As gold prices cross Rs. 90,000 per 10 grams and jewellery demand rises in the festive and wedding season, investors are now looking at bullion stocks for strong returns. Top names like Titan Company, Kalyan Jewellers, and PNG Jewellers have shown strong performance recently.
Leading brokerage firm Motilal Oswal has shared a bullish outlook on all three stocks, highlighting strong growth, store expansion, and changing consumer preferences towards branded jewellery. Let’s break down their analysis to understand which stock offers the best opportunity right now.
💎 Titan Company: Steady Growth with Strong Network
- Current Price (CMP): Rs. 3,100
- Target Price (TP): Rs. 3,800
- Upside Potential: 23%
- Rating: Buy
Motilal Oswal recommends a Buy on Titan, expecting a 23% upside from current levels. Titan added 72 new stores in the fourth quarter of FY25, taking its total count to 3,312 outlets. The company’s jewellery business saw a 24% year-on-year (YoY) growth, while wearables and watches grew 20%, and eyewear grew 18%.
Titan is benefiting from strong demand for gold and high gold prices. Its wide retail network, brand loyalty, and expansion into multiple segments make it a strong long-term player. The premiumisation trend and increased focus on organised jewellery retail is also supporting Titan’s growth.
💍 Kalyan Jewellers: Expanding Fast, Strong Festival Sales
- Current Price (CMP): Rs. 486
- Target Price (TP): Rs. 625
- Upside Potential: 29%
- Rating: Buy
Kalyan Jewellers is also on Motilal Oswal’s Buy list with an estimated 29% return potential. During Q4 FY25, Kalyan’s Indian business grew 39% YoY, and Same Store Sales Growth (SSSG) stood at a healthy 21%.
The company opened 25 new showrooms in Q4 and ended the financial year with 388 stores, including locations in India, the Middle East, and the US. It also opened 3 new stores in April 2025 and plans to open 170 showrooms in FY26, focusing on expansion beyond South India.
Kalyan is expecting strong sales during Akshaya Tritiya and the wedding season, and its growing store presence is likely to support higher revenues ahead.
👑 PNG Jewellers: Highest Return Potential Among the Three
- Current Price (CMP): Rs. 521
- Target Price (TP): Rs. 825
- Upside Potential: 58%
- Rating: Buy
Among all three, PNG Jewellers has the highest return projection from Motilal Oswal — a strong 58% upside. Though PNG’s revenue growth in Q4 FY25 was just 5% YoY, it had recorded 24% growth in Q3. The company is expected to benefit from the upcoming Akshaya Tritiya, high consumer demand, and the big wedding season.
Motilal Oswal believes that PNG has huge potential thanks to increasing purchasing power in India and rising demand for branded jewellery. While the Q4 numbers were modest, the long-term trend remains strong, and the company is expected to bounce back with improved sales and better margins.
📊 Quick Comparison Table
| Company | CMP (Rs. ) | Target Price (Rs. ) | Upside (%) | Store Count | FY25 Q4 YoY Growth |
| Titan Company | 3,100 | 3,800 | 23% | 3,312 | 24% (Jewellery) |
| Kalyan Jewellers | 486 | 625 | 29% | 388 | 39% (India Biz) |
| PNG Jewellers | 521 | 825 | 58% | Not disclosed | 5% |
🛍 What’s Driving the Growth?
- Premiumisation: Customers now prefer branded and quality jewellery, boosting organised players like Titan, Kalyan, and PNG.
- Festival & Wedding Season: Demand increases significantly during these periods, improving sales and margins.
- Store Expansion: All three companies are opening new stores across India, especially in untapped markets.
- Gold Prices: High gold prices are helping companies earn better margins, though exports may get impacted due to tariff policies like those expected from Donald Trump in the US.
(Disclaimer: The advice on the stock is given by the brokerage house. It is also not private views of Invest Policy. There are risks in the market, so take the opinion of experts before investment.)
