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Motilal Oswal reiterates buy calls on Titan and Kalyan Jewellers

The brokerage expects India’s organized jewelry retail share to rise to 40 to 45% by FY26 and cites formalization and premiumization as key tailwinds.

Reported · Written up by our desk · India

Motilal Oswal said it remains bullish on India’s organized jewelry retail sector, reiterating “buy” ratings on Titan and Kalyan Jewellers and setting target prices of ₹6,000 and ₹800, respectively.

The brokerage pointed to two structural tailwinds, formalization and premiumization, arguing the organized segment’s share of India’s roughly ₹8.5 lakh crore jewelry market has nearly doubled to 40 to 45% in FY26 from 20 to 25% in FY19.

Motilal Oswal said Titan and Kalyan Jewellers are best positioned to benefit due to scale, brand strength, store expansion, and execution, with leaders expected to widen their competitive advantage through sourcing capabilities, access to funding, and capital efficiency.

It also highlighted premiumization as a growth driver, saying Kalyan Jewellers has raised its studded mix to around 30% from the mid-to-high teens a decade ago, while Titan has kept a high 20% studded mix. Motilal Oswal estimated upside potential of 18% for Titan and 34.2% for Kalyan Jewellers, and it reiterated a “buy” rating on P N Gadgil Jewellers and a “Neutral” rating on Senco Gold.

Latest closeGold $4,430.80 ▲1.6%

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