From Titan, PC Jeweller to Kalyan; How have gold stocks performed in Samvat 2082?

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Domestic gold gained about 6.6 per cent since Diwali 2025, while the Nifty 50 slipped nearly 9.4 per cent. Listed jewellers did not move together. PC Jeweller and Titan led, Kalyan Jewellers barely moved, and Senco Gold and PN Gadgil fell.

Between the Muhurat session on October 21, 2025, and November 2, 2026, here is how the five stocks fared:

The Nifty ended the Muhurat session of Samvat 2082 at 25,869. On November 2, 2026, it closed at 23,440.80, even after a sharp rally led by IT and today by Reliance Industries. In comparison, Gold rose more modestly. Mumbai’s 24-carat rate was Rs 1,30,690 per 10 grams on Diwali 2025, against Rs 1,39,370 on November 2, 2026. The metal had been much higher earlier in the year, when Mumbai prices crossed Rs 1,55,130 in August.

Sales strong, shares split

The divergence is not explained by demand. In the September quarter of the current financial year, Titan’s jewellery business grew 21 per cent year-on-year, Kalyan’s India revenue rose 27 per cent, Senco’s revenue rose 31 per cent, and PC Jeweller’s consolidated revenue rose 28 per cent. Yet Senco Gold, with the fastest growth, saw its shares fall, while Kalyan Jeweller’s gains were limited. Investors appear to be pricing in more than top-line growth, such as margins, valuations, and how gold volatility affects each business.

A cautious festive season

A fresh worry has emerged just ahead of Diwali. Titan, Kalyan Jeweller, and Muthoot Finance shares came under pressure after Prime Minister Narendra Modi reiterated his remarks on gold purchases. For listed jewellers, the key monitorable is whether traditional festive and wedding-related purchases stay resilient despite the appeal.

What it means for investors

Owning “gold stocks” did not mean owning gold. An investor who held all five equally would have earned roughly 4 per cent over the period, a little short of gold itself but well ahead of the Nifty. The return depended heavily on which jeweller you held, from PC Jeweller’s gain of about 23 per cent to PN Gadgil’s loss of about 16 per cent.

Samvat 2082 is not over. Diwali 2026 falls on November 8, and the festive and wedding season may still change the picture.

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