According to reports from The Financial Express, southern jewellery retail chains have demonstrated superior growth compared to industry leader Titan Company between FY23 and FY26. KalyanJewellers India trades at a discount of nearly 63% to Titan Company, while Thangamayil Jewellery trades at a discount of nearly 33% to the industry leader. Thangamayil Jewellery gained 1.8% to ₹5,447 on Monday, reaching its 52-week high of ₹5,764, while Titan Company lost 1.6% to ₹4,191. The valuation gap reflects the market's perception of the southern chains' growth potential relative to Titan's established position. Latest market data shows Titan Company had reached its 52-week high of ₹4,601 on May 8, 2026, before Monday's decline.
As reported by The Financial Express, southern jewellery retailers delivered exceptional results in the March 2026 quarter despite challenging market conditions. Thangamayil Jewellery's net sales jumped 105.7% year-on-year to ₹2,839.2 crore in Q3 FY26, with net profit rising 354% to ₹142.6 crore. The Madurai-based retailer achieved same-store sales growth of 38.18% compared to 18.10% a year earlier, expanding its network to 66 outlets from 60 outlets. KalyanJewellers India reported consolidated net sales growth of 66.2% to ₹10,275 crore and net profit growth of 118.7% to ₹409.5 crore, with same-store sales growth of 47% and the addition of 24 new showrooms during the quarter. PC Jeweller also reported strong performance with 32.7% growth in consolidated revenue to ₹927.3 crore and net profit growth of 59.3% to ₹152.9 crore in Q3 FY26.
According to The Financial Express analysis, southern jewellery retailers have consistently outperformed Titan Company across multiple metrics during FY23-FY26. Thangamayil Jewellery achieved 39.3% compounded revenue growth to ₹8,513.8 crore and 64.4% compounded profit growth to ₹351.7 crore. KalyanJewellers India reported 36.7% sales CAGR to ₹35,950 crore and 46.3% profit CAGR to ₹1,350 crore. In contrast, Titan Company recorded 29.2% sales CAGR to ₹87,584 crore and 15.7% profit CAGR during the same period. The analysis included companies with minimum market capitalization of ₹8,000 crore and focused on consolidated P/E ratios for comparison.
As reported by The Financial Express, efficiency metrics reveal varying capital utilization across the sector. Titan Company maintains the highest consolidated return on equity at 37.7%, followed by Thangamayil Jewellery at 28.1% and KalyanJewellers India at 24.8%. PC Jeweller shows the lowest RoE at 10%, reflecting its recent turnaround strategy. The efficiency metrics provide insight into how effectively each company is using capital to generate returns, with Titan's superior RoE justifying its premium valuation despite the discount to southern chains.
According to The Financial Express, the government's recent decision to raise import duties on precious metals may impact jewellery retail chains going forward. The analysis suggests that KalyanJewellers India and Thangamayil Jewellery have outperformed Titan Company in terms of compound growth in net sales and net profit between FY23 and FY26. Latest market data shows gold prices had averaged ₹1.61 lakh per 10 gram in the March 2026 quarter, nearly double from a year earlier, with current prices at ₹1.56 lakh per 10 grams in Mumbai. Thangamayil Jewellery recently demonstrated strong demand momentum with revenues of ₹279 crore on Akshaya Tritiya (April 19), representing 76% growth over last year, with healthy volume growth of 15% despite gold price increases. The valuation discounts to Titan Company, particularly for KalyanJewellers India at 63% and Thangamayil Jewellery at 33%, present potential opportunities for investors seeking exposure to the growing gold jewellery retail sector, though growth momentum is intact while rich valuations limit near-term upside.
