Jewellery companies are optimistic about Q1FY27 as the summer wedding season demand and Akshay Tritiya could further drive the topline.AI Quick ReadShares of jewellery companies like Senco Gold, Kalyan Jewellers and PC Jeweller witnessed strong buying action in Tuesday's trading session, April 7, even as the broader market sentiment remained weak. Jewellery stocks rallied up to 10%, boosted by robust business updates for the March quarter (Q4) of the last fiscal year and reports on a reduction in base import prices of precious metals.
Going ahead, companies are optimistic about Q1FY27 as the summer wedding season demand and Akshay Tritiya could further drive the topline.
PC Jeweller emerged as the leader among the three, as the penny stock below ₹10 surged 9.6% to ₹9.29 apiece following a strong jump in standalone revenue and improving debt position. Meanwhile, Kalyan Jewellers' stock rose almost 4% to ₹437.45 apiece on the BSE.
Senco Gold shares added another 3% today. It had also risen on Monday following a robust Q4 update over the weekend.
"Jewellery stocks have seen a sharp rerating following Q4 business updates that pointed to resilient demand despite elevated gold prices. Companies reported strong same-store sales growth, wedding-led demand and improving studded jewellery mix—typically higher margin—helping operating leverage," said Harshal Dasani, Business Head at INVasset PMS.
On the company-specific front, PC Jeweller said that its standalone revenue was higher by 32% year-on-year (YoY), and consistent performance across all sectors has contributed to FY26 emerging as a positive year with a revenue growth of almost 49% YoY.
The company also highlighted that it remains committed to its target of achieving a debt-free status in the near future. "In line with this objective, during the quarter, the company has successfully further reduced its outstanding debt of banks under the terms of the Joint Settlement Agreement by approximately 23%," according to the exchange filing.
Kalyan Jewellers, in its Q4 update on April 7, said that it recorded a revenue growth of approximately 64% on a YoY basis for the quarter ended March, and for the full year FY2026, revenue growth stood at approximately 42%, driven by wedding and discretionary demand despite volatile gold prices.
The company said its India operations witnessed revenue growth in excess of 65% during Q4 and 43% in FY26, driven primarily by strong same-store-sales-growth (SSSG) across most of the key markets. The quarter recorded same-store-sales-growth of over 45%.
The company also has a presence in the Middle East, but despite that, it has managed to record a 45% growth in its international operations, which contributed 11% to the consolidated performance.
"Within the Middle East specifically, we witnessed revenue growth of approximately 39% for Q4 FY2026 as compared to Q4 FY2025, driven predominantly by same-store-sales-growth. The ongoing geopolitical situation in the region impacted customer walk-ins during the first three weeks of March even though the showrooms remained open. Excellent Ramadan sales during the last 10 days of the month made up for the impact on customer walk-ins during the rest of the month," Kalyan said, adding that for FY26, international business recorded a revenue growth of approximately 33% YoY.
During the recently concluded quarter, it launched 28 (net 24) Kalyan showrooms in India and 14 Candere showrooms.
Senco Gold, which posted its Q4 update on April 4, said that it achieved a wedding season-led growth of 46% YoY in Q4 FY26, leading to a ~35% YoY growth for FY26 as compared to 21% YoY growth in FY25. The Q4 topline growth includes SSSG of ~34%.
Furthermore, it launched seven new showrooms in Q4, reaching a milestone of 201 total showrooms.
"We have a strong pipeline for store expansion in H1 FY 27 across the franchise and company-owned categories, and plan to launch 20-25 stores in FY 27, with a focus on opening more franchise stores. We aim to achieve a minimum of 20-25% value growth while maintaining our EBITDA margin target of 7.5%-7.8% as specified in our earlier updates," the company said.
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Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.<br>
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