Titan, Kalyan: Jewellery stocks to dazzle in festive season, say analysts

Analysts see more upside for jewellery stocks as festive demand kicks in post the correction of gold prices

The jewellery sector shines bright as sales pick up after the pandemic and the festival season nears. After Titan and Kalyan Jewellers reported better-than-estimated June quarter performance (Q1FY23), analysts believe a re-rating is on the cards as gold prices soften.

Kalyan Jewellers posted a consolidated profit after tax (PAT) of Rs 107.77 crore in Q1FY23, while Titan saw a 13-fold jump in net profit year-on-year (YoY) at Rs 763 crore. The total income of Titan’s jewellery segment was up 208 per cent to Rs 7,600 crore in Q1FY23. Kalyan Jewellers’ revenue from operations jumped 103.6 per cent YoY to Rs