India, Sept. 12 -- India's jewellery market has an unusual problem. Gold has become far more expensive, lifting the value of jewellery sales while making it harder for many customers to buy the same amount. Revenue can therefore rise strongly even when buyer growth or physical demand does not keep pace.

Titan Company's shares fell to around Rs. 3,000 in March 2025 before starting to recover. By the end of 2025, the stock was near Rs. 3,900. It remained volatile in the first half of 2026, moving between roughly Rs. 3,900 and Rs. 4,550, before rising sharply to above Rs. 5,100 by late August.

At around Rs. 5,000 now, the stock is nearly 70 percent above its March 2025 low. The big question is whether this strong run can continue if India...