Gems, Jewellery And Watches industry
111 companies · ₹6.5 L cr · 21 with AI deep dives · Q1FY27 report
Duty windfall and gold-price inflation flatter Q1; volume is thin and margin reversals are guided for H2.
- Revenue YoY
- +73.2%
- EBITDA margin
- 1.8%
- -30bps YoY
- Price, 1 year
- +7.9%
- 53% of names up
- P/E vs own 5y
- -7.7%
- 20.5x now
Exhibit 1The quarter in numbers
constant panel of 24 companies above ₹500 cr- Jun 26
- 2.90 L cr
- Mar 26
- 2.93 L cr
- QoQ
- -0.9%
- Jun 25
- 1.68 L cr
- YoY
- +73.2%
- Peak
- 2.93 L cr
- vs peak
- -0.9%
- Jun 26
- 1.8%
- Mar 26
- 1.4%
- QoQ
- +40bps
- Jun 25
- 2.1%
- YoY
- -30bps
- Peak
- 2.4%
- vs peak
- -60bps
Breadth: 97% of 30 companies grew revenue year on year (was 88% a quarter earlier) and 53% expanded margin (was 44%).
Exhibit 2What it costs
13.02x - 41.89x across the panel todayThe median name trades at 20.5x, -7.7% against this industry's own 5-year median of 22.2x, and -50.9% against its own peak of 41.7x.
Exhibit 3Structure
₹6.5 L crTitan Company Ltd is 68.8% of this industry by market cap. The top 5 are 84.7% and the top 10 are 91.5%.
Exhibit 4Screen
P/E below the sub-industry median of 20.48x, 5y ROCE above its median of 12.09%, 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.
See plans →Exhibit 5Coverage (25 of 99)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹62,032 cr
- P/E
- 44.3x
- EV/EBITDA
- 23.5x
- ROCE
- 28.9%
- Margin
- 7.1%
- Rev YoY
- +45.7%
- Mcap
- ₹13,568 cr
- P/E
- 230.7x
- EV/EBITDA
- 32.6x
- ROCE
- 9.6%
- Margin
- 17.7%
- Rev YoY
- +49.5%
- Mcap
- ₹2,090 cr
- P/E
- 17.2x
- EV/EBITDA
- 13.9x
- ROCE
- 23.2%
- Margin
- 7.0%
- Rev YoY
- +64.9%
- Mcap
- ₹1,975 cr
- P/E
- 10.6x
- EV/EBITDA
- 10.4x
- ROCE
- 32.6%
- Margin
- 11.0%
- Rev YoY
- +144.7%
- Mcap
- ₹230 cr
- P/E
- 14.6x
- EV/EBITDA
- 11.6x
- ROCE
- 24.4%
- Margin
- 8.1%
- Rev YoY
- +22.7%
- Mcap
- ₹3,486 cr
- P/E
- 15.5x
- EV/EBITDA
- 11.6x
- ROCE
- 35.6%
- Margin
- 11.5%
- Rev YoY
- +34.8%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Same-store sales growth was uniformly strong - Titan 33%, Kalyan India 27-30%, Bluestone 39%, PNGJL 46%, Senco 39%, D.P. Abhushan 52% - but disclosed volume data reveals the gap…
- PNGJL (Q1FY27): “Retail grew 56% on the back of 46% SSSG.”
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.
Create a free account →AppendixThe other 74 companies
1-30- Mcap
- ₹962 cr
- P/E
- 8.3x
- EV/EBITDA
- 7.1x
- ROCE
- 22.9%
- Margin
- 7.2%
- Rev YoY
- +30.1%
- Mcap
- ₹635 cr
- P/E
- 19.0x
- EV/EBITDA
- -
- ROCE
- 27.5%
- Margin
- 29.0%
- Rev YoY
- +10.7%
- Mcap
- ₹482 cr
- P/E
- 11.7x
- EV/EBITDA
- 11.2x
- ROCE
- 23.9%
- Margin
- 7.8%
- Rev YoY
- +26.9%
- Mcap
- ₹287 cr
- P/E
- 37.5x
- EV/EBITDA
- 49.7x
- ROCE
- 48.4%
- Margin
- 18.1%
- Rev YoY
- +823.8%
- Mcap
- ₹58 cr
- P/E
- 118.0x
- EV/EBITDA
- 62.4x
- ROCE
- 3.4%
- Margin
- 3.1%
- Rev YoY
- -67.7%
44 more companies
This industry has 74 constituents beyond the covered names. The first page is free; premium opens the rest.
See plans →