Q1 surprise sends jewellery stocks shining 40% in a month. Will the surge last in next quarters?

India's listed jewellery stocks rallied up to 40% in a month driven by stronger-than-expected Q1 FY27 business updates. Kalyan Jewellers led with a 40% gain, followed by Titan (14%), Senco Gold (9%), PC Jeweller (15%), Goldiam International (21%), Thangamayil Jewellery (24%), and Sky Gold (25%). Titan reported 41% YoY growth in its consumer businesses with jewellery segment up 39%; Senco Gold posted 60% revenue growth, Kalyan Jewellers reported 38% growth, and PC Jeweller recorded 21% growth while reducing 90% of settlement debt. Analysts at Kotak Securities and Geojit Investments cited resilient demand, an approximately 18% correction from peak gold prices, premiumisation, and organised-share gains as structural tailwinds, while flagging richer valuations.