The Indian stock market witnessed a “golden” rally today, January 7, 2026, as major jewellery retailers reported blockbuster business updates for the third quarter (Q3 FY26). In a session that saw the benchmark indices trade with caution, the jewellery sector emerged as a bright spot. Titan Company shares hit a fresh all-time high, while Senco Gold stole the show with a massive 14% intraday surge.
The primary catalyst? A powerhouse festive and wedding season that effectively countered the challenges posed by record-high gold prices, which have now breached the ₹1,39,000 per 10 grams mark.
Titan Company: Reaching the ₹4,300 Summit
Titan, the Tata Group’s retail powerhouse, saw its shares climb as much as 4.88% to reach a record peak of ₹4,312.00 on the NSE. This rally follows a blowout Q3 update where the company’s consumer businesses posted a consolidated revenue growth of 40% year-on-year (YoY).
Performance Breakdown: Beyond the Numbers
Titan’s performance was significantly bolstered by its jewellery division (Tanishq), which accounts for roughly 85% of its total revenue. The division clocked a 41% YoY growth in Q3 FY26.
- Average Selling Price (ASP) vs. Buyer Growth: Interestingly, while the number of buyers remained relatively flat, attributed to the psychological barrier of high gold prices, the revenue was driven by a substantial increase in the average ticket size.
- The “Safe Haven” Effect: Gold coin sales nearly doubled compared to Q3 FY25. This indicates that even as jewellery consumption faced slight headwinds, the Indian consumer’s trust in gold as a financial hedge remains unshakable.
- Studded Jewellery Momentum: The high-margin studded jewellery segment (diamonds and gemstones) posted its best performance of the fiscal year, growing in the mid-twenties.
- Global Footprint: Titan’s international operations were a major highlight, surging 79% YoY, led by strong demand in the GCC, Singapore, and North American markets.
Brokerage View: Following the update, Goldman Sachs maintained a ‘Buy’ rating and raised its target price to ₹4,850, while Nomura set a target of ₹4,500, citing the “significant beat” in revenue.
Senco Gold: The Small-Cap Giant Zooms 14%
While Titan broke records, Senco Gold delivered the most explosive percentage gain of the day. The stock rallied 14% to hit an intraday high of ₹368.85 on the back of a “remarkable” 51% YoY revenue jump for the October–December quarter.
Why the Market is Bullish on Senco:
- Aggressive Retail Growth: The company’s retail business grew by 49% YoY, supported by a healthy Same Store Sales Growth (SSSG) of 39%.
- Strategic Inventory: Senco successfully optimized its inventory toward lightweight and budget-friendly designs (14K and 18K gold), making luxury accessible even as 24K gold prices soared.
- Diamond Focus: Diamond jewellery sales grew by 36% YoY, reflecting the company’s success in moving up the value chain.
- 200-Store Milestone: With 196 showrooms currently, Senco is on track to reach the 200-store mark by March 2026. Management has confidently raised its full-year growth guidance to over 25%.
Kalyan Jewellers: Broad-Based Growth
Not to be left behind, Kalyan Jewellers shares also jumped nearly 7%, reaching ₹527.50. The Thrissur-based retailer reported a 42% consolidated revenue growth for Q3.
Kalyan’s digital-first platform, Candere, was the star of its portfolio, recording an astonishing 147% revenue increase. This underscores a massive shift in Indian consumer behavior, where high-value jewellery is increasingly being purchased through omnichannel and digital platforms.
The Macro Picture: Gold Prices vs. The Indian Wedding
As of today, January 7, 2026, 24K gold is trading around ₹1,39,480 per 10 grams. Traditionally, such high prices lead to a slump in demand. However, the current “Gold Rush” on the stock market tells a different story.
| Metric | Current Status (Jan 2026) | Impact on Stocks |
| Gold Price (24K/10g) | ~₹1,39,480 | High ASP boosts revenue margins |
| Wedding Spending | ~₹6.5 Lakh Crore (Est.) | Guaranteed volume for bridal sets |
| Consumer Shift | Unorganized to Organized | Increased market share for Titan, Kalyan, and Senco |
Industry experts note that the “essential” nature of Indian weddings, estimated to involve 46 lakh ceremonies this season, ensures that consumers adjust their spending patterns (opting for lighter gold or more diamonds) rather than deferring purchases.
Key Trends Shaping 2026
- Lab-Grown Diamonds (LGDs): Titan’s recent launch of its LGD brand, “beYon,” marks a strategic pivot. LGDs offer the same sparkle at 30-40% lower costs, appealing to Gen Z and millennial buyers.
- Tier 2 and 3 Domination: Much of the growth reported by Senco and Kalyan came from smaller cities, where rising disposable income is meeting a lack of organized competition.
- Gold Exchange Programs: To combat high prices, retailers like Tanishq have aggressively promoted gold exchange schemes, which now account for a significant portion of new sales.
Conclusion: Is the Sparkle Sustainable?
The Q3 updates have proven that organized jewellery retailers in India are no longer just “gold shops”; they are sophisticated retail machines capable of navigating price volatility. While Titan remains the “safe” blue-chip bet for long-term investors, the rapid expansion of Senco Gold and Kalyan Jewellers suggests there is still plenty of room for growth in the mid-cap space.
With the crucial wedding season extending into February and March, the “sparkle” in these stocks looks set to continue throughout the final quarter of FY26.
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Parvati Rai is the Vice President of the Research team at Equentis. She has over 15 years of equity-research and strategy-consulting experience. A specialist in deep-dive valuations, financial modelling, and forecasting, she has built research desks from the ground up, by steering buy-side, sell-side, and independent coverage across sectors. When she isn’t fine-tuning models, Parvati unwinds on nature treks and mentors aspiring analysts.
