Rising gold prices have created a challenging environment for jewellery companies in India, affecting both consumer demand and business planning. As gold becomes more expensive, buyers tend to be more cautious, postpone purchases, or look for alternatives, while jewellers must balance affordability, margins, and inventory risks. Companies such as Kalyan Jewellers, P N Gadgil Jewellers , Senco Gold, and others are operating in a market where customer preferences are evolving and cost pressures are higher, making the overall jewellery business more complex and competitive.

Record Gold Prices Impact Market Dynamics

Gold prices surged sharply during Q3FY26, touching around ₹1,40,000 by the end of the quarter, marking a rise of nearly 20% over Q2FY26 and about 75% compared with Q3FY25. Currently, gold price on MCX Future stands at ₹1,55,762, delivering impressive returns across multiple timeframes.

Despite this steep increase, jewellery demand in India remained resilient, supported by the festive season and strong wedding demand. Indian households continue to hold nearly 34,600 tonnes of gold valued at over $5 trillion, exceeding India's nominal GDP of $4.1 trillion. India accounts for around 26% of global gold demand, second only to China.

Strategic Shift Towards Organised Players

Higher gold prices have accelerated the shift from unorganised to organised jewellery players. The organised segment's market share has increased to 40% in FY25 from 32% in FY20, while unorganised players have steadily lost share. Rising prices have boosted value growth for listed jewellery companies even as volume growth moderated slightly.

To manage affordability, companies have increasingly focused on:

• Lightweight jewellery in 9-karat, 14-karat and 18-karat formats instead of traditional 22-karat gold
• Studded and diamond jewellery offerings that provide better value compared to plain gold
• Lower ticket-size products without heavy discounting

Company Performance Analysis

Senco Gold Ltd

Senco Gold delivered the strongest performance among peers, reporting 51% year-on-year increase in standalone revenue in Q3FY26. This followed a relatively weak Q2, where revenue grew only 6.50% due to flooding in eastern India, GST-related deferments, and a high base.

Kalyan Jewellers India Ltd

Kalyan Jewellers reported consolidated revenue growth of 42% year-on-year in Q3FY26, supported by same-store sales growth of around 27%. India revenues rose 42%, driven by festive demand, wedding purchases, and growth in both plain gold and studded jewellery.

Titan Company Ltd

Titan Company's jewellery business, including Tanishq, Mia and Zoya, recorded 4% year-on-year revenue growth in Q3FY26. Growth was driven largely by higher average selling prices and value-led purchases rather than volumes.

P N Gadgil Jewellers

P N Gadgil Jewellers reported 46% year-on-year revenue growth in Q3FY26, with jewellery revenues reaching ₹3,169.00 crore, excluding other segments. The company achieved significant milestones during the quarter.

Valuation Landscape

Despite strong operating performance, valuations across jewellery companies remain divergent, reflecting varying market expectations and growth trajectories.

With revenues scaling rapidly and the studded jewellery mix improving, expectations remain that profitability could strengthen further, potentially narrowing these valuation gaps over time. Despite very high gold prices, organised jewellery companies are demonstrating resilience through strategic adaptations, benefiting from brand trust, store expansion, and growing online sales while unorganised players continue losing market share.

P N Gadgil Jewellers Limited has announced key leadership appointments following its Board Meeting held on January 23, 2026. The company has strengthened its management team with the appointment of a new Chief Financial Officer and an Additional Director, demonstrating its commitment to robust corporate governance and strategic leadership.

Key Leadership Appointments

The Board of Directors approved two significant appointments based on committee recommendations:

The company confirmed that Mr. Aditya Saurabh Gadgil is not debarred from holding the office of Director by any SEBI order or other authority and is not disqualified under Section 164 of the Companies Act, 2013.

New Chief Financial Officer Profile

Mr. Deepak Kumar Vijay brings extensive experience to his new role as CFO. He is an accomplished finance leader with over 18 years of cross-industry experience across apparel sourcing, retail, manufacturing, and hospitality sectors. His professional qualifications include:

• Chartered Accountant with executive education from IIM Ahmedabad
• CFA Level II completion
• Senior leadership roles with globally respected organizations including Techno Design (subsidiary of PDS Limited), Marks & Spencer (India – JV with Reliance Retail), Fossil Group, and IHCL (Taj Hotels)

Mr. Vijay is recognized for leading end-to-end finance functions, building high-performance global finance teams, and driving digital transformations. His expertise encompasses M&A transactions, financial risk management, international treasury, capital decisions, ERP implementation, and performance-driven business partnering for long-term value creation.

Additional Director Background

Mr. Aditya Saurabh Gadgil represents the seventh generation of the family business legacy. His educational background includes:

• Graduate of Symbiosis College of Arts & Commerce
• Currently pursuing BFA in Film/Video from Pratt Institute in Brooklyn, New York, with a cumulative GPA of 9.80/10.00

As the son of Mr. Saurabh Gadgil (Managing Director) and Mrs. Radhika Gadgil (Whole-time Director), Aditya brings both traditional business heritage and modern global perspectives to the company. He envisions incorporating innovative techniques and global trends while preserving the brand's timeless craftsmanship.

Updated Key Managerial Personnel

The company has updated its Key Managerial Personnel authorized under Regulation 30(5) of the Listing Regulations effective January 24, 2026:

Regulatory Compliance

The appointments were made in compliance with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015. The Board Meeting commenced at 12:58 P.M. and concluded at 02:05 P.M. on January 23, 2026. All required disclosures have been submitted to BSE Limited and National Stock Exchange of India Limited as per SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.