sales growth (SSSG) of 39%.
Senco added 4 new franchise showrooms in Q3 (reaching 196 total) and is on track to hit its 200-store milestone by the end of FY26. The company's top management said it's confident in achieving 25%+ growth for the full fiscal year, riding on the 31% growth recorded in the first nine months.
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Kalyan Jewellers: Broad-based momentum and digital surge
Kalyan Jewellers also reported "very encouraging" numbers, with consolidated revenue rising approximately 42% YoY. Revenue from India grew by 42%, driven by broad-based demand across plain gold and studded jewellery despite gold price volatility. The company’s digital-first platform, Candere, was a highlight, recording a massive 147% revenue growth.
Kalyan Jewellers' international business grew by 36% YoY, with the Middle East contributing a 28% increase. During the quarter, Kalyan launched 21 new showrooms in India, 1 in the UK, and 14 Candere showrooms, bringing its total global network to 469 outlets.
Sector trends: Overcoming high gold prices
The updates from both players, along with Titan’s recent record high, indicate a shifting consumer landscape in India. Despite gold prices peaking at an all-time high of ₹1,40,000/10gm during the quarter, consumers remained active.
Retailers are increasingly focusing on lightweight and budget-friendly collections to maintain volume growth. Senco and Titan both noted a surge in gold coin sales, reflecting a continued consumer shift toward gold as a safe-haven investment