Jewellery stocks crash up to 12% after PM Modi urges Indians to delay gold buying for a year
Titan, Kalyan, Senco and Sky Gold slid as PM Modi's call to postpone gold purchases to conserve forex amid Middle East tensions stoked fears of an import duty hike. Sky Gold fell 12.2%, Senco 10.7%, Kalyan 8.3%, Titan 6.4% — even as Titan and Kalyan posted strong Q4 FY26 results.
What happened
Titan · Jewellery stocks crashed up to 12% after PM Modi urged citizens to postpone gold purchases for a year to save forex amid Middle East crisis. Market
Key facts
- stocks down up to 12%
- Titan -6.4%
- Kalyan -8.3%
- Sky Gold -12.2%
- Senco -10.7%
- Titan net profit +35.4% YoY to ₹1,179 crore
- Titan revenue +77.6% YoY to ₹23,934 crore
- jewellery portfolio +50% YoY to ₹18,195 crore
- dividend ₹15/share
- Kalyan net profit +118.2% YoY to ₹409.5 crore
- India imports ~800 tonnes gold annually
Why this matters
Smaller, more volatile players like Sky Gold (-12.2%) and Senco (-10.7%) took the hardest hits versus diversified leaders, opening a window to scout consolidation or acquisition targets among stressed mid-caps.
What to watch
- Official Finance Ministry or CBIC statement on gold import duty
- Middle East escalation affecting oil/forex reserves
- Gold price and rupee movement
- Festive/wedding season demand data and jewellers' volume guidance
- Follow-up government clarification softening or hardening the appeal
- Rotate toward Titan/Kalyan on strong Q4 prints; treat weakness as tactical entry
- Trim high-beta small-caps (Sky Gold, Senco) until policy clarity
- Monitor management commentary and analyst reiterations post-results
- Hedge sector exposure ahead of any customs/finance ministry statements