Senco Gold, Kalyan Jewellers to Titan: Jewellery stocks rally up to 42% in April amid rising gold prices. Do you own?

Gold price today: As gold continues to break records this month, domestic jewellery stocks like Kalyan Jewellers, Titan, Senco Gold, and PC Jeweller have mirrored the yellow metal’s shine, with all these stocks gaining up to 42% in April so far, brightening investor portfolios.

Senco Gold’s share price has zoomed from ₹270 apiece to ₹382 in April so far, delivering a stellar 41.6% return. Tribhovandas Bhimji Zaveri (TBZ) has gained 18%, while shares of Kalyan Jewellers and Motisons Jewellers have rallied up to 12% during the same period. Other jewellery stocks, such as Titan and PC Jeweller, have surged by 9% and 4%, respectively, in April so far.

What’s powering the jewellery stock rally?

The sharp demand for jewellery stocks on Dalal Street suggests investors remain unconcerned about a potential dip in domestic jewellery sales despite soaring gold prices—which have rallied nearly 33% (spot) so far this year, outperforming all other asset classes amid continued global trade tensions.

Based on the company’s March quarter business update, demand for jewellery remained buoyant. For instance, Senco Gold reported total revenue growth of 19.1% and retail revenue growth of 23% in Q4FY25. The company noted that despite firm gold prices in Q4, consumer sentiment towards gold as a store of value remained strong.

Looking ahead, Senco is confident of a strong start to FY26, driven by robust demand during Poila Baisakh, Akshaya Tritiya, and continued momentum in the wedding season—all expected to significantly boost Q1 FY26 sales.

Similarly, Kalyan Jewellers recorded a consolidated revenue growth of approximately 37% compared to the same period last year, despite extreme gold price volatility.

The company’s India operations saw a revenue jump of around 39% in Q4 FY25 versus Q4FY24, with same-store sales growth of approximately 21% in March quarter. 

“We are upbeat about the ongoing quarter and are witnessing encouraging trends in advance collections for both Akshaya Tritiya and wedding purchases during the festive/wedding season,” the company said in its April 7 regulatory filing. Titan also saw its jewellery business grow 25% YoY in Q4 FY25.

Gold breaches ₹1 lakh in the retail market

Gold prices in the retail market of Delhi surged to a historic high of ₹1 lakh per 10 grams on Tuesday. Meanwhile, on the Multi Commodity Exchange (MCX), gold prices breached the ₹99,000 mark for the first time, reaching ₹99,358 per 10 grams.

The yellow metal holds a central role in the country’s culture—considered a store of value, a symbol of wealth and status, and a fundamental part of many rituals. In the international market, gold prices topped $3,500 per troy ounce for the first time on Tuesday and have gained nearly $700 in less than the first four months of 2025.

Amit Jain, co-founder of Ashika Global Family Office Services, said, “We’ve been bullish on gold since 2020, and the recent rally only reinforces our view. Domestically, the surge in gold prices has been driven by a mix of macroeconomic and geopolitical factors—rising global tensions, a weaker rupee, and sustained central bank buying. Additionally, inflationary pressures and uncertainty around U.S. interest rate cuts have kept global investors parked in safe-haven assets like gold.”

"Globally, gold prices have hit all-time highs as well, but India’s local factors—especially currency depreciation and import duties—have amplified the gains here. Compared to other markets, Indian gold prices are running higher, but the broader drivers remain aligned. In uncertain times like these, gold continues to be a critical portfolio hedge," he added.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.