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Titan vs Kalyan Jewellers: With the quarterly earnings season in full swing, major Indian jewellery players such as Titan Company and Kalyan Jewellers have already announced their latest results over the past week. Following the earnings announcements, several brokerage firms have reviewed the companies’ performances and shared their outlook on the stocks.
The commentary has gained added significance in the current market environment, especially after Prime Minister Narendra Modi recently urged consumers to postpone gold purchases. His remarks come at a sensitive juncture, as escalating tensions in West Asia continue to raise concerns over global economic stability, while also boosting gold’s appeal as a traditional safe-haven asset.
Titan Company vs Kalyan Jewellers Q4 Results
However, from a performance perspective, both stocks have performed well in the previous quarter. Here's a look at how both companies have performed:
| Metric | Kalyan Jewellers Q4 FY26 | Titan Company Q4 FY26 |
| Net Profit | Rs 409.50 crore | Rs 1,179 crore |
| YoY Profit Growth | 118% | 35.36% |
| Net Profit (Year-Ago Quarter) | Rs 187.6 crore | Rs 871 crore |
| Total Income / Sales | Rs 10,321.1 crore | Rs 20,607 crore |
| YoY Revenue Growth | 66% | 48.28% |
| Expenses | Rs 9,782.28 crore | Rs 25,579 crore |
Full-Year FY26 Performance
| Metric | Kalyan Jewellers FY26 | Titan Company FY26 |
| Net Profit | Rs 1,350.39 crore | Rs 5,073 crore |
| YoY Profit Growth | 89% | 52% |
| Previous Year Profit | Rs 714.17 crore | Rs 3,337 crore |
| Total Income / Sales | Rs 35,950.88 crore | Rs 76,797 crore sales |
| YoY Revenue Growth | 43% | 34.4% |
Strong demand boosted the earnings of both Titan Company and Kalyan Jewellers in FY26. Kalyan outpaced Titan in profit growth, while Titan maintained leadership in scale and revenue, highlighting continued momentum in India’s organised jewellery retail sector.
Also Read: Titan, Kalyan Jewellers, PC Jeweller shares crash up to 11% following PM Modi’s appeal to delay gold purchases
Brokerages on Jewellery Stocks
MOSL maintains BUY
Motilal Oswal maintained its BUY rating on Kalyan Jewellers with a revised target price of Rs 575. The target price reflects an upside of around 49 per cent from the current price level.
The brokerage highlighted a strong Q4 performance driven by over 95 per cent PAT growth in India and robust Middle East operations. It raised FY27 and FY28 EPS estimates by 4 per cent, projecting 21 per cent revenue, 16 per cent EBITDA and 22 per cent PAT CAGR during FY26-28E.
Citi sees 94% upside
Citi retained its BUY call on Kalyan Jewellers and increased the target price to Rs 750 from Rs 650 after a strong Q4 beat across revenue, EBITDA and PAT. This translates to an upside of 94 per cent.
| Brokerage | Share Price Target | Upside% |
| Motilal Oswal | 575 | ~49% |
| Citi | 750 | ~94% |
Morgan Stanley prefers Titan
Titan Company remained Morgan Stanley’s preferred pick with an Overweight rating and a higher target price of Rs 5,212, reflecting an upside of around 24 per cent.
The brokerage highlighted strong Q4 jewellery growth, improving buyer additions and margin expansion.
Bernstein sees 18% upside
Bernstein maintained an Outperform rating on Titan Company with a target price of Rs 5,000 after a strong Q4 performance. The target price set by the brokerage reflects an upside of 18 per cent for the current price of Rs 4,225.
However, several other brokerages, including Goldman Sachs and Citigroup, have also retained a positive outlook on Titan Company
| Brokerage | Share Price Target | Upside% |
| Morgan Stanley | Rs 5,212 | ~24% |
| Bernstein | Rs 5,000 | ~18% |
| Goldman Sachs | Rs 5,400 | ~28% |
| Elara Capital | Rs 5,350 | ~27% |
| Citi | Rs 5,075 | ~20% |
| Motilal Oswal | Rs 5,300 | ~25% |
| Emkay | Rs 5,350 | ~27% |
CAGR Comparison
| Time Period | Titan | Kalyan Jewellers |
| 10 Years | 29% | - |
| 5 Years | 25% | 47% |
| 3 Years | 18% | 58% |
| 1 Year | 28 | -18% |
Titan Company has delivered consistent long-term compounding with stable returns across market cycles, while Kalyan Jewellers has significantly outperformed over the last five and three years on aggressive growth and expansion. However, Kalyan’s 1-year decline highlights higher volatility compared to Titan’s steadier performance trajectory.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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