Titan shareholders are reeling after India hiked gold and silver import duties to 15%, triggering a sharp sell-off in jewellery stocks and fears of weaker demand and squeezed margins. But analysts are pointing to history: in 2013, tougher curbs on gold imports—including higher duties and the 80:20 export rule—did not sink organised players. Titan’s diversified sourcing, pricing discipline, and adaptable product mix helped it absorb shocks, and brokerages now expect a manageable impact across segments.
Indian benchmark indices showed resilience but ended nearly flat in a volatile session. The Nifty 50 hovered around 23,400 with a broader market tilt toward decliners. The Sensex struggled as banking dragged sentiment. A major driver was Titan, which saw heavy selling after import tariffs were raised, while select FMCG and pharma stocks offered limited support.
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Monday saw a sharp broad-market drop, with the Nifty falling 360 points and the Sensex slipping over 1.7%. Yet within that red backdrop, several major counters swung to the top of the movers list, including SBI, IndiGo, and Titan. The day highlighted how stock-specific momentum can diverge from index-wide weakness.
Shares of Titan and Kalyan Jewellers tumbled after Prime Minister Narendra Modi urged Indians to temporarily reduce non-essential gold consumption to protect foreign exchange reserves. Speaking in Hyderabad, he linked gold conservation to national strength as global oil prices rise. Traders said the comments, though not a formal ban, hit sentiment hard and could cool volumes during the wedding season.
Titan, Kalyan Jewellers and other gold-linked stocks are expected to stay in focus after Prime Minister Narendra Modi urged people to avoid buying gold for weddings for a year. Despite the demand-related message, investors are reacting to strong Q4FY26 earnings from major jewellery companies, keeping sentiment active for the sector Monday.
Titan reported a strong Q4FY26 with 35% net profit growth and a 50% surge in jewellery sales, yet shares slid around 6%. The drag came from international business losses that outweighed the domestic momentum. Even so, most brokerages stayed positive, keeping Buy or Overweight calls and lifting price targets on the long-term jewellery outlook.
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Titan Company shares surged 7% to a fresh 52-week high after strong Q4FY26 results. Profit rose 35% year-on-year while income climbed 46%, driven largely by jewellery demand. Watches and eyecare delivered steady growth, and a declared dividend boosted sentiment, helping the stock extend momentum to the top of its recent trading range.
Titan Company posted a modest 5.4% year-on-year rise in Q4 consolidated net profit to ₹771 crore as revenue jumped 22% to ₹11,472 crore. The jewellery business faced margin pressure from record-high gold prices and a consumer shift toward gold coins, while watches and eyewear delivered a brighter performance.
Bombay High Court has temporarily barred Godrej Projects from handing over a Chembur commercial property to Titan Company. The court appointed a receiver to take possession, pointing to Godrej’s unilateral repudiation of a lease deal with Decathlon Sports India. Decathlon’s planned large store was also expected to disrupt other retailers in the area, fueling the dispute.
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