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How India buys

How India buys jewellery

The listed companies behind it: CaratLane, Tanishq, Damas, Kalyan, Kalyan Jewellers, Aishwaryam.

2 listed companies sold ₹115,403 crore of jewellery in FY26, up 46.1% on FY25. Titan Company Ltd sold the most, 69.0% of it. Titan Company Ltd earned the most on each rupee of sales: 9.0%.

Share
Listed companies' sales, FY26
₹115,403 Cr
up 46.1% on FY25
Largest seller
69.0%
Titan Company Ltd
Best margin
9.0%
Titan Company Ltd
Fastest growing, 3 years
+36.3%
Kalyan Jewellers India Ltd

The brands, and who owns them

15 brands of jewellery, best known first
Titan Company LtdNSE: TITAN · 69.0% of the listed sales
CaratLaneTanishqDamasMiaMia by TanishqZoyabeYonShaya
Kalyan Jewellers India LtdNSE: KALYANKJIL · 31.0% of the listed sales
KalyanKalyan JewellersAishwaryamCandereMuhuratAkshaya Thanga MaligaiATM

CaratLane, Tanishq, Damas, Mia and others are Titan Company Ltd's; Kalyan, Kalyan Jewellers, Aishwaryam, Candere and others are Kalyan Jewellers India Ltd's. Brands are read from each company's filings and checked against a public source.

Who sells the most

Share of the listed companies' sales, FY26
Titan Company Ltd₹79,660 Cr · 91% of its sales
69.0%
Kalyan Jewellers India Ltd₹35,743 Cr · 100% of its sales
31.0%

Titan Company Ltd had 69.0% of the listed companies' sales of jewellery here, 2.2 times as much as Kalyan Jewellers India Ltd, the next largest.

From each company's own sales figures for this kind of product (its reported segment, or its whole sales where that is all it sells). Private makers are not counted, so this is the split among listed companies, not the whole market.

How the sales have grown, and who sold them

Sales of jewellery each financial year in ₹ crore (L = lakh crore), the change on the year before above each column
Kalyan Jewellers India Ltd, FY19: ₹9,814 Cr9,814 ₹9,814 Cr FY19 Kalyan Jewellers India Ltd, FY20: ₹10,181 Cr10,181 ₹10,181 Cr+4% FY20 Kalyan Jewellers India Ltd, FY21: ₹8,619 Cr8,619 ₹8,619 Cr-15% FY21 Kalyan Jewellers India Ltd, FY22: ₹10,856 Cr10,856 ₹10,856 Cr+26% FY22 Kalyan Jewellers India Ltd, FY23: ₹14,109 Cr14,109 ₹14,109 Cr+30% FY23 Kalyan Jewellers India Ltd, FY24: ₹18,622 Cr18,622 ₹18,622 Cr+32% FY24 Titan Company Ltd, FY25: ₹53,966 Cr53,966Kalyan Jewellers India Ltd, FY25: ₹25,045 Cr25,045 ₹79,011 Cr+324% FY25 Titan Company Ltd, FY26: ₹79,660 Cr79,660Kalyan Jewellers India Ltd, FY26: ₹35,743 Cr35,743 ₹1.15 lakh Cr+46% FY26
Titan Company LtdKalyan Jewellers India Ltd

The listed companies here sold ₹1.15 lakh Cr of jewellery in FY26. Counting only the companies with figures in both years, sales went from ₹9,814 Cr in FY19 to ₹35,743 Cr, 3.6 times as much. The biggest rise was in FY26 (+46%) and the weakest year FY21 (-15%). Over three years Kalyan Jewellers India Ltd grew fastest, +36.3% a year. Some companies are counted only from a later year (Titan Company Ltd from FY25).

Counted from the first year their figures for this are available: Titan Company Ltd from FY25. A jump in that year is partly that.

Who earns the most on each rupee

Operating profit as a share of sales of jewellery, each financial year
0%5%9%FY19FY20FY21FY22FY23FY24FY25FY26 Titan Company Ltd: 9.1%9.1%Titan Company Ltd: 9.0%9.0% Kalyan Jewellers India Ltd: 0.2%0.2%Kalyan Jewellers India Ltd: 2.2%2.2%Kalyan Jewellers India Ltd: 0.5%0.5%Kalyan Jewellers India Ltd: 2.8%2.8%Kalyan Jewellers India Ltd: 4.1%4.1%Kalyan Jewellers India Ltd: 4.2%4.2%Kalyan Jewellers India Ltd: 5.3%5.3%Kalyan Jewellers India Ltd: 6.3%6.3%
Titan Company LtdKalyan Jewellers India Ltd

Operating profit before interest and tax, as a share of sales of jewellery. Titan Company Ltd earned 9.0% on its sales in FY26, against 9.1% in FY25. Kalyan Jewellers India Ltd earned 6.3% on its sales in FY26, against 2.0% in FY18.

The companies, and their brands

Company and brandsSales FY26Growth 1 yr3 yrs5 yrsMarginProfit shareReturn on assetsP/EROEShare price 1 yr
Titan Company Ltd
CaratLane, Tanishq, Damas, Mia, Mia by Tanishq, Zoya, beYon, Shaya
Sells in 28 states and 25 countries; exports 2.15% of turnover
 ₹79,660 Cr +47.7% — — 9.0% 76.3% 15.2% 69.1 24.8% +26.8%
Kalyan Jewellers India Ltd
Kalyan, Kalyan Jewellers, Aishwaryam, Candere, Muhurat, Akshaya Thanga Maligai, ATM
Sells in 23 states; exports 0.0% of turnover
 ₹35,743 Cr +42.7% +36.3% +32.9% 6.3% 23.7% — 41.1 23.6% +21.6%
Brands are read from each company's filings and checked against a public source. Growth is the yearly rate of its sales of jewellery. Margin is the operating profit (before interest and tax) the company reports on them, as a share of those sales; profit share is its part of all the listed companies' profit on them; return on assets is that profit against the assets it reports for them. A company with no other business is measured on its whole accounts. Where a company's segments include sales between its own businesses (a bank's treasury lending to its retail arm), each segment is scaled down in proportion so that together they match what the company earns outside itself; companies report those internal sales only as a total. Not a recommendation to buy or sell.
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Questions people ask

Which listed companies sell jewellery in India?

2 listed companies report their sales of jewellery: Titan Company Ltd (TITAN), Kalyan Jewellers India Ltd (KALYANKJIL).

Which listed company sells the most jewellery in India?

Titan Company Ltd, with sales of jewellery of ₹79,660 crore in FY26: 69.0% of the listed companies' total here.

How big is the listed market for jewellery?

The listed companies here sold ₹115,403 crore of jewellery in FY26, up 46.1% on FY25. Private makers are not included.

Which listed company makes the most profit on jewellery?

Titan Company Ltd: its operating profit was 9.0% of its sales of jewellery in FY26.

Who owns CaratLane?

CaratLane is a brand of Titan Company Ltd, listed on the NSE as TITAN.

Who owns Tanishq?

Tanishq is a brand of Titan Company Ltd, listed on the NSE as TITAN.

Who owns Kalyan?

Kalyan is a brand of Kalyan Jewellers India Ltd, listed on the NSE as KALYANKJIL.

Who owns Kalyan Jewellers?

Kalyan Jewellers is a brand of Kalyan Jewellers India Ltd, listed on the NSE as KALYANKJIL.