October 2026
Largest Luxury Goods Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Titan Co., Lalithaa Jewellery Mart, PC Jeweller, Thangamayil Jewellery and Bluestone Jewellery.
 | Titan Company is an Indian publicly listed consumer-products business established in 1984 as a joint venture involving the Tata group and TIDCO. It designs, manufactures, markets and retails jewellery, watches, wearables, eyewear, fragrances and fashion accessories. Its brands include Tanishq, Titan, Fastrack, Sonata, Zoya, Mia, Eyeplus and Skinn. Customers are primarily consumers purchasing through company stores, partner retailers and digital channels in India and selected overseas markets. Revenue comes mainly from product sales, with jewellery contributing the largest share, supplemented by services and retail operations. The company is headquartered in Tamil Nadu and operates manufacturing, design and distribution networks. Titan was an existing Innoviti shareholder before the July 2015 Catamaran-led financing and received board representation, so the database should distinguish that earlier stake from the investors in the new round. | $45 | +7% | $40B | $43B | 4.7x | 47.9x | ||
| Lalithaa Jewellery Mart makes and sells gold, diamond and silver jewellery through showrooms in Tamil Nadu and neighbouring states. It sells to consumers. Headquartered in Chennai. | $4 | -- | $2B | $2.2B | 0.8x | 12.7x | ||
| PC Jeweller designs and sells gold, diamond and other jewellery through retail showrooms and wholesale in India. Headquartered in New Delhi. | $0 | +45% | $1.9B | $1.9B | 5.4x | 20.9x | ||
| Thangamayil Jewellery is a South Indian jewellery retailer selling gold, silver and diamond jewellery through showrooms mainly in Tamil Nadu. Customers are retail consumers, including through gold savings schemes. Headquartered in Madurai. | $49 | +102% | $1.5B | $1.6B | 1.8x | 27.2x | ||
| Bluestone Jewellery and Lifestyle sells diamond, gold and platinum jewellery in India through its website and a growing chain of stores. Customers are consumers buying designs it makes under its own brand. It started online and moved to an omnichannel model. Headquartered in Bengaluru. | $8 | -3% | $1.2B | $1.3B | 5.2x | 32.6x | ||
| Augmont Enterprises buys, refines and sells gold and silver and runs a digital gold platform and a jewellery supply network. Customers are consumers, jewellers and partner platforms. Headquartered in Mumbai. | $12 | -- | $1.1B | $1.1B | 0.1x | 21.5x | ||
| P N Gadgil Jewellers makes and sells gold, silver, diamond and platinum jewellery through its store network, mainly in Maharashtra and other Indian states. Customers are consumers. Headquartered in Pune. | $6 | -17% | $889M | $1.1B | 0.9x | 15.6x | ||
| Luxury and premium watch retailer selling Swiss and other brands through boutiques and online, and also pre-owned watches and services. Based in Gurugram. | $25 | -22% | $681M | $664M | 3.9x | 30.3x | ||
| Indian arm of a global watch group, selling watches under Timex, Fossil and other brands. It also sells in e-commerce and offers service. Based in Noida. | $6 | +46% | $634M | $638M | 7.6x | 54.9x | ||
| Senco Gold Ltd is a pan-India jewellery retail company with a history of more than five decades, and has a fourth-generation entrepreneur in the jewellery industry as its Promoter. The company principally sell gold and diamond jewellery and also sells jewellery made of silver, platinum, precious and semi-precious stones and other metals. Its other offerings also include costume jewellery, gold and silver coins and utensils made of silver. Its products are sold under the Senco Gold & Diamonds tradename, through multiple channels, including its 75 Company Operated Showrooms and 61 Franchisee Showrooms and various online platforms, including its website. Geographically, the company generates the majority of its revenue from India. | $3 | -11% | $534M | $814M | 0.9x | 7.8x | ||
| D. P. Abhushan is a jewellery maker and retailer selling gold and diamond jewellery under the DP Jewellers brand through stores in Maharashtra. It is based in Nashik. | $23 | +45% | $527M | $557M | 1.3x | 17.1x | ||
| KDDL makes watch components such as dials and hands for global watch brands, and runs Ethos, a multi-brand luxury watch retailer in India. Operations are split between precision engineering and luxury retail. The company is headquartered in Mohali, near Chandigarh. | $38 | +36% | $472M | $536M | 2.4x | 16.1x | ||
| Goldiam International designs and manufactures diamond-studded gold jewellery for export, mainly to retailers and brands in the United States. It also sells under its own brand in India and holds a stake in a lab-grown diamond business. It is headquartered in Mumbai. | $3 | +1% | $462M | $420M | 4.1x | 16.5x | ||
| Purple Style Labs runs Pernia's Pop-Up Shop, an online and offline luxury Indian fashion platform selling designer wear and accessories. It sells to consumers in India and abroad through its website and stores. The company is headquartered in Mumbai. | $5 | -- | $423M | $504M | 8.6x | (47.5x) | ||
| Vaibhav Global sells jewellery and lifestyle products to consumers in the US, UK and Germany through its own television shopping channels and online platforms. It also manufactures jewellery in Jaipur. Headquartered in Jaipur. | $2 | -- | $332M | $337M | 0.9x | 8.2x | ||
| Shanti Gold International makes gold jewellery for domestic retailers and exporters. It is based in Mumbai. | $4 | -- | $298M | $316M | ||||
| Shringar House of Mangalsutra makes and sells gold mangalsutra and jewellery to retailers and consumers. Headquartered in Mumbai. | $3 | -- | $288M | $304M | ||||
| Mumbai-based designer, maker and exporter of 18K to 22K cubic zirconia studded gold jewellery, plus plain gold and diamond pieces. Sells on a B2B basis to jewellery retailers. Listed in 2024. | $11 | +267% | $258M | $273M | ||||
| Hyderabad-based wholesaler and maker of gold jewellery that supplies retailers in South India. It does not sell to end consumers and is a recent listing. | $2 | -- | $233M | $246M | ||||
| Rajesh Exports Ltd is a gold refiner and Manufacturer of all kind of Gold products. The Company export its products to various countries around the world and it also sell its products in whole sale and retail in India and also through its own retail showrooms under the brand name of SHUBH Jewellers. Rajesh Exports Ltd has setup various manufacturing facilities in India and other countries. | $1 | -74% | $159M | $6M | ||||
| Median | $6 | +7% | $531M | $597M | 1.6x | 16.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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