Titan, Kalyan Jewellers, PN Gadgil: Shares rally up to 7% post Q4 biz updates; check price targets

Select leading jewellery players including Titan Company, Kalyan Jewellers India and PN Gadgil Jewellers shared their quarterly business updates on Monday and brokerage firms continue to remain positive on these names. The sharp rise in the gold prices supported the sentiments for the Jewellery players.

Tata Group backed Titan Company reported a strong 25 per cent year-on-year YoY growth in Q4 FY25, driven by broad-based performance across key segments. The consolidated retail network added 72 net stores during the quarter, taking the total store count to 3,312.

On the other hand, Kalyan Jewellers said that its India operations witnessed revenue growth of around 39 per cent in the March quarter compared to the previous year, driven primarily by a robust wedding demand. It said the quarter also witnessed a healthy same-store-sales-growth (SSSG) of around 21 per cent. It launched 25 showrooms in India in the fourth quarter.

PN Gadgil's consolidated revenue during Q4 increased by 5.1 per cent compared to the same quarter in the previous financial year, contributing to full-year growth of 25.9 per cent. The retail segment of the jeweller grew by 50 per cent year-on-year, driven by strong consumer demand, with franchise operations posting a 37.2 per cent YoY rise.

Following the business updates, shares of Titan Company soared about 7 per cent to Rs 3,222 on Tuesday, while PN Gadgil Jewellers and Kalyan Jewellers India rose about 4 per cent each to Rs 528.65 and Rs 505.30, respectively. However, they gave up their gains partially as the session progressed.

Motilal Oswal Financial Services has 'buy' ratings on Titan Company, Kalyan Jewellers  and PN Gadgil with target prices of Rs 3,800, Rs 625 and Rs 825, respectively, suggesting up to 60 per cent upside in these stocks. Titan remains among its top picks from the consumption sector.

Overall standalone sales of Titan were expected to grow 13 per cent YoY; 25 per cent growth adjusted of bullion sales in the base quarter led by 25 per cent YoY growth in the jewelry business (ex-bullion), said JM Financial. "We expect a jewelry EBIT margin of 10.8 per cent," it added with a 'hold' rating on the stock. It had a target price of Rs 3,550 on the stock.

Motilal is expecting Titan to report a 13.7 per cent YoY rise in sales to Rs 14,207.8 crore, while margins are likely to increase marginally to 22.4 per cent for the March 2025 quarter. The company may clock an Ebitda of Rs 1,408.3 crore, up 18.2 per cent YoY. Its adjusted net profit is penciled at Rs 917.2 crore, up 19 per cent YoY.

Kalyan Jewellers may clock a net sale of Rs 6,187.6 crore in Q4FY25, with margins coming in at 13.2 per cent for the quarter. Ebitda is seen at Rs 402.2 crore, with adjusted net profit coming 207.7 crore, up 51 per cent YoY.

Commenting on PN Gadgil, Motilal Oswal said that the company anticipates strong performance in FY26, driven by robust demand beginning with Akshaya Tritiya and an extended wedding season, which is expected to boost sales in 1QFY26.  The company expects continued growth, supported by the rising consumer purchasing power.

The brokerage is penciling net sales of Rs 1,658.8 crore for the quarter, up 9.7 per cent YoY, with margins expanding nearly 50 basis points. Ebitda is seen at Rs 88.7 crore, up 5.3 per cent YoY. Net profit may come in at Rs 860 crore, up 49.4 per cent on a yearly basis.