Gold price surge masks 19% volume drop as jewellers pivot to lightweight, studded bets
Q4 value demand jumped 47% to ₹99,900 cr even as jewellery volumes fell 19% YoY. Titan revenue rose 80.5% but Ebitda margin compressed to 7.2% from 10.7%. Kalyan (+66%), PNG (+124%) rode the rally. Playbook now: lower-carat, studded mix (Kalyan 31%, Candere 70%), and exchange schemes to hold price-sensitive buyers.
What happened
Indian jewellers' Q4 revenues surged on record gold prices despite 19% volume drop; Titan, Kalyan, PNG, BlueStone posted strong topline but margins compressed.
Key facts
- gold ₹1,69,349/10g peak
- 24K ₹15,192/gm on 11 May
- jewellery volumes -19% YoY
- value demand +47% to ₹99,900 cr
- Titan revenue +80.5%, profit +35.4%
- Kalyan revenue +66.2%, profit +118%
- PNG revenue +124%, volumes +27%
- Titan Ebitda margin 7.2% vs 10.7%
- Candere 70% studded, 50-55 of 150 new stores FY27
- Kalyan studded ratio 31%
Why this matters
Regional chains like PNG (+124%) and Kalyan (+66%) are compounding share during the price shock, opening a window to acquire sub-scale family jewellers before the studded pivot fully reprices them.