Not Titan, Not Kalyan: The small cap with 102% sales surge at 21x P/E

Gold retail chains have reported another quarter of strong sales growth in the March 2026 quarter thanks to Indian consumers ‘love’ for gold showing no signs of wearing off. Gold prices averaged a whopping Rs 1.5 lakh per 10 gram in Q4FY26, yet leading retail chains reported buoyant quarterly updates with strong same-store sales growth.