India’s jewellery sector has showcased its resilience in the face of surging gold prices and global economic headwinds. The Q1 FY26 updates from leading brands highlight strong festive demand, strategic expansion, and shifting consumer buying patterns.
On 8 July 2025, major jewellers including Titan Company, PN Gadgil Jewellers, and Senco Gold released their quarterly performance data, offering a glimpse into how the industry is navigating current challenges and opportunities.
Titan Company: Growth Despite Gold Price Surge
Titan Company [NSE: TITAN] recorded a 20% year-on-year rise in its consumer business revenues during Q1 FY26. Its jewellery division achieved an 18% YoY increase, reflecting continued customer engagement despite high gold prices affecting purchase decisions.
During the quarter, Titan expanded its retail network by adding 10 new stores, taking its total presence to 3,322 outlets. The company noted that although Akshaya Tritiya boosted sales, higher gold rates between May and mid-June led buyers to opt for lighter and lower karatage pieces.
In terms of product performance, plain gold jewellery saw mid-teen growth, while studded jewellery registered modest gains. Average purchase values increased, offsetting flat buyer numbers across formats such as Tanishq, Mia, and CaratLane. Titan added 19 new stores in India, which included expansions in all three brands to strengthen its market leadership.
PN Gadgil Jewellers: Record Festive Performance Boosts Revenue
PN Gadgil Jewellers [NSE: PNGJL] reported 19.4% growth in revenue for Q1 FY26 compared to the previous year, driven by strong festive season sales and steady consumer demand despite gold price volatility.
The jeweller achieved its highest-ever single-day festive sales on Akshaya Tritiya, clocking ₹139.53 crore, a 35.1% increase over the previous year’s record. Demand for studded jewellery rose by 41.6% YoY, taking its share to 10% of retail sales, reflecting shifting preferences towards stylish designs.
The brand’s Same Store Sales Growth (SSSG) stood at 8% for the quarter, slightly impacted as the Gudi Padwa festival, which fell in Q1 last year, occurred in Q4 this year, affecting year-on-year comparability.
Senco Gold: Festive Calendar Fuels Robust Sales
Senco Gold [NSE: SENCO] started FY26 on a strong note, delivering 28% total revenue growth YoY, with retail revenue rising 24% and same-store sales increasing by 19% in Q1.
The company attributed this performance to a packed festive calendar, including Akshaya Tritiya, Poila Baishakh, Baisakhi, Bihu, and Ramnavmi, which drove high footfall and boosted consumer spending. Senco Gold also recorded a 10% rise in invoices and SKUs sold, showing growth in both purchase volumes and values.
Average gold prices rose sharply to ₹86,900–₹1,01,000 per 10 grams, a YoY rise of nearly 32%, but consumer demand remained stable in value terms. Around 40% of total sales came from old gold exchanges, indicating strategic affordability offerings for customers. During the quarter, Senco Gold launched its Litestyle sub-brand, targeting demand for lightweight, stylish jewellery.
What Do These Q1 Results Indicate?
The Q1 FY26 updates from Titan, PN Gadgil, and Senco Gold underline several market trends:
- High gold prices prompted a shift towards lightweight designs and lower karatage jewellery.
- Festivals and weddings remained key sales drivers, ensuring stable demand despite economic uncertainty.
- Rising demand for studded jewellery shows evolving consumer tastes towards fashion-forward pieces.
- Store expansion plans remained robust, reflecting confidence in continued industry growth.
Jewellery Industry Outlook
India’s jewellery market is expected to continue its growth trajectory, backed by strong cultural demand for gold, increasing disposable incomes, and customer affinity for new designs. Brands focusing on strategic expansions and catering to lightweight and studded jewellery preferences are likely to strengthen their market share in coming quarters.
Conclusion
The Q1 FY26 performances of Titan Company, PN Gadgil Jewellers, and Senco Gold highlight the adaptability of India’s jewellery sector amid rising gold prices. Their focus on expanding product offerings, launching sub-brands, and leveraging festive demand showcases the industry’s resilience and commitment to delivering value to customers in a dynamic market environment.
