Best Jewellery Stocks in India

India’s jewellery sector sits at a powerful intersection of wedding-driven demand, rising organized retail penetration, and increasing preference for trusted, branded players. But from an investor’s lens, jewellery businesses are not “easy retail”—they are working-capital intensive, inventory-heavy, and sensitive to gold price moves and demand cycles.

That’s why this article on best jewellery stocks in India uses a simple but high-signal framework to shortlist Jewellery Stocks available at best value—without blindly chasing hype or overpaying for growth.

Best Jewellery Stocks in India: Screening Framework

We focused on four filters because together they signal reasonable valuation + quality + scalable growth.

• P/E < 20: Helps avoid overpaying for earnings. In jewellery, demand cycles and margin volatility make a valuation cushion important.
• P/S ≤ 1.5: Jewellery topline can be large but margins aren’t always. P/S discipline prevents paying too much for revenue scale.
• ROCE > 20%: This sector is capital-rotation driven. High ROCE suggests better unit economics, faster capital turns, and stronger execution.
• 3-Year Sales CAGR > 20%: Growth validates demand + expansion execution. It reduces the risk of buying a “cheap but stagnant” business.

When we say “stocks are available at best value,” we mean value aligned with business quality and growth, not just low price.

List of Top Jewellery Companies in India

Best Jewellery Stocks in India: Screening Outcome

• Strict Screen Pass (Meets All Criteria): D.P. Abhushan, Shanti Gold
• Considered Despite “Inflated” Metrics: Sky Gold & Diamonds, Kalyan Jewellers, Thangamayil Jewellers, P N Gadgil Jewellers, Shringar House
• Mixed/Watchlist (one key gap): Senco Gold (ROCE gap), Motisons Jewellers (3Y sales growth gap), PC Jeweller (growth/quality gap)

Top 10 Jewellery Manufacturing Companies in India

Let’s take a deeper look at the jewellery stocks in India that we have shortlisted:

PC Jeweller

PEG Ratio: 0.24 | Current Ratio: 5.05 | EV/EBITDA: 11.6

PC Jeweller operates across manufacturing, retail and exports of gold and diamond jewellery, with a strong emphasis on hallmarked gold and certified diamond offerings—especially wedding-led collections. Its core strength is brand recall in North India and a portfolio designed for high-ticket occasions. From a “value buy” lens, the stock looks optically inexpensive on P/E (~12) and has a relatively comfortable leverage profile, which can appeal to valuation-focused investors.

P N Gadgil Jewellers

PEG Ratio: 0.44 | Current Ratio: 1.56 | EV/EBITDA: 15.7

P N Gadgil Jewellers (PNG) is among the oldest jewellery brands in India, rooted in Maharashtra, with a strong regional franchise built on trust, craftsmanship and high repeat purchases. The company operates a mix of owned and franchise models and has also developed capabilities like a diamond unit and sub-brand strategies to cater to changing affordability needs when gold prices rise. PNG stands out on high 3-year sales growth (~44%), and decent P/S, but it narrowly misses the strict “value buy” screen due to P/E > 20 and ROCE just under 20. We still consider it in the top jewellery companies in India because growth and execution can justify a moderate premium—especially when expansion is disciplined and unit economics improve.

Read Also: Best Wire Brand in India

Kalyan Jewellers

PEG Ratio: 0.84 | Current Ratio: 1.29 | EV/EBITDA: 20.8

Kalyan Jewellers is a large organized jewellery retailer with a wide product mix across gold, diamonds and other categories, supported by aggressive expansion and brand-led demand. Its key edge is scale: a broad showroom network and the ability to drive strong festive and wedding-season volumes, which can translate into operating leverage when execution stays tight. In your dataset, Kalyan is not a strict value buy—P/E is rich and ROCE is below the 20% threshold. Yet we still keep it in the “premium growth” bucket because sustained high growth can rationalize valuation for market leaders. The investor focus here should be on whether growth converts into better capital efficiency over time (inventory turns, margin stability, ROCE trajectory).

Thangamayil Jewellers

PEG Ratio: 0.90 | Current Ratio: 1.50 | EV/EBITDA: 25.7

Thangamayil Jewellers is a South India-focused retail chain with strength across districts in Tamil Nadu, operating in a market known for high gold consumption and deep cultural affinity for jewellery. The company’s advantage is regional brand depth and localised understanding of customer preferences—important in a category where trust and design alignment drive conversion. Thangamayil shows healthy 3-year sales growth, but it doesn’t qualify as a strict value buy because valuation is high and ROCE is below 20%. We still track it as a “premium growth” candidate: if store-level productivity and capital efficiency improve with scale, valuation can become more defensible. For investors, this is less about cheapness and more about sustained execution in a high-consumption belt.

Senco Gold

PEG Ratio: 2.38 | Current Ratio: 1.54 | EV/EBITDA: 12.2

Senco Gold is a pan-India jewellery retailer with a strong legacy and a particularly notable footprint in Eastern India. Its specialty lies in building trust-led retail with a broad offering, and it has been actively strengthening its omni-channel play through digital initiatives and strategic moves in online jewellery. Senco clears the valuation bars (P/E < 20, P/S well below 1.5) and also meets the 3-year sales growth threshold. That makes it a “valuation + growth” name.

Read Also: India’s Jewellery Sector Outlook & IPO Performance

Sky Gold & Diamonds

PEG Ratio: 0.19 | Current Ratio: 1.68 | EV/EBITDA: 16.8

Sky Gold & Diamonds is positioned as a B2B, design-led jewellery manufacturer, focused on lightweight casting jewellery. Its edge is an asset-light/outsourcing-oriented model and supply relationships with organized retailers—an angle that can scale faster than store-led retail when demand is strong. In your dataset, Sky Gold is a classic “growth justifies premium” case: it clears the quality-growth bar with ROCE>20% and extremely strong 3-year sales growth. We still consider it because premium valuation is often awarded to manufacturers delivering rapid growth and consistent execution.

D.P. Abhushan

PEG Ratio: 0.37 | Current Ratio: 2.00 | EV/EBITDA: 10.8

D.P. Abhushan (D.P. Jewellers) is a branded jewellery player with a retail presence that is especially visible in central/western India, offering gold and diamond jewellery along with allied categories. The company’s specialty is being a regional trust-led retailer with the ability to expand through multiple stores while keeping profitability metrics strong. In your dataset, it is one of the cleanest “value buy” fits: P/E < 20, P/S < 1.5, ROCE > 20, and 3-year sales growth > 20—a rare combination in a working-capital heavy sector.

Shringar House

PEG Ratio: 0.68 | Current Ratio: 3.43 | EV/EBITDA: 24.2

Shringar House of Mangalsutra is a specialized player focused on designing and manufacturing mangalsutras, a culturally high-velocity category within Indian jewellery. Its differentiation is category focus (mangalsutra-centric designs), manufacturing-led execution, and product variation across stones and gold purity options. Shringar looks quality-led on high ROCE and clears the 3-year sales growth bar. we consider it because specialized manufacturers with consistent growth can command premium multiples—provided capacity, design refresh cycles, and working capital remain controlled.

Read Also: Top Consumer Durable Stocks in India

Motisons Jewellers

PEG Ratio: 0.46 | Current Ratio: 5.61 | EV/EBITDA: 13.7

Motisons Jewellers is a Jaipur-based jewellery brand (started in the late 1990s) known for a wide range of designs across gold and other jewellery categories. Its specialty is strong local brand recognition in a prominent jewellery hub, where design variety and trust are major purchase triggers. Motisons’ 3-year sales growth is below 20%, even though valuation is not extreme and leverage appears modest. So this is best viewed as a “value-leaning but growth needs proof” name.

Shanti Gold

PEG Ratio: 0.10 | Current Ratio: 3.42 | EV/EBITDA: 15.8

Shanti Gold (Shanti Gold International) is positioned as a manufacturer of 22kt CZ casting gold jewellery, producing a wide product range from daily-wear to bridal and festive designs—largely aligned to B2B supply dynamics. Its edge is manufacturing specialization and capacity-led scale, which can benefit when organized retailers and distributors expand. Shanti Gold is a clear winner under our framework: P/E < 20, P/S ≤ 1.5, ROCE > 20, and 3-year sales growth > 20. That suggests the company is growing fast without destroying capital efficiency—exactly what investors want in a manufacturing-led jewellery play.

Top Jewellery Companies in India: Risk Lens

Even the top jewellery stocks in India carry sector-specific risks:

• Working capital & inventory turns: can make reported growth cash-negative
• Gold price volatility & hedging: impacts demand sentiment and margins
• Leverage & expansion intensity: store rollout can stretch balance sheets
• Seasonality: weddings/festivals can skew quarter-to-quarter performance
• Competitive discounting: can pressure margins during demand slowdowns