Small Jewelers Shine Brighter Than Titan?

Regional jewelry chains are demonstrating robust growth, rivaling or exceeding the performance of market leader Titan Company. In the September 2026 quarter, several regional players reported same-store-sales growth comparable to Titan's. This comes despite a substantial 40% year-over-year increase in gold prices, reaching an average of Rs 1.5 lakh per 10 grams, partly due to increased import tariffs. Indian families have shown resilience, with demand spurred by exchange programs, novel designs, and digital sales channels. Kalyan Jewellers, for instance, saw strong performance driven by its regional brand and lifestyle offerings. Senco Gold reported significant growth attributed to festival sales, a digital surge, and old gold exchanges. P.N. Gadgil Jewellers also highlighted strong growth during the Raksha Bandhan festival and through their gold exchange strategy. Titan Company itself reported solid 21% domestic jewelry business growth, bolstered by promotions and international expansion. However, despite matching Titan's sales growth, regional chains trade at a substantial valuation discount, ranging from 41% to 85%.