Motilal Oswal emphasises the growing dominance of organised chains and premium pieces in India’s jewellery sector, favouring Titan, Kalyan Jewellers, and P N Gadgil Jewellers amid rapid industry formalisation.
Motilal Oswal is drawing a clear line between India’s listed jewellery names, favouring companies it sees as best placed to benefit from two long-running shifts: more spending through organised chains and a deeper move towards premium pieces. Trade Brains reported that the brokerage has kept a Buy view on Titan Company, Kalyan Jewellers and P N Gadgil Jewellers, while assigning Senco Gold a Neutral stance. The firm’s call reflects the view that the sector’s growth is being driven less by gold prices alone and more by brand-led retailing, stronger store networks and a higher share of studded jewellery.
The backdrop is a sector that has already changed sharply in recent years. Motilal Oswal said organised retailers now account for roughly 40% to 45% of India’s jewellery market, up from about 20% to 25% in FY19, suggesting formal retail still has room to expand. Trade Brains also said the listed jewellery companies generated about Rs 1.4 lakh crore in revenue in FY26 and delivered a 34% compound annual growth rate between FY22 and FY26, underlining how quickly the industry has scaled.
Within that group, Titan remains the sector’s heavyweight, with Motilal Oswal and other brokers pointing to its dominant market position and consistent demand trends. Separately, the brokerage community has remained constructive on the name: CLSA recently kept an Outperform view on Titan with a revised target price of ₹4,996, citing strong jewellery demand, firmer gold prices and market share gains, though it also flagged pressure on margins and softer watch sales. Trade Brains said Kalyan Jewellers is the brokerage’s other preferred large-cap pick because of its expansion beyond south India and into smaller cities, while Moneycontrol reported that Motilal Oswal had also highlighted Kalyan’s revenue growth, store additions and improving studded jewellery mix.
P N Gadgil Jewellers is being backed for a different reason: rapid expansion into Tier-2, Tier-3 and Tier-4 towns. Motilal Oswal said the rollout is becoming more asset-light, with partners sharing more of the inventory and capital burden, which should support returns. Senco Gold, by contrast, looks less compelling to the brokerage because its studded jewellery mix remains far lower than Titan’s or Kalyan’s. That matters because premiumisation is becoming the second major growth engine after formalisation. Trade Brains said around 68% of new organised jewellery stores opened between June 2024 and 2026 were outside metros and Tier-1 cities, a sign that the next phase of growth is likely to come from smaller urban markets rather than the biggest consumption centres.
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