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Indian (NIFTY) Luxury Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies373
  • 7D-2.7%
  • 3M-9.6%
  • 1Y-0.6%
  • YTD-10.4%

Over the last 7 days, the Luxury industry has dropped 2.7%, driven by Titan declining 4.6%. Meanwhile, Page Industries actually outperformed within the industry, gaining 5.4% in the last week. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

Has the Indian Luxury Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026₹7.0t₹11.0t₹166.2b15.8x42.2x0.6x
Fri, 20 Feb 2026₹7.8t₹11.0t₹165.1b18.1x46.9x0.7x
Sun, 18 Jan 2026₹7.7t₹9.5t₹166.0b19.4x46.6x0.8x
Tue, 16 Dec 2025₹7.7t₹9.5t₹165.6b20.1x46.8x0.8x
Thu, 13 Nov 2025₹8.0t₹8.4t₹166.8b24.3x48x1x
Sat, 11 Oct 2025₹7.6t₹8.3t₹163.4b23.9x46.6x0.9x
Mon, 08 Sep 2025₹7.7t₹7.6t₹162.0b24x47.5x1x
Wed, 06 Aug 2025₹7.7t₹6.4t₹157.2b25.2x48.7x1.2x
Fri, 04 Jul 2025₹8.1t₹6.4t₹155.6b26.3x52.1x1.3x
Sun, 01 Jun 2025₹7.9t₹6.4t₹154.3b25.8x51.3x1.2x
Tue, 29 Apr 2025₹7.4t₹5.9t₹149.2b23.1x49.8x1.3x
Thu, 27 Mar 2025₹7.0t₹5.9t₹151.5b22.3x45.9x1.2x
Sat, 22 Feb 2025₹7.1t₹5.9t₹151.5b23.4x47.2x1.2x
Mon, 20 Jan 2025₹8.1t₹5.8t₹172.6b28.7x46.8x1.4x
Wed, 18 Dec 2024₹8.9t₹5.7t₹169.9b29.6x52.2x1.5x
Fri, 15 Nov 2024₹7.8t₹5.5t₹169.6b29.3x46.3x1.4x
Sun, 13 Oct 2024₹8.4t₹5.4t₹161.5b30.2x52x1.6x
Tue, 10 Sep 2024₹8.4t₹5.4t₹164.5b30.1x51.1x1.6x
Thu, 08 Aug 2024₹8.0t₹5.7t₹177.0b30.8x45.4x1.4x
Sat, 06 Jul 2024₹7.8t₹5.7t₹175.4b28.9x44.6x1.4x
Mon, 03 Jun 2024₹7.2t₹5.9t₹165.1b25.6x43.7x1.2x
Wed, 01 May 2024₹7.6t₹5.8t₹132.4b29.7x57.4x1.3x
Fri, 29 Mar 2024₹7.6t₹5.8t₹132.2b27.4x57.1x1.3x
Sun, 25 Feb 2024₹7.7t₹5.8t₹133.0b30.6x57.9x1.3x
Tue, 23 Jan 2024₹7.7t₹6.1t₹121.1b29.5x63.9x1.3x
Thu, 21 Dec 2023₹7.4t₹6.1t₹120.8b26.3x61.2x1.2x
Sat, 18 Nov 2023₹7.2t₹6.1t₹119.9b26.5x60.2x1.2x
Mon, 16 Oct 2023₹7.1t₹6.5t₹125.8b23x56.1x1.1x
Wed, 13 Sep 2023₹6.9t₹6.5t₹125.6b22.8x54.6x1.1x
Fri, 11 Aug 2023₹6.7t₹6.2t₹120.4b22.5x55.7x1.1x
Sun, 09 Jul 2023₹6.7t₹6.2t₹130.0b22x51.2x1.1x
Tue, 06 Jun 2023₹6.3t₹6.2t₹130.6b20.1x48.4x1x
Thu, 04 May 2023₹6.1t₹6.0t₹155.4b16.5x39x1x
Sat, 01 Apr 2023₹5.6t₹6.0t₹155.7b15.1x36.2x0.9x
Price to Earnings Ratio

36.2x


Total Market Cap: ₹5.6tTotal Earnings: ₹155.7bTotal Revenue: ₹6.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Luxury Industry Price to Earnings3Y Average 50.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Luxury industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 42.2x which is lower than its 3-year average PE of 50.1x.
  • The 3-year average PS ratio of 1.2x is higher than the industry's current PS ratio of 0.64x.
Past Earnings Growth
  • The earnings for companies in the Luxury industry have grown 2.2% per year over the last three years.
  • Revenues for these companies have grown 23% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Consumer Discretionary industry?

IN Market-2.47%
Consumer Discretionary-2.03%
Luxury-2.68%
Textiles-0.32%
Apparel, Accessories and Luxury Goods-3.16%
Footwear-4.93%
Industry PE
  • Investors are most optimistic about the Apparel, Accessories and Luxury Goods industry even though it's trading below its 3-year average PE ratio of 65.3x.
    • Analysts are expecting annual earnings growth of 20.4%, which is lower than the prior year's growth of 23.0% per year.
  • Investors are most pessimistic about the Textiles industry, which is trading close to its 3-year average of 27.7x.
Forecasted Growth
  • Analysts are most optimistic on the Textiles industry, expecting annual earnings growth of 29% over the next 5 years.
  • This is better than its past earnings growth rate of 1.3% per year.
  • In contrast, the Footwear industry is expected to see its earnings grow by 19% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
PAGEIND Page Industries₹32.17k5.4%
+₹18.5b		-25.1%PE47.9x
TRIDENT Trident₹25.4115.2%
+₹16.8b		1.2%PE31.2x
514162 Welspun Living₹113.153.7%
+₹3.9b		-18.5%PE46.8x
KPRMILL K.P.R. Mill₹837.451.3%
+₹3.7b		-11.3%PE33.9x
521016 Indo Count Industries₹247.356.5%
+₹3.0b		-7.5%PE41x

Latest News

RAJESHEXPO
₹84.85
Rajesh Exports
7D
-17.7%
1Y
-58.1%
TRIDENT
₹25.41
Trident
7D
15.2%
1Y
1.2%
RAYMONDLSL
₹739.25
Raymond Lifestyle
7D
-6.4%
1Y
-28.9%
500114
₹3,901.75
Titan
7D
-4.6%
1Y
27.7%

500114: Upcoming Board Decisions Will Shape Confidence In Future Returns

Analysts have nudged their price target for Titan slightly lower to around ₹4,794 from about ₹4,806, citing a small adjustment to fair value assumptions and a marginally lower discount rate, while keeping revenue growth, profit margin and future P/E expectations broadly unchanged. What's in the News Titan has scheduled a Special or Extraordinary Shareholders Meeting on Mar 23, 2026, via postal ballot in India to consider the appointment of Ms. Sandhya Venugopal Sharma as a Director (Key Developments).
530517
₹258.40
Relaxo Footwears
7D
-6.3%
1Y
-39.1%

530517: Upcoming Results And CFO Transition Will Support Bullish Outlook

Analysts have maintained Relaxo Footwears' price target at ₹430, citing updated assumptions that include a slightly lower discount rate, modestly higher revenue growth, a marginally stronger profit margin, and a small adjustment to the future P/E multiple. What's in the News Chief Financial Officer Prince Jain has resigned from his position, effective from the close of business hours on March 11, 2026 (company announcement).
PAGEIND
₹32,170.00
Page Industries
7D
5.4%
1Y
-25.1%

PAGEIND: Overvaluation Concerns Will Hinge On Upcoming Interim Dividend Decision

Analysts have trimmed their price target on Page Industries from ₹31,000 to about ₹29,042. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations.
500043
₹637.30
Bata India
7D
-5.0%
1Y
-48.1%

500043: Upcoming Board Meeting Will Clarify Earnings Margin Outlook

Analysts have revised their price target on Bata India from ₹1,222.07 to ₹986.00. This reflects updated assumptions around revenue growth, profit margins and a lower future P/E multiple.
GOKEX
₹595.25
Gokaldas Exports
7D
3.9%
1Y
-28.0%

GOKEX: January 2026 Results Meeting Will Strengthen Confidence In Future Earnings

Analysts have trimmed their price target on Gokaldas Exports from ₹987.33 to ₹956.80, reflecting a slightly lower assumed fair value and a more conservative future P/E multiple in their models. What's in the News Gokaldas Exports has scheduled a Board Meeting for January 31, 2026.
521016
₹247.35
Indo Count Industries
7D
6.5%
1Y
-7.5%

521016: Future Returns Will Reflect CEO Vacancy Trigger And Imminent Results Update

Analysts have maintained their fair value estimate for Indo Count Industries at ₹361, reflecting only very small adjustments to assumptions around discount rate, revenue, profit margin and future P/E that do not materially change their overall price target view. What's in the News Executive Director & CEO Mr. Kailash R.
514162
₹113.15
Welspun Living
7D
3.7%
1Y
-18.5%

514162: Higher Margin Outlook Will Support Stronger Earnings Profile Ahead

Analysts have trimmed their price target on Welspun Living from ₹192 to ₹180, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple. What's in the News The board meeting is scheduled for February 12, 2026, to approve and record unaudited financial results for the third quarter ended December 31, 2026, on both a standalone and consolidated basis (company filing).
502986
₹536.85
Vardhman Textiles
7D
-3.0%
1Y
33.9%

502986: Unchanged Outlook Will Highlight Risk Around Object Clause Alteration

Analysts have kept their fair value estimate for Vardhman Textiles steady at ₹445.6 per share, citing only very small tweaks to assumptions such as the discount rate, long term revenue growth, profit margin and future P/E multiple. What's in the News A board meeting is scheduled on January 20, 2026 to review the unaudited financial results for the quarter and nine months ended December 31, 2025, along with the limited review report (Key Developments).
KALYANKJIL
₹371.70
Kalyan Jewellers India
7D
-3.1%
1Y
-20.8%

KALYANKJIL: Future Returns Will Be Supported By Stable Margins And Governance Changes

Analysts have kept their fair value estimate for Kalyan Jewellers India steady at about ₹648.56 per share, with only small tweaks to inputs such as the discount rate and future P/E assumptions informing this unchanged price target. What's in the News Board meeting scheduled for Feb 06, 2026, at 14:00 Indian Standard Time to approve the unaudited standalone and consolidated financial results for the quarter ended 31 December, 2025 (company filing).
KPRMILL
₹837.45
K.P.R. Mill
7D
1.3%
1Y
-11.3%
PGIL
₹1,408.60
Pearl Global Industries
7D
-4.3%
1Y
10.0%

PGIL: Upcoming Board Meeting Will Reinforce Bullish Long Term Earnings Outlook

Analysts have maintained their price target for Pearl Global Industries at ₹2,373.50. They cited only marginal refinements to assumptions such as discount rate, revenue growth, profit margin and future P/E, which did not materially change their overall valuation view.
MANYAVAR
₹350.95
Vedant Fashions
7D
2.8%
1Y
-54.5%

MANYAVAR: Stable Assumptions And Upcoming Results Will Support Long Term Upside

Analysts have kept their fair value estimate for Vedant Fashions steady at ₹553.2 per share, with only minor tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E. This has led to a largely unchanged price outlook in the latest update.
LUXIND
₹945.15
Lux Industries
7D
9.9%
1Y
-31.0%