Listed Jewellery Companies In India: Indian culture is built around our fondness for these three things – Spicy food, real estate and gold. Lots and lots of gold. Indians are the biggest spenders when it comes to jewellery.

India and China make up almost half of the global demand for gold jewellery. Our mutual affection for the shiny yellow metal doesn’t end there. 

According to IBEF, India’s gems and jewellery exports reached $39.14 billion dollars in 2021-22, up by 54% from the previous year.

Besides gold, we also have a special relationship with diamonds. India exports the most cut and polished diamonds and ranks 2nd in terms of gold, silver and lab-grown diamond exports.

This sector alone contributed 7.5% to the total GDP of the country. In this blog, we’re going to take a look at the top listed jewellery companies in India so read ahead and find out.

Listed Jewellery Companies In India

The following is the list of listed jewellery companies in India, Keep reading to find out more.

1. Titan Company

For a long time, Titan has been a company to watch for. They are the largest retail jewellery company in India with well over 2,178 stores nationwide.

Titan earns revenues from jewellery through Tanishq, Zoya, Mia and Caratlane. Besides gold and diamond jewellery, Titan also earns revenues through other wearable accessories such as watches, sunglasses, perfumes and bags. 

Financials of Titan Company –

CMP₹ 2,746Market Cap (Cr.)₹ 243,751 Cr.
EPS₹ 33.1Stock P/E82.0
ROCE21.4 %ROE26.4 %
Face Value₹ 1.00Book Value₹ 105
Promoter Holding52.9Price to Book Value26.2
Debt to Equity0.78Dividend Yield0.27 %
Net Profit Margin7.78 %Operating Profit Margin12.6 %

Titan is the largest jewellery retailer in India and has a market cap of ₹ 243,751 crores. Promoters own well over half the company at 52.9%. Titan is a part of the much larger and renowned Tata Group and Tata Sons owns over 20% stake in Titan. 

Coming to the revenues, Titan reported a mind-boggling ₹28,799 crores in sales as of FY 2022. Well over ₹23,000 crores are earned from one division i.e. Titan – Jewellery.

In FY 2022, the company posted a net profit of ₹2,198 crores. Both figures represent the best performance of the company in the past 10 years and this is despite 2 consecutive years of on and off lockdowns due to the pandemic.

To compare – 5 years prior their revenues were ₹16,120 crores and net profits were ₹1,102 crores. The company has a very high ROE of 26.4% and ROCE of 21.4%, making it one of the best-performing stocks in its sector.

Coming to the stock P/E, Titan’s PE is almost 3 times that of the Industry P/E (26.9) at 82, making the stock overpriced. Titan’s D/E ratio is 0.78, which is considered safe and well-managed.

The 5-year returns of Titan are a massive 315%, which means investors would have tripled their money had they invested in the Tata subsidiary in 2017. No wonder why the late Big Bull’s largest investment is and always will be Titan. 

2. Rajesh Exports

Rajesh Exports is a Bengaluru-based gold company. What stands out about Rajesh Exports is that they are involved in end-to-end jewellery making.

The gold used in the company’s jewellery is processed by its own gold refining plants. The company owns both the world’s largest gold refinery (Balerna, Switzerland) and the world’s largest jewellery manufacturing unit (Bengaluru).

Rajesh Exports singlehandedly refines over 35% of the world’s gold

Financials of Rajesh Exports –

CMP₹ 696Market Cap (Cr.)₹ 20,541 Cr.
EPS₹ 33.9Stock P/E20.5
ROCE8.85 %ROE8.53 %
Face Value₹ 1.00Book Value₹ 422
Promoter Holding54.0 %Price to Book Value1.66
Debt to Equity0.07Dividend Yield0.15 %
Net Profit Margin0.42 %Operating Profit Margin0.45 %

Rajesh Exports has a market capitalization of ₹20,450 crores, making it a large-cap gold manufacturer. Close to 54% of the company is held by the promoters and there has been no major movement in shareholding.

Although the company is involved in retail operations, over 99% of its revenues come from the refining and wholesaling of gold. 

The company reported huge revenues of ₹2,43,128 crores in FY 2022. In fact, their revenues beat the combined sales of all the other 4 companies in this blog!

But given that gold refining is a capital-intensive industry, a major portion of revenues are dispersed for the raw material i.e., gold. Despite huge revenues, it posted a net profit of just ₹1,009 crores in FY 2022.

In 2018, the company reported lower revenues of ₹1,87,686 crores but a higher net profit of ₹1,266 crores indicating a slightly downward trend. It has had a poor sales growth of just 0.08% in 5 years. 

Even the company’s ROE and ROCE are quite low at 8.53% and 8.85% respectively. The stock P/E ratio of 20.4  is well below the industry P/E (81), implying that it is underpriced.

Despite being in a capital-intensive industry, the company has maintained an exceptionally low D/E ratio of just 0.07. The 5-year returns of Rajesh Exports are quite low and in fact, in the red. The stock price has fallen by -10.6% in a 5-year period. 

3. Kalyan Jewellers

Kalyan Jewellers is one of the top retail jewellery chains in India. They sell gold, diamond and other studded jewellery at different price points. They have a presence in over 5 countries across 865 “My Kalyan” Stores.

In India alone, Kalyan Jewellers operates in over 21 states across the country. The jewellery retailer went public only recently in March 2021.

Financials Of Kalyan Jewellers –

CMP₹ 103Market Cap (Cr.)₹ 10,579 Cr.
EPS₹ 3.72Stock P/E27.6
Face Value₹ 10.0Book Value₹ 30.4
Promoter Holding60.5%Price to Book Value3.37
Debt to Equity1.28Dividend Yield0.00%
Net Profit Margin2.07%Operating Profit Margin8.07%

With a market capitalisation of ₹10,579 crores, Kalyan Jewellers is a mid-cap company. Among the top 5 players in India, they have the highest promoter holding of 60.5%. 

Kalyan Jewellers posted sales of ₹10,818 crores this financial year. Gold products alone contribute to over 77% of the company’s revenues. However, the net profits were just a meagre ₹224 crores.

Still, this makes it the highest profits of the company in a 5-year period. The same can be said for revenues, which were ₹10,505 crores as of 2018. 

Between 2018 and 2022, the company made losses in 2 financial years (2019 & 2021). It has the lowest ROE among all 5 companies of just 7.51% and a ROCE of 9.36%, revealing sluggish growth.

The stock P/E ratio is closest to the industry standard at 27.4. Indicating that its share price is accurately valued to its earnings. It has a D/E ratio of 1.28 which is over the ideal ratio of 1. 

4. Vaibhav Global

We’ve officially entered the small-cap segment of jewellery makers on our blog with Vaibhav Global.

Of all the jewellery companies mentioned here, Vaibhav Global is the only company that manufactures fashion jewellery and sells it via television shopping channels.

The company has a vital presence in the USA, UK and India, where it uses online retail platforms to reach a larger consumer base.

Financials Of Vaibhav Global –

CMP₹ 349Market Cap (Cr.)₹ 5,743 Cr.
EPS₹ 8.49Stock P/E40.2
ROCE20.9 %ROE20.4 %
Face Value₹ 2.00Book Value₹ 69.6
Promoter Holding57.9 %Price to Book Value5.02
Debt to Equity0.14Dividend Yield1.69 %
Net Profit Margin7.73 %Operating Profit Margin7.94 %

Vaibhav Global is a small-cap company with a market capitalization of ₹5,743 crores. Promoters of the fashion jeweller own close to 58% stake in the company, with very minimal movement in shareholding (<1%).

The company earns 77% of its revenues from jewellery products and 30% through non-jewellery products. The company posted revenues of ₹2,752 crores in FY 2022, with net profits amounting to ₹237 crores. 

The profits have more than doubled between 2018 and 2022 from ₹112 crores although revenues did not necessarily follow the same pattern. 

Its ROE(20.4%)  and ROCE(20.9%) are quite high and indicate that the company is performing well above expectations. The stock P/E is moderately high at 40.2 then the industry’s P/E of 26.9.

Vaibhav Global’s D/E ratio of 0.14 reveals that the company has maintained a low debt position, which is a positive sign. The 5-year return of Vaibhav Global is average at 165%.

5. PC Jeweller

Of all the jewellery makers on our list, PC Jeweller is relatively newer and younger. They started operations in 2005 with a single showroom in New Delhi.

They have expanded to 67 cities and 17 states throughout India. The company makes all sorts of jewellery including the selling of gold coins and digital gold. 

Financials Of PC Jeweller –

CMP₹ 97.5Market Cap (Cr.)₹ 4,538 Cr.
EPS₹ -1.85Stock P/E
ROCE-0.94 %ROE-9.59 %
Face Value₹ 10.0Book Value₹ 87.1
Promoter Holding54.5 %Price to Book Value1.14
Debt to Equity0.88Dividend Yield0.00 %
Net Profit Margin-24.4 %Operating Profit Margin3.47 %

PC Jeweller has a market cap of ₹4,538 crores, making it a small-cap company and also the smallest company on our list. Promoters hold a 54.5% stake in the company, up by almost 10% since December 2020. 

As mentioned above, PC Jeweller is a jewellery retailer with a wide range of products. They posted revenues of ₹1,605 crores in FY 2022, and a net loss of -₹391 crores, the highest loss in the company’s 10-year history.

In 2018, the company saw its all-time high sales of ₹9,610 crores and a net profit of 536 crores. Both revenues and sales have dropped sharply in a 5-year period. 

Both ROE (-9.5%) and ROCE (-0.94%) are in the negative, given that the company has both poor sales and widening losses. Taking a look at its debt situation, the company recently defaulted on loans of ₹3,466 crores, which is a bad sign for the company’s future.

P C Jeweller has a D/E ratio of 0.88, and that number seems to only go upwards given their present debt situation. The 5-year returns of PC Jeweller are terrible and have wiped out 72% of its shareholder wealth.

However, year to date the stock has become a multi-bagger, giving a return of a staggering 266%.

Also Read: Top Listed Travel Companies In India!

In Closing

We have reached the end of our blog on “Listed Jewellery companies in India”. Beyond these well-known companies, jewellery is an unorganised sector with many small players spread across the country.

According to, only 10-15% of jewellery manufacturing is a part of the organised sector and the rest are mostly unorganised and small-scale industries.

With companies like Titan and Kalyan Jewellers, one thing can be stated for sure – Indians’ affection for jewellery will continue to fuel this industry in the years to come and that means a “golden” era for investors in the long run. Happy Investing!

Tags: Which jewellery stock is best?, Which is the biggest jewellery company in India?, Which is the No 1 jewellery company in India?, How many jewellery companies are there in India?, Jewellery Company listed in NSE, Listed Diamond companies in India, Gems and Jewellery stocks in India, Top 10 jewellery company in India, Jewellery share price, list of jewellery companies in indiaTanishq Jewellers share price