Synopsis: Gold jewellery stocks rallied on strong Q3FY26 results, US-India trade deal reducing export tariffs, robust wedding-season demand, rising gold prices, and structural gains for organised jewellers, boosting revenue, profit, and investor sentiment.
Gold jewellery stocks emerged as top gainers, extending their month-long rally, supported by improved market sentiment and strong sector-specific triggers. The momentum was led by sharp gains in key listed jewellers, significantly outperforming broader benchmark indices, as optimism returned to the gems and jewellery space.
As on 10 February 2026, the Gold (US$/OZ) is trading at $5,051.540, which has given a return of 12.85 percent in 1 month, 50.47 percent in 6 months, 76.52 percent in 1 year and 174.74 percent in 5 years.
Similarly Gold in MCX Future is trading at Rs. 1,57,614, which has given a return of 14.24 percent in 1 month, 57.18 percent in 6 months, 85.47 percent in 1 year and 228.44 percent in 5 years.
Possible Reason For Rally Of Gold Jewellery Stocks
US–India trade deal boosts sentiment
A major catalyst was the US–India trade agreement, under which tariffs on gems and diamond exports from India were reduced sharply from 50 percent to 18 percent. This move improved export profitability and visibility for Indian jewellers, lifting investor confidence across the sector.
Strong Q3 earnings drive stock prices
Robust quarterly results further fuelled the rally. Leading players reported strong profit growth, reinforcing expectations of sustained earnings momentum. Analysts highlighted that solid third-quarter performances have strengthened confidence in continued growth into the fourth quarter.
Wedding season demand
Healthy wedding-season demand has supported sales volumes, while rising gold prices over recent months have aided revenue growth. Despite price volatility, key indicators such as store footfalls and consumer traction remained strong, signalling resilient demand.
Structural tailwinds remain intact
Market experts noted that organised jewellers continue to gain market share from the unorganised segment, supported by store expansion and diversification into new categories like lightweight and lab-grown jewellery. This structural shift, combined with favourable policy support, has reinforced the positive outlook for gold jewellery stocks.
Kalyan Jewellers India Limited is a leading jewellery manufacturer and retailer offering a wide range of gold, diamond, silver, platinum, and gemstone jewellery across wedding, daily wear, and regional collections. Founded in 1993 and headquartered in Thrissur, the company operates through extensive showroom networks in India and the Middle East, My Kalyan stores, and its online platform Candere.
With a market capitalization of Rs. 44,925.99 crore, the shares of Kalyan Jewellers India Limited were trading at Rs. 435.05, down by 0.53 percent from its previous day’s closing price of Rs. 437.35 per equity share. The stock has rallied 20.31 percent, rising from Rs. 361.10 on February 2, 2026 to its current price.
Q3FY26 Results
Q3FY26 revenue rose sharply to Rs. 10,343 crore, delivering a strong 42.1 percent YoY growth over Rs. 7,278 crore in Q3FY25. Sequentially, revenue increased by 31.7 percent QoQ from Rs. 7,856 crore in Q2FY26, reflecting robust volume growth and improved realizations.
EBITDA for Q3FY26 stood at Rs. 750 crore, up 74.4 percent YoY from Rs. 430 crore in Q3FY25 and 50.9 percent QoQ from Rs. 497 crore in Q2FY26, indicating significant margin expansion. Net profit surged to Rs. 416 crore, registering a solid 89.9 percent YoY growth over Rs. 219 crore in Q3FY25 and a 59.4 percent QoQ increase from Rs. 261 crore in Q2FY26, supported by strong operating performance and cost efficiencies.
In Q3FY26, the company added 21 new showrooms in India (18 net), compared with 24 in Q3FY25, and reported around 42 percent YoY revenue growth driven by strong 27 percent same-store sales growth. New customers contributed over 39 percent of revenue, franchised stores accounted for ~51 percent, margins improved due to mix and efficiency gains, while results included a one-time Rs. 415 million employee benefit impact and a base-year loss of Rs. 548 million from customs duty cuts.
Thangamayil Jewellery Limited runs a network of retail jewelry stores in India, offering gold, diamond, silver, platinum, and precious stone jewelry, along with silver articles, gold coins, and other accessories. The company is also involved in jewelry manufacturing and sales, provides gold saving schemes, and sells its products online. Founded in 1947, it is headquartered in Madurai, India.
With a market capitalization of Rs. 11,512.78 crore, the shares of Thangamayil Jewellery Limited were trading at Rs. 3,703, down by 0.51 percent from its previous day’s closing price of Rs. 3,722.10 per equity share. The stock has rallied 14.93 percent, rising from Rs. 3,222.10 on February 2, 2026 to its current price.
Q3FY26 Results
Q3FY26 revenue surged to Rs. 2,406 crore, up 112.6 percent YoY from Rs. 1,132 crore in Q3FY25 and 40.7 percent QoQ from Rs. 1,711 crore in Q2FY26, driven by strong sales growth and higher operational volumes.
EBITDA rose to Rs. 172 crore, marking a 107.2 percent YoY and 62.3 percent QoQ increase from Rs. 83 crore and Rs. 106 crore, respectively, reflecting improved margins. Net profit jumped to Rs. 105 crore, up 118.8 percent YoY from Rs. 48 crore in Q3FY25 and 78.0 percent QoQ from Rs. 59 crore in Q2FY26, supported by better operational efficiency and cost management.
For the nine months ended December 31, 2025, the company achieved its highest-ever revenue of Rs. 5,661 crore, up 60 percent from Rs. 3,530 crore in the same period last year, driven by gold and silver sales of 4,742 kg and 18,430 kg, respectively, reflecting volume growth of 9 percent in gold and 24 percent in silver. Profit after tax rose 140 percent to Rs. 209 crore from Rs. 87 crore, while customer advances, including Digi Gold schemes, increased 108 percent to 13.32 lakh.
The company added 10 new outlets, taking its net active retail presence to 66, with Chennai Metro stores contributing 17 percent to total sales and full-year targets of 20 percent achievable. Gross profit margin improved to 10.72 percent from 8.61 percent YoY due to higher gold and silver prices, though QoQ margins declined slightly due to festival offers. Rising expenses aligned with expansion are expected to moderate as new outlets begin contributing to revenue.
P N Gadgil Jewellers Limited, founded in 1832 and based in Pune, operates retail and online jewelry sales in India and the U.S. It offers gold, silver, platinum, and diamond jewelry, including traditional, modern, and functional designs, while also manufacturing and selling jewelry products through stores, e-commerce platforms, and online marketplaces.
With a market capitalization of Rs. 8,149.29 crore, the shares of P N Gadgil Jewellers Limited were trading at Rs. 600.50, up by 1.88 percent from its previous day’s closing price of Rs. 589.05 per equity share. The stock has rallied 11.72 percent, rising from Rs. 537.10 on February 2, 2026 to its current price.
Q3FY26 Results
Q3FY26 revenue rose to Rs. 3,303 crore, up 35.6 percent YoY from Rs. 2,436 crore in Q3FY25 and 51.6 percent QoQ from Rs. 2,178 crore in Q2FY26, driven by strong sales growth across key segments.
EBITDA increased to Rs. 244 crore, marking a 98.4 percent YoY and 128.0 percent QoQ rise from Rs. 123 crore and Rs. 107 crore, respectively, reflecting improved operational efficiency. Net profit grew to Rs. 171 crore, up 98.8 percent YoY from Rs. 86 crore in Q3FY25 and 116.5 percent QoQ from Rs. 79 crore in Q2FY26, supported by margin expansion and cost optimization.
The retail segment, contributing 83.2 percent of total sales, led growth with 46.2 percent revenue increase, an EBITDA margin of 10.1 percent, and a PAT margin of 6.5 percent. For the nine months ended FY26, Average revenue per store was around Rs. 109.01 crore, with net profit per store at Rs. 4.84 crore, highlighting strong store-level efficiency. Product-wise, silver sales surged 96 percent in value and 56 percent in volume, while diamond sales rose over 50 percent in volume, with the stud ratio reaching 8.4 percent.
Festive sales were a key driver, with Dussehra generating a record single-day sale of Rs. 190 crore (up 64 percent YoY) and Diwali sales reaching Rs. 606 crore, up 74 percent YoY. Customer footfall increased 33 percent, with a high conversion rate of 94 percent, driving growth alongside a 35 percent rise in transaction count and an average transaction value of Rs. 103.1k.
Sky Gold and Diamonds Limited, founded in 2005 and based in Thane, designs, manufactures, and sells gold and silver jewelry in India. Its offerings include rings, chains, mangalsutras, bracelets, necklaces, earrings, bangles, and customized pieces, as well as American, natural, and lab-grown diamonds and colored gemstones. The company also engages in import, export, wholesale, and distribution, serving wholesalers, showrooms, and retailers.
With a market capitalization of Rs. 5,095.80 crore, the shares of Sky Gold & Diamonds Limited were trading at Rs. 327.95, down by 6.21 percent from its previous day’s closing price of Rs. 349.65 per equity share. The stock has rallied 9.55 percent, rising from Rs. 302.75 on February 2, 2026 to its current price.
Q3FY26 Results
Q3FY26 revenue rose to Rs. 1,768 crore, up 77.1 percent YoY from Rs. 998 crore in Q3FY25 and 19.1 percent QoQ from Rs. 1,484 crore in Q2FY26, driven by strong demand and improved realizations.
EBITDA increased to Rs. 122 crore, marking a 114.0 percent YoY and 22.0 percent QoQ growth from Rs. 57 crore and Rs. 100 crore, respectively. Net profit for Q3FY26 stood at Rs. 81 crore, up 119.0 percent YoY from Rs. 37 crore in Q3FY25 and 20.9 percent QoQ from Rs. 67 crore in Q2FY26, supported by margin expansion and cost control.
The company inaugurated its Dubai office in the presence of industry veterans, marking a key international milestone. It also executed a strategic acquisition through its wholly-owned subsidiary, M/s Starmangalsutra Private Limited, acquiring a 51 percent partnership interest in Shri Rishabh Gold. Additionally, the company made history at the GJS exhibition by launching India’s first-ever 24-carat diamond jewellery collection.
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