Motilal Oswal Bullish on Jewellery Stocks: Titan, Kalyan Jewellers Remain Top Picks

Motilal Oswal Bullish on Jewellery Stocks: Titan, Kalyan Jewellers in Focus

Domestic brokerage Motilal Oswal Financial Services remains positive on India's organised jewellery retail sector, identifying Titan and Kalyan Jewellers among its preferred names.

The brokerage expects the sector to benefit from two major structural trends — formalisation and premiumisation.

Jewellery Sector Growth Drivers

India's jewellery market is estimated at around ₹8.5 lakh crore.

According to Motilal Oswal, the organised segment's share has increased to around 40–45% in FY26, compared with approximately 20–25% in FY19.

Key factors supporting organised jewellery retailers include

• Store expansion
• Strong brand positioning
• Premiumisation
• Omnichannel growth
• Better sourcing capabilities
• Increasing customer spending

Titan and Kalyan Jewellers in Focus

Motilal Oswal highlighted Titan and Kalyan Jewellers as its preferred names within the jewellery sector.

Titan accounts for around 43% of branded stores, while Kalyan Jewellers accounts for approximately 17%, according to the brokerage.

Together, the two companies represent a significant portion of India's organised jewellery retail footprint.

The brokerage believes their scale, brand strength, sourcing capabilities and execution provide competitive advantages.

Premiumisation Supports Growth

Premiumisation is emerging as another important growth driver for organised jewellery retailers.

The increasing contribution of studded jewellery is helping companies improve their product mix and customer value.

Kalyan Jewellers has increased its studded jewellery mix to around 30%, while Titan maintains a mix of more than 20%, according to the report.

Organised Retail Continues to Gain Share

Motilal Oswal expects leading organised jewellery retailers to continue strengthening their market positions.

Factors such as greater scale, access to funding, sourcing capabilities and capital efficiency could further widen the gap between organised and smaller unorganised players.

The brokerage also highlighted the importance of store expansion and premium offerings in capturing additional market share.

Key Takeaways

• Titan and Kalyan Jewellers remain key names highlighted by Motilal Oswal.
• India's organised jewellery segment has significantly increased its market share.
• Formalisation remains a major structural trend.
• Premiumisation is supporting higher-value jewellery demand.
• Studded jewellery continues to gain importance.
• Scale, branding and execution remain important competitive advantages.

Disclaimer

This article is published solely for educational and informational purposes and should not be considered financial, investment, legal, or tax advice.

TrendRipperX is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst. The information presented is based on publicly available information and is intended only for general awareness.

This article does not constitute a recommendation to buy, sell, or hold any security. Readers should conduct their own research and consult a SEBI-registered financial professional before making any investment decisions.