India’s luxury landscape is expanding at an unprecedented pace, supported by rising incomes, evolving consumer preferences and a strong aspiration-led demand cycle. According to a report from Kotak Securities, the country’s luxury market reached 17.67 billion dollars in 2024 and is projected to exceed 85 billion dollars by 2030. The sector grew 32.8 percent in FY22, outpacing major markets such as the United States, Switzerland, Japan and China.
The number of Indians earning more than 10,000 dollars annually is expected to rise from 60 million to 100 million by 2027, while the affluent consumer base is anticipated to touch 500 million by 2030. Jewellery and premium watches continue to drive the sector, supported significantly by India’s 50 billion dollar wedding economy, which accounts for over half of the country’s gold jewellery sales. The luxury watch and jewellery market is forecast to reach 11.65 billion dollars by 2025, while luxury vehicles recorded an all-time high of 50,000 units sold in 2024.
Here are five luxury-focused stocks that stand well-positioned to capture this fast-growing opportunity.
1. Titan Company Ltd
Titan Company, a joint venture between the Tata Group and TIDCO, began operations in 1987 as Titan Watches Limited before expanding into the jewellery space with Tanishq in 1994 and later into EyeCare. Over the years, it has forayed into categories such as fragrances under SKINN, accessories, women’s bags through IRTH and Indian dress wear under Taneira. The company is widely recognised for reshaping India’s watch and jewellery market and setting benchmarks in experiential retail. Titan commands a strong presence across lifestyle categories. The company has a market capitalisation of Rs. 3,49,761 crore and its shares currently trade at Rs. 3,940.
Titan holds around 8 percent share in the domestic jewellery market and nearly 27 percent share in the Indian analog watches space. In the jewellery division, total income rose 18.8 percent from Rs. 10,763 crore in Q2FY25 to Rs. 12,785 crore in Q2FY26, while EBIT increased 48.2 percent from Rs. 932 crore to Rs. 1,381 crore over the same period. The watches division recorded a 13.1 percent increase in total income from Rs. 1,301 crore to Rs. 1,471 crore, with EBIT rising 23.2 percent from Rs. 194 crore in Q2FY25 to Rs. 239 crore in Q2FY26.
2. Ethos Ltd
Ethos Limited operates one of India’s leading chains of luxury watch boutiques, offering premium and luxury timepieces along with pre-owned watches, jewellery, watch accessories, travel gear and a wide range of service solutions including movement overhauling, battery replacements, polishing, performance tests and strap and watch part replacements. The company has positioned itself as a comprehensive luxury destination with a strong presence across the country. Ethos has a market capitalisation of Rs. 7,676 crore and its stock trades at Rs. 2,869.
The company operates 86 boutiques comprising 83 watch stores and 3 lifestyle outlets, representing over 80 global brands. Revenue for Q2FY26 grew to Rs. 383 crore from Rs. 297 crore in the same quarter last year, while net profit rose to Rs. 24 crore from Rs. 21 crore. EBITDA margins in H1FY26 were affected due to forex fluctuations, increased manpower costs from new store additions and rental expenses for recently launched outlets still in early sales stages.
Ethos’ lifestyle vertical continues to expand, marked by the first Messika boutique and the second Rimowa store. Billing from the certified pre-owned segment increased 25 percent year-on-year in H1FY26, while same-store sales growth improved to 16.5 percent from 15.5 percent in H1FY25.
3. Kalyan Jewellers India Ltd
Kalyan Jewellers is among India’s largest jewellery retailers with a strong presence across the country, along with operations in the Middle East and the US. With over three decades of industry presence, the company has built credibility around quality, transparency and modern retail practices. Its offerings span traditional and contemporary designs in gold, diamonds and precious stones, catering to a wide variety of consumer preferences. Kalyan Jewellers operates 436 showrooms across India, the Middle East and the US, covering over 10,67,000 sq. ft. of retail space. The company has a market capitalisation of Rs. 52,784 crore and the stock trades at Rs. 511.
The company reported revenue of Rs. 866 crore from the Middle East in Q2FY26, an 8 percent rise over the same period last year, while PAT stood at Rs. 15 crore. In India, Kalyan operates 300 Kalyan showrooms (174 under the FOCO model) and 96 Candere stores (54 FOCO). Its overseas presence includes 38 Kalyan stores in the Middle East and 2 stores in the US. The brand is endorsed by prominent national ambassadors such as Amitabh Bachchan, Katrina Kaif, Jaya Bachchan and Janhvi Kapoor.
4. Tata Motors Passenger Vehicles Ltd
Tata Motors, one of the leading global automobile manufacturers and part of the Tata Group, offers a broad portfolio of vehicles ranging from passenger cars and SUVs to commercial vehicles and defence mobility solutions. As one of India’s top three carmakers, the company blends innovation, modern design and engineering technology. Its subsidiary, Tata Passenger Electric Mobility Ltd., is driving India’s EV transition. Tata Motors Passenger Vehicles Ltd has a market capitalisation of Rs. 1,32,969 crore and its stock trades at Rs. 361.
Through Jaguar Land Rover, Tata Motors aims to strengthen its play in the luxury vehicle category. However, JLR’s Q2 performance was affected by production stoppages due to a cyber incident and the wind-down of older Jaguar models. JLR posted wholesales of 66,000 units (down 24.2 percent YoY) and retail sales of 85,000 units (down 17.1 percent YoY). Revenue for Q2 stood at £4.9 billion, down 24.3 percent year-on-year.
EBIT margin fell to (8.6) percent from 5.1 percent. The company recorded a £485 million loss before tax and exceptional items, compared to a profit of £398 million. Exceptional costs totalled £238 million, including £196 million due to the cyber incident and £42 million for a voluntary redundancy programme. ROCE for the 12 months ended 30 September 2025 was 10.4 percent. Free cash flow was £791 million negative, primarily due to the September disruptions.
5. Reliance Industries Ltd (Reliance Brands Ltd)
Reliance Brands Limited, founded in 2007, was built to serve India’s aspirational and globally aware consumers who seek international brands and modern retail experiences. The company bridges global luxury labels with India’s evolving premium market and has brought 85 international brands to the country. RBL operates under Reliance Retail, which forms a major part of Reliance Industries’ consumer operations. Reliance Industries Ltd has a market capitalisation of Rs. 20,92,999 crore and its stock trades at Rs. 1,547.
Reliance’s Fashion & Lifestyle business grew 22 percent year-on-year in Q2FY26. Its premium brands division expanded through exclusive partnerships with Stella McCartney and Max & Co. Sephora launched Fenty Beauty in India and continued strengthening its presence across tier-1 markets. Ajio Luxe registered 33 percent year-on-year growth in its brand portfolio, accompanied by a 16 percent rise in option count.
Written by Manan Gangwar
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