Gems, Jewellery And Watches industry

104 companies · ₹6.0 L cr · 34 with AI deep dives · Q2FY27 report

Gold-price ticket growth, not volume, drives 20-60% sales gains as old-gold exchange dilutes margin

Turning upmargin troughed at 1.2% and has risen for 5 quarters to 1.8%, on positive revenue growth

Revenue YoY: +73.1%
EBITDA margin: 1.8%; -30bps YoY
Price, 1 year: +10.2%; 61% of names up
P/E vs own 5y: -0.8%; 22.2x now

Exhibit 1The quarter in numbers

constant panel of 24 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2.90 L cr	2.93 L cr	-0.9%	1.68 L cr	+73.1%	2.93 L cr	-0.9%
EBITDA margin	1.8%	1.4%	+40bps	2.1%	-30bps	2.4%	-60bps

Revenue

Jun 26: 2.90 L cr

Exhibit 4Screen

P/E below the sub-industry median of 22.21x, 5y ROCE above its median of 9.79%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 92)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Titan Company Ltd	₹3.9 L cr	66.7x	45.2x	31.8%	9.5%	+29.3%	Unlock
Kalyan Jewellers India Ltd	₹51,570 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

mixedRevenue growth is gold-price and ticket-size led; volumes low single digit5 managements

DP Abhushan put volume growth at about 1-2% against 58% revenue growth. Shringar sold 376 kg against 356 kg, while revenue rose 64.9%. Shankesh said volume was flat and Khazanchi…

DPABHUSHAN (Q1FY27): “we have delivered volume growth of approximately 1% to 2%. The balance growth has largely…”

mixed4 managements mixed6 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 67 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Manoj Vaibhav Gems N Jewellers Ltd	₹932 cr	7.4x	7.0x	15.9%	6.8%	+30.1%