6 Jewellery Stocks With the Highest Revenue Per Store in FY26
India’s jewellery retail market has been expanding as more consumers shift towards organised retailers and branded jewellery. Companies are adopting different strategies, ranging from large-format stores and regional expansion to nationwide networks and multiple jewellery brands.
One way to compare these businesses is through revenue per store, which shows how much revenue a company generates on average from each outlet. FY26 data shows a wide gap across the six companies, with Lalithaa Jewellery at Rs.410.23 crore per store, while Titan’s jewellery business stood at Rs.51.01 crore per store. However, differences in store size, location, product mix and business model also influence this metric.
Lalithaa Jewellery Mart Ltd
Lalithaa Jewellery Mart is a jewellery retailer with a strong presence in South India. As of FY26, the company operated 61 stores with a total store area of around 6.51 lakh sq. ft. Its FY26 revenue from operations stood at Rs. 25,023.93 crore, while operating EBITDA was Rs. 1,673.50 crore, giving an EBITDA margin of 6.69%. PAT stood at Rs. 1,009.82 crore, with a PAT margin of 4.04%.
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The company recorded revenue of Rs. 410.23 crore per store, making it the highest among the six jewellery companies in this comparison. Its average store size was around 10,670 sq. ft., indicating a relatively large store format.
With a market capitalisation of Rs. 20,986 cr, the shares of Lalithaa Jewellery Mart Ltd closed at Rs. 374.95 per share, up from its previous close of Rs. 357.10 per share.
P N Gadgil Jewellers Ltd
PN Gadgil Jewellers is an organised jewellery retailer with a strong presence in Maharashtra and other parts of India. The company had 78 stores in FY26, covering a total area of around 2.38 lakh sq. ft. Its FY26 revenue from operations stood at Rs. 10,739.10 crore.
Operating EBITDA was Rs. 612.55 crore, with an EBITDA margin of 5.70%, while PAT stood at Rs. 409.22 crore, resulting in a PAT margin of 3.82%. PN Gadgil generated Rs. 137.68 crore in revenue per store, making it the second-highest figure among the companies compared.
With a market capitalisation of Rs. 8,609 cr, the shares of P N Gadgil Jewellers Ltd closed at Rs. 584.90 per share, down from its previous close of Rs. 585.30 per share.
Thangamayil Jewellery
Thangamayil Jewellery is a Tamil Nadu-focused jewellery retailer, with its network concentrated across the state’s Tier-II and Tier-III markets. The company operated 67 stores in FY26. Its revenue from operations stood at Rs. 8,499.33 crore during the year.
The company reported operating EBITDA of Rs. 562.32 crore, translating into an EBITDA margin of 6.62%. PAT stood at Rs. 351.65 crore, with a PAT margin of 4.14%. Thangamayil generated Rs. 126.86 crore revenue per store in FY26.
With a market capitalisation of Rs. 16,046 cr, the shares of Thangamayil Jewellery Ltd closed at Rs. 5162.50 per share, up from its previous close of Rs. 5,009.45 per share.
Kalyan Jewellers India Ltd
Kalyan Jewellers is one of India’s large organised jewellery retailers, with a wide showroom network across India and international markets. In FY26, the company had 507 stores with a total store area of around 12.13 lakh sq. ft. Its revenue from operations stood at Rs. 35,742.86 crore.
Operating EBITDA came in at Rs. 2,449.69 crore, resulting in an EBITDA margin of 6.85%. PAT stood at Rs. 1,350.40 crore, with a PAT margin of 3.78%. On a per-store basis, Kalyan generated Rs. 70.50 crore in revenue during FY26.
With a market capitalisation of Rs. 58,866 cr, the shares of Kalyan Jewellers India Ltd closed at Rs. 570 per share, down from its previous close of Rs. 563.45 per share.
PC Jeweller Ltd
PC Jeweller is an Indian jewellery retailer selling gold, diamond and other precious jewellery through its showroom network. The company had 51 stores in FY26, covering around 2.05 lakh sq. ft. of total store area. Its FY26 revenue from operations stood at Rs.3,352.88 crore.
The company reported operating EBITDA of Rs. 670.47 crore, giving an EBITDA margin of 20.00%. PAT stood at Rs. 714.46 crore, with a PAT margin of 21.31%. PC Jeweller recorded Rs. 65.74 crore revenue per store in FY26.
With a market capitalisation of Rs. 12,936 cr, the shares of PC Jeweller Ltd closed at Rs. 13.28 per share, down from its previous close of Rs. 13.52 per share.
Titan – Jewellery Business
Titan’s jewellery business operates through brands such as Tanishq, Mia and CaratLane and has one of the largest organised jewellery retail networks in India. The FY26 data shows 1,349 stores with a total store area of around 36.23 lakh sq. ft.
The jewellery business generated Rs. 87,584.00 crore in revenue from operations in FY26. Operating EBITDA stood at Rs. 8,255.00 crore, with an EBITDA margin of 9.43%, while PAT was Rs. 5,073.00 crore, resulting in a PAT margin of 5.79%.
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Despite having the largest store network among these companies, Titan’s jewellery business generated Rs. 51.01 crore revenue per store in FY26. This figure relates specifically to the jewellery business, not Titan Company’s overall revenue.
With a market capitalisation of Rs. 4,15,839 cr, the shares of Titan Company Ltd closed at Rs. 4684 per share, down from its previous close of Rs. 4,815 per share.
