Shares of small cap jewellery companies were in the limelight on Monday, rallying up to 15 per cent in intraday trade on the BSE, following strong Q1FY26 business updates. With improving financials and solid festive demand, analysts believe this segment could offer the next big breakout opportunity for retail investors.
Leading the surge was PC Jeweller, whose stock jumped 15 per cent to Rs 19.15, approaching its 52-week high of Rs 19.60 (last seen on December 18, 2024). In just one week, the stock has gained an impressive 55 per cent, up from Rs 12.32 on June 30. Trading volumes soared more than three times the average, with nearly 188 million equity shares exchanged on the NSE and BSE combined.
Other jewellery stocks also saw sharp gains: Senco Gold rose 4 per cent, while Thangamayil Jewellery added 2 per cent in early trade. Meanwhile, the BSE Sensex remained flat, trading just 0.02 per cent higher at 83,446 around 9:42 AM.
PC Jeweller Posts 80% Revenue Growth in Q1FY26
In a regulatory filing dated July 3, 2025, PC Jeweller announced an 80 per cent year-on-year growth in standalone revenue for the quarter ended June 2025 (Q1FY26), citing strong demand for wedding and festive jewellery, despite volatility in gold prices.
“The recently concluded quarter has been very promising and fulfilling. The company closed this quarter on a strong note, clocking robust performance, riding on customers’ trust and goodwill,” it said.
The company also continues to focus on deleveraging. It has already reduced its outstanding debt by over 50 per cent in FY25, and further cut another 7.5 per cent during Q1. It aims to become completely debt-free by FY26.
According to AI Munafa forecasts, PC Jeweller’s stock shows a potential upside target of Rs 20.30 and a downside support level at Rs 18.05 in the near term. For the next trading session, target levels are projected at Rs 16.33, Rs 17.52, Rs 18.58, Rs 19.77, and Rs 20.83, offering a wide trading range that reflects both recent volatility and bullish momentum.
Senco Gold Revenue Up 28% on Festive Push
Senco Gold reported a 24 per cent increase in retail revenue and a 28 per cent jump in total revenue for Q1FY26, driven by strong buying during key festivals including Akshay Tritiya, Poila Baishakh, Baisakhi, Bihu, and Ramnavmi.
The company opened nine new showrooms during the quarter, expanding its retail footprint to 179 stores nationwide. Management said that while Q2FY26 may be seasonally weaker due to fewer festivals, it is banking on inventory optimisation, festive collections, and focus on diamond and lightweight jewellery to maintain momentum. The early onset of the monsoon and a stable macroeconomic environment could also support discretionary spending.
Investor Outlook: Are Small Cap Jewellery Stocks the Next Multibaggers?
The combination of improving fundamentals, festive tailwinds, and deleveraging efforts are making small cap jewellery stocks attractive for long-term investors. With strong demand and expanding networks, companies like PC Jeweller and Senco Gold are now seen as potential multi-bagger bets in the mid-to-small cap segment.
