Thangamayil, Kalyan outgrow Titan in Q4FY26 — yet trade at 33–63% P/E discounts
Thangamayil Jewellery posted 105.7% sales growth and 354% profit jump in Q4FY26; Kalyan Jewellers grew 66.2% with 47% SSSG and 24 new showrooms. Both outpaced Titan's 80.5% jewellery sales rise (aided by Damas), but trade at P/Es of 48 and 26.6 versus Titan's 72.2 — a re-rating gap worth watching.
What happened
Titan Company · Southern jewellery chains Thangamayil and Kalyan Jewellers outpaced Titan in Q4FY26 sales and profit growth, with aggressive store expansion and
Key facts
- Thangamayil net sales +105.7% YoY to Rs 2,839.2 cr Q4FY26
- Thangamayil net profit +354% YoY to Rs 142.6 cr
- Kalyan net sales +66.2% to Rs 10,275 cr
- Kalyan SSSG 47%
- Kalyan added 24 showrooms, network 342
- Titan jewellery sales +80.5% to Rs 26,920 cr
- Titan added 27 India stores Q4, 1,194 domestic outlets
- PC Jeweller revenue +32.7% to Rs 927.3 cr
- Gold Rs 1.61 lakh per 10g Q4FY26
- P/E: Kalyan 26.6, Thangamayil 48, PC Jeweller 12.1, Titan 72.2
Why this matters
Kalyan's 24-store quarterly rollout and Thangamayil's profit surge signal a fragmenting jewellery landscape where regional players are credible consolidation targets or partners.