I am starting a thread on listed jewellers since there isn’t one. I see only single-company threads.
Looking at the quarter ending September 2026, the growth numbers look great but most of it seems to be the gold price. PNG Gadgil’s gold jewellery was up 47% in value but only 4% in grams. Tanishq says its buyer count was flat, the growth came from bigger tickets. Coins and bars fell at both, almost by half in grams at PNG.
PNG
PNG management said on the call that a mature store does about 7-8% same-store growth if gold price doesn’t move. The real question here is - What happens to these companies when gold price flattens?
Coming soon, and I will post on this thread:
Kalyan and Senco report next week. I will try to track more updates here with more deeper sector change and research on this thread, and create a thorough sector overview after the current gold prices changes, which are rarely seen in the history.
Thnaks.