The jewellery sector is currently experiencing a major boom, with the government now launching key initiatives, like allowing 100% foreign direct investment (FDI) in this sector. India’s gems and jewellery exports were reported at USD 22.27 billion in the financial year 2024. A major development was the economic partnership agreement signed with the United Arab Emirates in March 2022, which has given a big boost to exports.
Among the sector’s top players, Kalyan Jewellers and Tanishq stand out as dominant forces. Let’s take a closer look at how these two jewellery giants compare.
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Jewellery Segment Overview
The gold and diamond trade plays an important role in the Indian economy. It adds about 7% to India’s Gross Domestic Product as of March 2024, and goods exports from it make up around 15.7% of the country’s total exports. About 5 million people work in this sector across different parts of the country.
It is expected that India’s gold demand will stay strong in the coming years, with an expected range between 700 and 800 tonnes, even though the price jumped by 31% in 2024.
In the Union Budget 2025–2026, there was a cut on customs duty on jewellery from 25% to 20%, and on platinum parts it was sharply reduced from 25% to 5%, making jewellery more affordable and greatly increasing demand within the country.
During the period from April to December 2024, India’s gems and jewellery exports reached a total of ₹1,79,296 crore, which shows the sector’s strong performance despite global economic uncertainties. In December 2024 alone, the exports stood at ₹16,981 crore.
Kalyan Jewellers Overview
Kalyan Jewellers India Ltd has a wide presence across different parts of India, mainly selling gold and diamond jewellery. It often creates custom-made pieces decorated with precious stones and gold, available in many different price ranges and styles. Candere, Kalyan Jewellers’ online arm, caters to the growing demand for modern, customizable jewellery via e-commerce.
Kalyan opened 76 showrooms, along with 60 Candere showrooms that quickly expanded across different parts of India. As of March 2025, total store count reached 315. Meanwhile, the company is also aiming to launch 170 new showrooms in the 2025–26 financial year. Kalyan also maintains a presence in international markets, including the UAE, Qatar, Kuwait, Oman, and the USA.
Tanishq Overview
Tanishq is an Indian jewellery brand that designs and sells gold and diamond jewellery. It operates under Titan Company, a Tata Group enterprise. The jewellery segment of Titan also includes Zoya (luxury), CaratLane (affordable diamond jewellery), and Mia by Tanishq (lightweight and trendy designs).
The company projected double-digit growth in dividends, guiding for an increase in the range of 15% to 16% for FY26. It also outlined plans to expand its retail footprint, with 40–50 new Tanishq stores expected to open during the year. Additionally, 50–60 existing stores will be renovated, relocated, or expanded. As of March 2025, the total number of stores of Tanishq was reported at 505.
Tanishq has opened stores in several places outside India, such as Dubai, Sharjah, Abu Dhabi, and Qatar in the Middle East. It also has stores in the United States, in cities like New Jersey and Seattle, and one in Singapore.
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Financial performance comparison: Kalyan vs Tanishq
Both companies have delivered strong and competitive financial performances in FY25. While Tanishq’s standalone financials are not disclosed, it is part of Titan’s overall jewellery segment, which also includes brands like Zoya, CaratLane, and Mia. With this context in mind, let us take a closer look at the financial performance and figure out which is better Tanishq or Kalyan Jewellers.
| Metrics (In ₹ Crore) | Kalyan Jewellers Ltd | Titan (Jewellery Segment) |
| Revenue | 25,045 | 50,362 |
| Revenue Growth (%) | 35% | 22% |
| EBIT | 1,174 | 4,899 |
| EBIT Margins (%) | 4.7% | 9.7% |
| Stores (In Numbers) | 351 | 505 |
1. Revenue
Revenue refers to total sales made by a company, and generally, higher revenue indicates better business performance overall. Kalyan Jewellers gave ₹20,045 crore revenue in FY25 while Titan (jewellery segment) generated a slightly higher ₹50,362 crore revenue, making it the leading company under this metric.
The company’s strong performance was supported by rising gold demand, store expansion, and strategic offerings like 14k and 18k gold, lightweight designs, and products under ₹50,000 to cater to budget-conscious consumers.
In the recent quarter Q4FY25, the international jewelry business grew by around 69% year-on-year, reaching ₹402 crore which contributed to the revenue. This was majorly possible due to the opening of new Tanishq stores in both the Gulf Cooperation Council region and North America.
2. Revenue Growth
Revenue growth is a metric that compares the percentage increase or decrease in revenue to the previous year. Higher growth rates are generally considered better as they indicate strong business momentum.
Although Kalyan Jewellers has lower overall sales compared to Titan (jewellery segment), it recorded a higher revenue growth of 35% in FY25, versus Titan’s 22%.
This growth was driven by the opening of 76 new showrooms, 60 Candere outlets, and strong expansion in non-South India markets. Kalyan’s franchise-owned company-operated (FOCO) and company-owned company-operated (COCO) models enabled rapid expansion with lower capital investment and improved operational efficiency.
3. EBIT
EBIT (Earnings Before Interest and Taxes) is a metric used to measure a company’s profitability by removing the interest and tax expenses. It shows the company’s operating profit before accounting for these financial charges. Kalyan Jewellers posted an EBIT of ₹1,174 crore, while Titan (jewellery segment) reported an EBIT of ₹4,899 crore for FY25. Under this metric, Titan group leads, indicating stronger operating profitability.
4. EBIT Margin
EBIT margin is a metric that represents EBIT as a percentage of the company’s sales. A higher EBIT margin shows healthy operational performance. Kalyan Jewellers has an EBIT margin of 4.7%, while Titan (jewellery segment) has an EBIT margin of 9.7%. Under this metric as well, Titans jewellery leads.
5. Stores
The number of stores is also an important metric, as more stores mean better customer reach and stronger market presence. Kalyan Jewellers currently has 351 stores, while Tanishq has 505 stores. In this metric too, Titans jewellery leads. However, both companies have plans to expand their store count.
Let us now have a look at the summary of all the key metrics comparing Kalyan vs Tanishq:
| Metrics | Kalyan Jewellers Ltd | Titan (Jewellery Segment) |
| Revenue | 👎 | 👍 |
| Revenue Growth (%) | 👍 | 👎 |
| EBIT | 👎 | 👍 |
| EBIT Margins (%) | 👎 | 👍 |
| Stores (In Numbers) | 👎 | 👍 |
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Stock Market Performance
Kalyan Jewellers Ltd is currently trading at a price of ₹559 as of 19 May 2025. Further, the stock has made a 52-week high and low of ₹795 and ₹336, respectively.
Let us now take a look at the past performance and returns of Kalyan Jewellers’ stock as of 19 May 2025.
| Returns | Kalyan Jewellers Ltd |
| 1 Month | 6.9% |
| 6 Months | -17.3% |
| 1 Year | 37.6% |
| 5 Years | 634.5% |
Tanishq operates as a brand under Titan Company and is not a separately listed entity. Therefore, its stock performance is not reported independently.
Which is Better Tanishq or Kalyan Jewellers
Both Tanishq and Kalyan Jewellers have shown strong performance in the jewellery sector. Tanishq benefits from being an established brand, while Kalyan is expanding rapidly as a growing player in the market.
While the sector offers promising growth opportunities, it is also influenced by market volatility. Investors should consider their individual risk profile and conduct thorough research before making any investment decisions.
