Akshaya Tritiya 2026: Gold stocks soar up to 25% in a month! Will rally soften after auspicious festival?

Even as the Iran war, the subsequent spike in oil prices, a stronger dollar, and rising inflation concerns unsettled the Indian stock market over the past month, jewellery stocks have stood out as clear outperformers. Shares of major players, including Kalyan Jewellers India, Titan Company, PC Jeweller, and Senco Gold, among others, have rallied by up to 25% in just one month, outperforming the Nifty’s 3.5% gain over the same period.

The surge has been driven by robust demand for weddings and festivities, resilient consumer spending despite record gold prices, and a sharp improvement in same-store sales growth. Domestic sales for the sector jumped 32–124% year-on-year in the March quarter. The momentum is expected to continue, supported by strong footfalls during the ongoing wedding season and ahead of Akshaya Tritiya on April 19.

Titan Company, the country’s largest listed jewellery player, reported 46% year-on-year growth in the March 2026 quarter, compared with 25% growth in the same period last year. Buyer growth came in at high single digits after remaining largely flat over the previous three quarters. Same-store sales growth improved sharply to 48% from 15% a year earlier.


Among peers, Kalyan Jewellers posted 65% growth in consolidated revenue, supported by same-store sales growth of over 45%. PN Gadgil Jewellers delivered SSSG of 86%, translating into a 124% rise in revenue, driven by strong wedding demand and a higher contribution from studded jewellery.

PC Jeweller reported a 32% increase in standalone revenue, while Senco Gold posted 46% growth. Senco’s same-store sales growth stood at 34%, led by higher footfalls, particularly in gifting and lightweight jewellery segments.

The sector has entered FY27 on a strong footing, with healthy advance bookings ahead of Akshaya Tritiya on April 19 and the ongoing wedding season. Senco Gold highlighted strong footfalls ahead of regional festivals and is targeting 20–25% value growth while maintaining EBITDA margins in the 7.5–7.8% range.

Will the momentum sustain?

Arun Narayan, chief executive of Tanishq, the jewellery division of Titan, told The Economic Times that buyers may advance purchases for the April–July wedding season by booking orders on Akshaya Tritiya if the recent softness in prices continues. He said advance bookings are expected to pick up, adding that if gold prices remain on the lower side, consumers who were waiting on the sidelines may step in.

Narayan also pointed out the growing role of old gold exchanges, noting that more than 50% of Tanishq’s sales now come from such exchanges, a trend likely to continue during Akshaya Tritiya.

Kaveri More, Commodity Analyst at Choice Broking, said that while 2025 saw volume declines of 15–30% with value growth of 15–25% due to elevated prices, early 2026 is witnessing steady demand. She highlighted strong traction in lightweight jewellery and digital gold as consumers look to take advantage of the recent price correction ahead of the festive buying period.

She recommends staggered buying on dips, citing a positive long-term outlook despite uncertainties linked to the Iran conflict. A US-Iran ceasefire was agreed on April 8, 2026, though violations have been reported. If it holds, it could ease tensions and support prices. She also pointed to the RBI’s sustained gold reserve strategy, with holdings of over 880 tonnes remaining steady into early 2026, along with continued central bank purchases globally, including China extending its gold-buying spree for the 17th consecutive month. Broader macroeconomic risks continue to underpin bullion prices.

Deveya Gaglani, Senior Research Analyst at Axis Securities, said gold prices are likely to maintain a positive bias in 2026, supported by either a stagflationary environment or lower crude oil prices. He expects prices to retest the $5,300–$5,500 range over the next year, implying an upside of around 10–15% from current levels. In the domestic market, he sees prices reaching Rs 1,70,000–Rs 1,85,000 over the same period.

Gold has delivered strong returns over the past five years, consistently generating positive year-on-year gains around Akshaya Tritiya. The past two years have been particularly notable, with gains of about 40% and 47% in dollar terms. In 2026, global markets have remained volatile, with Comex gold touching a record high of $5,598 in late January before correcting sharply to $4,098 on March 23, largely due to profit booking and ETF outflows.

Tata Mutual Fund, in a report, reiterated its positive stance on gold, citing supportive fundamentals and ongoing market uncertainties. It said any decline in prices due to a stronger dollar or easing geopolitical tensions should be seen as an opportunity to accumulate.

On the MCX, gold prices have risen over 8% so far this year, translating into a gain of nearly Rs 12,000.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)