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

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Q1 surprise sends jewellery stocks shining 40% in a month. Will the surge last in next quarters?
The gold jewellery industry entered FY27 facing a four-pronged challenge. Soaring oil prices, rising inflation concerns and renewed expectations of higher interest rates amid the West Asia crisis coincided with the once-in-three-years Adhik Maas period, which typically dampens wedding-related jewellery demand. At the same time, Prime Minister Narendra Modi urged citizens to curb gold purchases to help arrest the freefall in the Indian rupee, while customs duty on gold was raised to 15% from 6%.

Despite these headwinds, India’s listed jewellery stocks have moved in the opposite direction. Backed by stronger-than-expected June quarter business updates, the sector has rallied as much as 40% in just one month.

Data from ACE Equity shows Kalyan Jewellers leading the pack with a 40% gain, followed by Sky Gold at 25%, Thangamayil Jewellery at 24%, Goldiam International at 21%, PC Jeweller at 15%, Titan Company at 14%, and Senco Gold at 9%.

Jewellery stocks Q1 update

Jewellery companies delivered healthy same-store sales growth during the June quarter, signalling resilient demand and an accelerating shift towards organised players. The sector had earlier corrected following adverse government policy measures and advisories. However, analysts believe demand has remained resilient and that the long-term structural tailwinds for organised jewellers remain intact.Titan, India’s largest jewellery retailer, reported a 41% year-on-year rise in its consumer businesses during the June quarter, supported by strong jewellery demand, retail network expansion and robust growth in its international operations. Its domestic business grew 37% year-on-year, taking the total store count to 3,517. Jewellery continued to be the biggest contributor, with the segment growing 39% over the year-ago period. Titan attributed the performance to healthy festive demand and strong sales during Akshaya Tritiya.

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Also read:Titan vs Kalyan Jewellers: What Q1 sales indicate about demand and which stock to buy
Other listed players also reported robust business updates. Senco Gold posted 60% revenue growth along with 38% same-store sales growth, Kalyan Jewellers reported 38% growth, while PC Jeweller recorded 21% growth after reducing more than 90% of its settlement debt and guiding for a debt-free balance sheet this quarter.

Fundamental buying or sentiment driven?

“The Q1 FY27 business updates from jewellers point towards demand resilience despite concerns around Adhik Maas, gold prices and macro uncertainty. While the market expected a softer quarter, demand remained strong across wedding, festive and investment-led categories. A key driver was the ~18% correction from peak gold prices and the return of price stability,” Anil R, Senior Research Analyst, Geojit Investments, told ETMarkets.According to him, the recent rally is largely supported by improving fundamentals rather than sentiment alone. Organised jewellers continue to gain market share from the unorganised segment as consumers increasingly prefer branded and trusted players. At the same time, leading companies have consistently expanded their store networks while maintaining healthy return ratios and strong balance sheets, making the organised jewellery business model increasingly attractive to investors.

He added that the industry is also benefiting from premiumisation and higher penetration of studded jewellery, both of which support sustainable revenue growth over the medium term. The recent consolidation in gold prices is also expected to improve customer footfalls.

That said, valuations for some jewellery stocks are no longer inexpensive, and future returns will increasingly depend on earnings delivery.

Will momentum sustain after Q1 results?

The outlook beyond the June quarter also remains constructive as leading players continue to project strong long-term demand.

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“The strong start to FY27 by market leaders reinforces confidence in the sector’s demand outlook. Within our coverage universe, we prefer Titan Company (ADD, Fair Value: Rs 4,725) and Bluestone Jewellery (BUY, Target Price: Rs 625) as our preferred picks over the next 12–18 months,” Pankaj Kumar, VP Fundamental Research at Kotak Securities, told ETMarkets.

Anil shares a similar view, saying the growth momentum appears sustainable beyond Q2, although the pace will depend on gold price movements and consumer sentiment. Stable gold prices should support demand, as jewellery purchases are typically influenced more by price volatility than by absolute price levels. He also believes initiatives such as gold exchange and recycling programmes will improve affordability and customer engagement.

Also read:Bought gold and silver at the top? Here’s what experts suggest after prices plunged up to 50% from January

Importantly, the second half of the year is typically stronger for the industry, supported by the festive season and the peak wedding period. If gold prices remain relatively stable, leading organised jewellery retailers should continue delivering healthy growth over the coming quarters.

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Should you buy jewellery stocks right now?

International brokerage Nomura said the “strength show continues, all businesses fire up well” for Titan Company and maintained its Buy rating with a target price of Rs 5,000, implying 9% upside. “We view Titan as a key beneficiary of the rising affluent and elite income population in India, with sales growth at 1.5-2x GDP of India over the medium term,” the brokerage said.

Nomura noted that Titan has been among the fastest-growing domestic jewellery players, increasing its market share from 5% in FY19 to 8% in FY24. It expects the company to continue outpacing industry growth and raise its market share to 10% by FY28F, driven by expansion into Tier 2, Tier 3 and Tier 4 towns and the continued migration of consumers from the unorganised sector, which still accounts for 60% of the industry, to organised retailers offering correct carat-age, better designs and an improved shopping experience.

Preeyam Tolia, Research Analyst, Choice Institutional Equities, believes B2B jewellery manufacturers are better placed to outperform over the next 12-18 months. He said these companies can scale without significant investments in store expansion, branding or customer acquisition. With ongoing capacity additions and stronger relationships with organised jewellers, B2B players are well positioned to deliver superior earnings growth. Within this segment, Shanti Gold and Shringar House of Mangalsutra remain the firm’s preferred picks.

Citi remains bullish on Kalyan Jewellers, with a target price of Rs 750, implying 58% upside. The brokerage expects the company’s franchise-led expansion strategy to support future revenue growth and believes its asset-light model will aid deleveraging while improving return on capital employed (ROCE).

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ICICI Securities has also maintained a Buy rating on Kalyan Jewellers, with a target price of Rs 670, implying 41% upside. The brokerage said the company’s robust Q1FY27 performance despite multiple headwinds underscores resilient jewellery demand. While continued store expansion and the formalisation of the industry reinforce its positive outlook, it flagged any structural decline in natural diamond prices as a key risk.

Going forward, investors will closely monitor management commentary, festive season demand and the pace of store expansion, all of which are likely to shape the sector’s performance over the coming quarters.

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

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Jonah Hill Says His Years of Jiu-Jitsu Training Have Him Ready to Take on Anyone Stuck in 2007 Still

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Jonah Hill

Jonah Hill has made clear he has little patience left for people who still see him as the awkward teenage version of himself from “Superbad,” pointing to years of Brazilian jiu-jitsu training as evidence he is done being defined by a role from nearly two decades ago.

The comments came during a taping of the “SmartLess” podcast, recorded earlier this year in Los Angeles, where Hill appeared alongside hosts Jason Bateman, Will Arnett and Sean Hayes. Clips from the episode resurfaced widely online this week, reigniting conversation around Hill’s remarks about his physical transformation and his frustration with how audiences continue to perceive him nearly 20 years after “Superbad” made him and co-star Michael Cera household names.

Speaking on the podcast, Hill said he had grown tired of being reduced to the character of Seth from the 2007 comedy, telling the hosts he would “f— annihilate” anyone who continued to see him that way, and that he was not exaggerating. The comment drew immediate laughter from Bateman, Arnett and Hayes, though Hill did not walk back the remark, instead doubling down on the sentiment.

Hill’s confidence traces directly to his years of Brazilian jiu-jitsu training, a pursuit he first took up in late 2018 at age 35. He began training at Clockwork Jiu-Jitsu in New York City, where he reportedly trained four to five sessions per week to build his skills in the discipline. According to other reporting on his fitness journey, Hill has also trained under Josh Griffiths, a third-degree black belt who has competed at Abu Dhabi World Pro events and worked alongside top UFC fighters.

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Before delivering his more pointed warning to critics, Hill leaned into the humor of the moment, joking that his body had begged him not to fall so deeply in love with the sport, and that his wife regularly reminds him he is a comedian rather than a professional fighter. When Bateman jokingly suggested the two of them settle things physically, Hill claimed without hesitation that he could take on all three podcast hosts simultaneously, further building the bit before pivoting to his more serious message about the lingering “Superbad” comparisons.

This is not the first time Hill has spoken candidly about how public perception of his body has affected him over the years. He has previously discussed how comments about his weight impacted him significantly during his rise to fame in his late teens and early 20s, and has been open in past interviews about how those experiences shaped both his relationship with exercise and his broader sense of self-image throughout his career.

Now settled in San Diego with his wife and their two young sons, Hill appears to occupy a markedly different place in his life than the young actor first introduced to audiences through “Superbad” in 2007. His jiu-jitsu practice appears to function as more than a simple physical outlet, instead serving as a genuine source of personal confidence that stands in direct contrast to how strangers online continue to characterize him nearly two decades later.

Hill’s frustration with being permanently associated with a single early role reflects a broader pattern common among performers whose breakout parts came relatively early in their careers, particularly in comedic roles that lean on physical characteristics for humor. “Superbad,” directed by Greg Mottola and produced by Judd Apatow, became a defining touchstone of mid-2000s teen comedy, launching both Hill and Cera into leading roles across film and television in the years that followed.

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Since “Superbad,” Hill has built a considerably more varied career, earning two Academy Award nominations for best supporting actor, for “Moneyball” in 2012 and “The Wolf of Wall Street” in 2014, while also moving behind the camera as a writer and director with projects including the documentary “Stutz” and the film “Mid90s.” That range stands in contrast to the persistent public shorthand that continues to reduce him to his breakout comedic role from nearly 20 years ago.

Whether anyone actually takes Hill up on his tongue-in-cheek challenge remains to be seen, but the resurfaced clip has clearly struck a chord with fans and commentators reacting online this week. The moment underscores how even beloved, culturally resonant comedic performances can leave behind lasting assumptions about an actor that don’t always keep pace with how much that person’s career, and life, has evolved in the years since.

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Why is Capita stock rallying today?

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Why is Capita stock rallying today?

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Zuber Issa’s EG On The Move completes acquisition of 260 French sites

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The group has called France a key European market

EG On The Move already operates 270 petrol sites in the UK.

Zuber Issa, CEO of EG On The Move.(Image: EG On The Move)

Blackburn millionaire Zuber Issa’s petrol forecourt and convenience retail group has completed the acquisition of 260 sites in France.

EG On The Move has says all legal, works council and regulatory market requirements have been met in the deal with EG Group, which plans to exit the French market. EG On The Move said the acquisition is an important part of strategic growth plans – and referred to France as a key European market.

The network of sites is said to be a strong platform for investment, including growth of the retail offer. EG On The Move has previously talked of its ambition to expand electric vehicle charging provision through its EV On The Move brand.

Zuber Issa, chief executive officer of EG On The Move, said: “We are delighted to complete the acquisition of these 260 sites. This is an important step in the continued growth of EG On The Move and reflects our confidence in the strength and long-term potential of the French market.

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“France represents a significant opportunity for EG On The Move, and we are committed to investing in the acquired network to enhance the customer offer and experience, support our colleagues and drive long-term sustainable growth. We look forward to working closely with our French team, whose expertise and dedication will be central to our success, and to supporting them in delivering positive outcomes for our customers, employees, partners and local communities.

“I would like to warmly welcome our new colleagues to EG On The Move, and I am excited about the opportunities we will create together as we build on the strong foundations already established across the network.”

The deal with EG Group follows EG On The Move’s acquisition of independent petrol forecourt operator MPK Garages Ltd in May. That move expanded EG On The Move’s footprint, particularly across the Midlands, bringing 27 petrol forecourt sites to the group.

EG On The Move now owns and operates more than 550 trading units across the UK, including 270 petrol forecourts and convenience stores, along with 220 branded foodservice concessions. More than 60 of its sites offer fast EV charging.

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Aussie shares edge higher as iron ore tumbles

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Aussie shares edge higher as iron ore tumbles

Australian shares have shaken off a weak start to forge a modest gain as oil prices retreated on hopes the US and Iran are looking to de-escalate their conflict.

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HFCL shares rebound 5% on Rs 523 crore order win. Still time to buy after 195% rally in 6 months?

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HFCL shares rebound 5% on Rs 523 crore order win. Still time to buy after 195% rally in 6 months?
HFCL shares climbed 5% to Rs 203 on the BSE on Monday after the company won an international order worth around Rs 522.73 crore. The development further strengthened investor sentiment around the telecom equipment maker, which has emerged as one of 2026’s multibaggers. HFCL, in a filing to the bourses, said the contract will be executed by January 2027 under general contract conditions. The company did not disclose the identity of the international customers.

HFCL stock has rallied a staggering 195% in the last six months. As a result, FIIs more than doubled their stake in the company from 7.1% in the March quarter to 15.7% in June.

HFCL Q1 results

HFCL reported a net profit of Rs 246 crore in the first quarter of financial year 2027, compared with a net loss of Rs 29.30 crore in the same quarter last year. Revenue from operations came in at Rs 1,915 crore, up 120% from Rs 871 crore in the corresponding quarter of the previous financial year.

Also read:
Forget selling! FIIs doubled down on this AI multibagger stock that’s up 200% YTD

The company reported its highest-ever order book of around Rs 26,665 crore in Q1FY27, nearly five times its FY26 revenue, strengthening its long-term revenue visibility. The export story has also gathered pace. Export revenue rose to Rs 1,063.30 crore, accounting for 55.53% of total revenue in Q1FY27, compared with Rs 209.70 crore, or 24.08% of revenue, in Q1FY26.

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HFCL has revised its FY27 revenue growth estimate to 40%. Its board has also approved an investment of Rs 215 crore to build a manufacturing facility for advanced AI data centre connectivity solutions.

Still time to buy HFCL shares?

Deven Choksey Research sees another 86.50% upside potential, calling defence and aerospace the “X-factor” that changes the entire investment thesis for the stock. The brokerage initiated coverage on HFCL with a ‘Buy’ rating and a target price of Rs 362 apiece earlier this week.
HFCL has consolidated its defence assets under HFCL Advance Systems (HASPL), integrating aerostructure manufacturing, including the acquired business with more than Rs 2,000 crore in export orders, radar or surveillance systems through Raddef, and thermal weapon sights into a single scalable entity.

Read more:
HFCL bags Rs 442 crore optical fibre cable export orderAn ammunition manufacturing facility is being established in Andhra Pradesh for electronic fuzes, multi-mode hand grenades (for which there are only 3 licensees in India), and 155 mm artillery shells.

“We believe defence revenue trajectory to be Rs 77 crore (FY26) to Rs 400 crore (FY27) to Rs 1,200 crore (FY28) to Rs 5,000 crore (FY29), at 25%+ EBITDA margins. Critically, defence customers provide advance payments, dramatically improving working capital dynamics compared to the legacy EPC business,” Deven Choksey said.

HFCL is also gradually transitioning from a commodity OFC supplier to a high-value AI optical connectivity platform through its OptiQ AI brand, which was launched earlier this month, Deven Choksey noted. “Through subsidiary HTL Limited, data centre interconnect (DCI) solutions are expected to contribute Rs 400 crore in FY27 and Rs 800 crore in FY28, at margins above the blended corporate average. The global AI optical interconnect TAM is projected at $73 billion by CY30,” the brokerage further said in its report.

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According to the brokerage, HFCL is at an inflection point where three structural shifts are converging simultaneously. The company is transitioning from a domestic EPC-dependent telecom contractor into an export-led, product-driven technology platform spanning AI optical connectivity, defence electronics and aerospace manufacturing.

Monarch Networth echoes the view. According to analysts, HFCL has evolved rapidly from being a largely domestic optical fibre cable manufacturer into a globally diversified technology company.

Also read: Urban Company shares zoom 15% after Q1 results. Why Motilal Oswal raised target price

HFCL is India’s largest optical fibre cable manufacturer, with manufacturing facilities across the country. Analysts added that the company was the first Indian player to develop and commercialise 5G Fixed Wireless Access customer-premises equipment.

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

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Swiss annual inflation ticks down to 0.4% in July

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Swiss annual inflation ticks down to 0.4% in July

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Somerset farm near A303 to be sold to fund front-line services

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Lawrence Farm is located on Moor Lane south of the dual carriageway on the edge of Wincanton

Cows in a field

A stock image of cows in a field(Image: Carina Chowanek/Pexels)

A large Somerset farm near the A303 is to be sold by the council to help finance front-line services throughout the county. Lawrence Farm is located on Moor Lane south of the dual carriageway on the edge of Wincanton, consisting of a farmhouse, associated outbuildings and 75 acres (just over 30 hectares) of land.

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Somerset Council agreed in November 2023 to review its existing county farms as part of a broader assessment of its assets, land and property, with a view to disposing of those deemed surplus to requirements and channelling the proceeds into essential services.

The farm will now be marketed in four separate lots – though the council has not disclosed any public estimate of the anticipated sale value.

The farmhouse at Lawrence Farm has stood empty since March, following the council’s negotiations with the former tenant to relinquish their tenancy.

The farm buildings and surrounding land are presently managed under a separate six-month tenancy arrangement, which is due to expire at the end of September.

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The farm is flanked by Brains Farm to the east, a solar farm to the south and Wessex Water’s waste water treatment plant to the west, with the River Cale running through a considerable portion of the land.

The farm will be marketed in four distinct lots, with an uplift clause in place to ensure the council benefits from any increase in value should the land subsequently be developed.

David Ashton, one of the council’s property officers, said in his written report: “Our estates team has halted submitting a planning application to convert the farm buildings for residential use, due to flood risk issues that have arisen and the associated lengthy delay and risk of refusal.

“The asset will be disposed of via the open market, in various lots, with the appropriate covenants and/or uplift in place.”

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Under ordinary circumstances, revenue generated from the sale of land, property or other assets – known as capital receipts – cannot be directed towards day-to-day expenditure on front-line services.

However, the council was granted approval in February by central government – for the third consecutive year – to use proceeds from asset sales for this purpose, as well as to finance its ongoing transformation programme.

The council has declined to disclose the anticipated proceeds from the farm sale, citing commercial sensitivity.

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Baxter International: The Gains Can Continue, But Should Slow

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Baxter International: The Gains Can Continue, But Should Slow

Baxter International: The Gains Can Continue, But Should Slow

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Despite The Headwinds, Earnings Are Exploding To The Upside

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Despite The Headwinds, Earnings Are Exploding To The Upside

Despite The Headwinds, Earnings Are Exploding To The Upside

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Aino Health reports Q2 sales decline on project delays

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Aino Health reports Q2 sales decline on project delays

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