Highest Upside

We maintain BUY on Senco with an unchanged TP of Rs500 (25x Jun-27E EPS), as a 4-5% cut in estimates on higher interest expense is completely offset by rollover to Jun-26E TP.

Kalyan Jewellers’ (KALYANKJ) consolidated revenue grew 31% YoY to INR72.7b (in line). The Indian business achieved 31% YoY revenue growth, driven by store additions (added net nine Kalyan Indian stores and eight
Candere stores) and 18% SSSG (20% in South, 16% in non-South).

We interacted with the management of PN Gadgil (PNG) to discuss the industry outlook, growth prospects for its business, profitability outlook, and other focus areas.

Titan Company (TTAN) posted consolidated sales growth of 29% YoY in 2QFY26. Standalone jewelry sales (excl. bullion) rose 19% YoY, driven by the early onset of the festive season, gold exchange campaign, and consumer offers.

Q2FY26 performance: Titan's consolidated net revenues grew by 22%yoy to Rs16,461cr (total revenues grew by 29%). This was driven by 18% growth in the domestic jewellery business, 32% growth in Caratlane and 84% growth in the international business while TEAL (subsidiary) revenues grew by 2x during the quarter. Its watches and eyewear business had a soft quarter with revenues growing by 13% and 8% in Q2. Consolidated gross margins decreased by 127bps YoY affected by higher gold prices and inferior mix. EBIDTA margins decreased by...

In FY25, Titan Company (TTAN) continued to post strong double-digit growth (18% YoY) despite high gold inflation and intensified competition.

Titan’s consolidated total revenues (ex-bullion sales) grew by 21.4% y-o-y to Rs. 13,891 crore (in line with our expectation of Rs. 13,888 crore). Including bullion sales (ex-other income), consolidated revenues grew by 19.4% y-o-y to Rs. 14,916 crore.

Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 1QFY26. Standalone jewelry sales (excl. bullion) rose 17% YoY, driven by an increase in ticket size (16% YoY) due to rising gold prices.

*over or under performance to benchmark index Titan Company Ltd manufactures and retails jewellery and watches. The company also produces perfumes for men and women. In Q4FY25, consolidated revenue increased 19.4% YoY to Rs. 14,916cr, driven by the growth in the jewelry segment. The jewelry segment grew 23.7% YoY to Rs....

Management sustained guidance of 11-11.5% EBIT margin with mid-teens EBIT margin guidance for watch business TTAN reported a robust 1Q led by 400bps positive impact of revaluation in watch business EBIT margin and 50bps positive impact of MTM gain from hedging in jewellery business. However, we remain cautious in near term given 1) rising inventory costs due to higher gold prices (Rs75bn increase in FY25) will...

Shanti Gold International was established in 2003 by promoters Pankajkumar H. Jagawat and Manojkumar N. Jainboth with over two decades of experience in the jewellery industry. The company is one of the leading manufacturers of 22kt CZ casting gold jewellery in India operating in B2B vertical. With a strong focus on design and production excellence, the company offers a diverse portfolio of high-quality, intricately crafted jewellery, including bangles, rings, necklaces, and complete sets. Its product range spans various price points, catering to special occasions such as weddings, as well as festive and everyday wear. Backed by...

IPO NOTE

IPO NOTE

Company offer contemporary lifestyle diamond, gold, platinum and studded jewellery under company's flagship brand, BlueStone. Company is a digital first direct-to-consumer (DTC) brand focussed on ensuring a seamless omnichannel experience for customers and are the second largest digital-first omni-channel jewellery brand in India, in terms of revenues in Fiscal 2024. Company retail its products through its website www.bluestone.com and company's mobile application available...

Shringar House of Mangalsutra Ltd. is engaged in designing, manufacturing and marketing a varied range of Mangalsutra in India. The company offers an extensive range of Mangalsutra featuring over 15 collections and more than 10,000 active SKUs, catering to a diverse demographics. Shringar's clientele includes corporate clients, wholesale jewellers, and retailers across 24 states and 4 union territories. Additionally, the company has international presence in the UK, New Zealand, UAE, the USA and Republic of Fiji. Company's marquee corporate clientele includes Malabar Gold, Titan, Reliance Retail, Novel Jewel,...

IPO NOTE

Company is amongst the leading and specialised designers and manufacturers of Mangalsutra in India. Company is engaged in designing, manufacturing, and marketing, a varied range of Mangalsutra studded with diverse range of stones including but not limited to, American diamond, cubic zirconia, pearl, mother of pearl, and semi-precious stones, in 18k and 22k purity of gold, to its business-to-business (B2B) clients. Mangalsutra is a traditional necklace, crafted from gold and black beads worn by...