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Motilal Oswal backs Titan and Kalyan as jewellery retail formalizes
Motilal Oswal says India’s organized jewellery retail is gaining share through formalization and premiumization. It favors Titan and Kalyan Jewellers for scale, store expansion, sourcing and higher-margin studded jewellery, while retaining buy ratings on P N Gadgil and neutral on Senco Gold.
Newer report , , Mint : Motilal Oswal reiterates Titan Buy, sees ~20% upside to ₹6,000
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Reported figures
From the report. Source details below
| India jewellery market: | approximately ₹8.5 lakh crore |
|---|---|
| Organized jewellery retail share: | 40-45% in FY26, versus 20-25% in FY19 |
| Titan share of branded stores: | around 43% |
| Kalyan Jewellers share of branded stores: | around 17% |
| Titan and Kalyan combined organized retail footprint: | nearly 60% |
| Kalyan studded jewellery mix: | around 30%, versus mid-to-high teens a decade ago |
| Titan studded mix: | high 20% |
| Senco Gold and P N Gadgil Jewellers studded mix: | around 10-11% |
| Titan target price: | ₹6,000; implied upside: 18% |
| Kalyan Jewellers target price: | ₹800; implied upside: 34.2% |
| P N Gadgil Jewellers target price: | ₹800 |
| Senco Gold target price: | ₹430 |
The source
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