Record gold prices gut volumes 19%, but value demand jumps 47% to ₹99,900cr in Q4FY26
Titan, Kalyan and PNG posted 66-124% revenue growth as gold peaked at ₹1.69L/10g, yet margins compressed (Titan Ebitda 7.2% vs 10.7%). Retailers pivot to lightweight, lower-carat and studded designs — Kalyan studded mix at 31%, Candere at 70%.
What happened
Kalyan Jewellers · Q4FY26: Indian jewellers' volumes fell 19% YoY as gold hit record ₹1.69L/10g, but value demand rose 47% to ₹99,900cr. Titan, Kalyan, PNG
Key facts
- gold ₹1,69,349/10g peak
- 24K ₹15,192/gm on 11 May
- volumes -19% YoY
- value demand +47% to ₹99,900 cr
- Titan revenue +80.5%
- Kalyan revenue +66.2%
- PNG revenue +124%
- Titan PAT +35.4%
- Kalyan PAT +118%
- PNG gold volumes +27%
- Titan Ebitda margin 7.2% vs 10.7%
- Kalyan studded ratio 31%
- Candere 70% studded, mid-30s GM
- 50-55 of 150 FY27 stores Candere
Why this matters
Fragmented regional players without studded or lightweight capability will buckle under gold-price volatility, opening a window to acquire design IP, Candere-style digital-first brands, or distressed mid-market chains at compressed multiples.