Gold and Silver Stocks in India

Here are all 32 gold companies on this list, with price, P/E (P/B for lenders), 52-week high and low and returns against the Nifty 500. The biggest by market value are Titan Company, Hindustan Zinc and Muthoot Finance. 7 of the 32 are worth less than ₹2,000 crore.

Download all 32 (CSV). "Earnings growth" is earnings per share over the last 12 months against the 12 months before. "vs Nifty 500" is the stock's return minus the Nifty 500's, in percentage points.

Prices as of 16 October 2026. Market value, earnings growth and returns from the weekly scan to 9 October 2026. Updated every weekend

24 listed jewellery makers and shops are on this list. The biggest are Titan Company, Kalyan Jewellers India and Thangamayil Jewellery. 18 of them have earnings per share up over the last 12 months, and 17 beat the Nifty 500 by 5 points or more over 3 months.

Jewellery makers and shops, from NSE's jewellery industries. Prices as of 16 October 2026, updated every weekend

6 listed lenders are filed by NSE as gold-loan companies: Muthoot Finance, Manappuram Finance, IIFL Finance, Capri Global Capital, Fedbank Financial Services and CSB Bank. For lenders the table shows P/B (price to book value) instead of P/E. 6 of the 6 have earnings per share up over the last 12 months.

NSE's gold-loan industry group. Some of these lenders also make other loans. Prices as of 16 October 2026, updated every weekend

2 listed Indian companies earn mainly from silver or have a big silver business. Hindustan Zinc mines silver along with zinc and lead. PNGS Gargi Fashion Jewellery says on its September 2026 call that it is mainly in 925 silver fashion jewellery. No other company on this list has silver as its main product.

From each company's own call. Prices as of 16 October 2026, updated every weekend

Gold stocks are shares of companies that make gold jewellery or run jewellery shops, lend against gold, or mine gold and silver. The 32 on this page fall into 3 groups. The biggest group is jewellery makers and shops, with 24 companies.

The rule in one line: a company is here when gold or silver is at the centre of its business. That means jewellers, gold-loan lenders and gold or silver miners. NSE's industry label is the starting point. Every change to it is named below with its reason.

Added from other industries

• Deccan Gold Mines: NSE files it under mining in general, but it mines gold, and its August 2026 call says its Jonnagiri mine is now producing.
• Hindustan Zinc: NSE files it under metals in general, but it mines silver along with zinc and lead. It planned about 680 tonnes of silver for this year.

Left out on purpose

• International Gemological Institute: grades and certifies diamonds, and its latest call (July 2026) does not mention gold.
• Vaibhav Global: offers low-price fashion and lab-grown jewellery abroad, and gold comes up once in its latest call (September 2026).
• Renaissance Global: gold comes up once in its latest call (August 2026), so gold is not shown to be its main business.
• Asian Star Company: lists diamond cutting and polishing as its first business, and no call on record shows how much of its sales is gold jewellery.
• Gold ETFs and gold funds hold gold itself, not shares of companies, so they are not on this list.

Membership checked every month. Industries follow NSE industry groups

16 of the 32 gold and silver companies said something about gold loans, stores, gold prices or silver on a recent results call. Among them are Titan Company (May 2026 call), Hindustan Zinc (September 2026 call) and Muthoot Finance (August 2026 call). Each sentence is quoted below exactly as it was said.

In their own words

• Titan Company May 2026 call

  "Idea is that if we are growing revenue 15% to 20% in the same ballpark, can we grow our EBIT also at least a little bit lower than revenue because the structural gold price impacts are happening."Ashok Sonthalia

• Hindustan Zinc September 2026 call

  "For the current year, we are targeting mine metal production of 1,150 KTPA, metal production of 1,100 KTPA, and silver production of 680 tons, with a cost of 1,000 dollars, or 975-1,000 dollars per ton."Raksha Jain - Director Investor Relation

• Muthoot Finance August 2026 call

  "Our consolidated loan AUM expanded by 43% year-on-year, reaching 191,000 crores as of June 30, compared to 133,000 crores in June 2025."George Alexander Muthoot - MD

• Manappuram Finance August 2026 call

  "It is 82% of our consolidated AUM versus 80% for Q4 FY'26."VP. Nandakumar

• IIFL Finance July 2026 call

  "And on a book that is nearly 90% secured, our AUM has crossed INR1.15 lakh crores, is up 38% on a year-on-year basis."Nirmal Jain

• Capri Global Capital September 2026 call

  "Coming to the quick numbers, as I mentioned, in terms of scale, we have approximately 40,000 crore of AUM, net worth of around 7,600 crores, almost 14,000 employees, and 1,433 branches."Management

• Sky Gold & Diamonds February 2026 call

  "But we, as a manufacturer, Sky Gold and already our clients have also started taking step 1 year - 1.5 years back only when gold prices were rising by 15%-20%."Mangesh Chauhan

• Fedbank Financial Services July 2026 call

  "Against these priorities, Our Disbursements increased 14% YoY to ₹6,760 Cr, and our AUM grew 35% YoY to ₹21,136 Cr."Parvez Mulla

• Senco Gold August 2026 call

  "We have seen average gold prices rise by 61% year-on-year and by just 1% quarter-on-quarter."Suvankar Sen

• D.P. Abhushan September 2026 call

  "When we look at the vision for the next 4-5 years, management has set a vision of creating a total of approximately 51 stores by 2030, with a topline of approximately 15,000 crores."Management

• CSB Bank July 2026 call

  "Overall, I think that directionally, we will continue to have gold loans somewhere around 50% this year and then gradually reduce over the next three to four years, closer towards 30%, primarily because of growth of other businesses going up."Pralay Mondal

• Goldiam International August 2026 call

  "And the earlier stores, we have some stores that are doing very well, which have crossed that INR25 lakh to INR35 lakh in that ballpark sales per store per month and some that are not at that metric yet."Anmol Bhansali

• Shanti Gold International May 2026 call

  "The 7% that we have projected last year, it had an element of a surge in the gold price, additionally, maybe 3% to 3.5%, which we are not considering as of now."Shriram Iyengar

• Shringar House of Mangalsutra May 2026 call

  "If I were to tell you that provided gold prices remain steady, we are poised to grow at a rate exceeding the 30% to 35% range."Chetan Thadeshwar

• RBZ Jewellers September 2026 call

  "Last year, we closed retail at around 408 crores, and this year we are opening four stores, of which two are large-format stores and two are mid-format stores."Harit Zaveri - JMD

• PNGS Gargi Fashion Jewellery September 2026 call

  "That is a very good number, and we have been achieving more than 25-30% same-store growth in those stores."Dhwanil Desai

These are the companies' own words. Where a company's newest call does not mention it, the sentence comes from an earlier call, and the date shows which. 16 companies have no quoted sentence here, either because none is on record or because the one on record did not pass the word-for-word check. Among them are Kalyan Jewellers India, Thangamayil Jewellery and PC Jeweller.

From each company's most recent call on record that mentions its quoted, copied word for word. Checked every month

10 of the 29 gold stocks with a P/E history traded above their own usual P/E at the 17 October 2026 valuation. Among the 10 biggest, earnings per share fell over 12 months at PC Jeweller (-7%). 9 of the 32 are behind the Nifty 500 over the last 3 months. The furthest behind are PNGS Gargi Fashion Jewellery (-20.3 points) and Thangamayil Jewellery (-19.0 points).

What the industry research says is going wrong

• Temporary duty and inventory gains can reverse.
• Discounting, incomplete protection against gold-price falls, inventory funding and unexplained changes in management targets can weaken profit.

The 9 furthest behind the Nifty 500

• PNGS Gargi Fashion Jewellery -20.3 points against the Nifty 500 in 3 months. Earnings per share up 30% in the last 12 months. Next to check, from the September 2026 call: Festive demand after April-May weakness.
• Thangamayil Jewellery -19.0 points against the Nifty 500 in 3 months. Earnings per share up 263% in the last 12 months.
• Goldiam International -12.8 points against the Nifty 500 in 3 months. Earnings per share up 55% in the last 12 months.
• CSB Bank -10.4 points against the Nifty 500 in 3 months. Earnings per share up 11% in the last 12 months.
• Muthoot Finance -9.8 points against the Nifty 500 in 3 months. Earnings per share up 85% in the last 12 months.
• Rajesh Exports -6.2 points against the Nifty 500 in 3 months. Earnings per share up 130% in the last 12 months.
• Fedbank Financial Services -1.8 points against the Nifty 500 in 3 months. Earnings per share up 66% in the last 12 months. Watch: Loan growth is mostly the gold price, with tonnage up about 1%.
• Manappuram Finance -1.5 points against the Nifty 500 in 3 months. Earnings per share up 69% in the last 12 months.
• Senco Gold -1.3 points against the Nifty 500 in 3 months. Earnings per share up 168% in the last 12 months.

This page does not track prices during the day. For today's moves, see the exchange.

Weekly data to 9 October 2026. Reasons from company calls and the industry research, refreshed every month

10 of the 29 gold stocks with a P/E history trade above their own usual P/E (P/B for lenders), and 19 below. The furthest below their own history are Senco Gold (-70%), Khazanchi Jewellers (-43%) and P N Gadgil Jewellers (-38%).

"Usual" = each company's own long-run median. Valuation as of 17 October 2026, no price targets

NSE has no gold or silver stock index. Of the 32 gold and silver stocks here, 1 is in the Nifty 50 (Titan Company) and 8 are in the Nifty 500. Gold ETFs follow the gold price, not these companies.

NSE's own member files, read on 17 October 2026. Checked every week

4 of the 32 gold stocks trade under ₹100 a share: PC Jeweller (₹16.3), Motisons Jewellers (₹17.6), Radhika Jeweltech (₹68.5) and 1 more. By size, 3 are large cap, 1 is mid cap and 28 are small cap.

Gold stocks under ₹100

A low share price says nothing about how big the company is. Market cap shows the size.

Size = rank by market value across every company we score: the top 100 are large cap, the next 150 mid cap, the rest small cap. Updated every weekend

21 of the 32 gold companies have a results call on record since June 2026. The latest were D.P. Abhushan (30 September), RBZ Jewellers (30 September) and Capri Global Capital (29 September). The lines below are our short summary of each call, not the company's words.

• D.P. Abhushan results call, 30 September 2026

  Tone: positive. Next to check: Preferential funding approval and deployment to new showroom inventory.

• RBZ Jewellers results call, 30 September 2026

  Tone: cautiously optimistic. Next to check: Rajkot opening before Diwali.

• Capri Global Capital results call, 29 September 2026

  Tone: cautiously optimistic. Management reiterated growth and return confidence, with disciplined underwriting and no alarming collection or Stage 3 trends.

• Hindustan Zinc results call, 28 September 2026

  Tone: positive. Production targets, expansion milestones and continued net-cash framing were presented confidently.

• PNGS Gargi Fashion Jewellery results call, 25 September 2026

  Tone: cautiously optimistic. Next to check: Festive demand after April-May weakness.

• Khazanchi Jewellers results call, 25 August 2026

  Tone: positive. Next to check: Main-board application submission and regulatory progress.

• Shanti Gold International results call, 14 August 2026

  Tone: cautiously optimistic. Next to check: Jaipur factory commencement and production build-up against the stated window.

• Deccan Gold Mines results call, 12 August 2026

  Tone: cautiously optimistic. Next to check: Altyn-Tor full start-up.

• Sky Gold & Diamonds results call, 10 August 2026

  Tone: positive. Next to check: Post-Diwali review of the revenue forecast.

• Titan Company results call, 7 August 2026

  Tone: positive. Next to check: Jewellery value growth and buyer acquisition after late-July plain-gold softness.

• Kalyan Jewellers India results call, 4 August 2026

  Tone: positive. Demand remained strong outside a temporary lunar-period pause, July started well, and expansion remains on track.

• Muthoot Finance results call, 1 August 2026

  Tone: cautiously optimistic. Next to check: Next quarter's Assets under management print should determine whether management maintains or revises the existing annual framework after the half-year review.

From results calls, latest 30 September 2026. Checked every weekend

From the industry research of 10 October 2026: Chains and manufacturers are adapting to high gold prices through lighter products, more design value, recycled gold and wider distribution. Gold loans and Lab-grown diamond jewellery were not in that run, so they have no research here yet.

Jewellery

What is changing: Chains and manufacturers are adapting to high gold prices through lighter products, more design value, recycled gold and wider distribution. Some suppliers show real mix improvements, but retailers' reported profits also contain temporary gains.

What is already happening: Bluestone's operating margin rose as sales grew faster than costs. Several companies are extending distribution.

Where big money is moving: Promoter ownership fell 4.1 percentage points.

Risks: Temporary duty and inventory gains can reverse. Discounting, incomplete protection against gold-price falls, inventory funding and unexplained changes in management targets can weaken profit.

What to watch next:

• Next results: underlying Titan and Kalyan margins after duty and inventory effects fade.
• Post-Diwali Sky Gold forecast review and continued cash generation.
• Evidence that Kalyan completed the September debt-repayment deadline.

Industry research of 10 October 2026, refreshed every two weeks

The top 10 gold stocks for October 2026 are: 1. IIFL Finance, 2. Hindustan Zinc, 3. Capri Global Capital, 4. Muthoot Finance, 5. Tribhovandas Bhimji Zaveri, 6. Utssav CZ Gold Jewels, 7. Sky Gold & Diamonds, 8. Goldiam International, 9. Shanti Gold International, 10. PNGS Reva Diamond Jewellery. Companies worth ₹2,000 crore or more are scored every month.

Why each one made the top 10

• IIFL Finance: Score 77 of 100. Earnings per share grew 4 times or more in the last 12 months. 14.4 points ahead of the Nifty 500 over 3 months. Watch: Special income tax audit under Section 142(2A) remains unresolved, with management still refusing to quantify exposure against analyst estimates of 300-400 Cr.
• Hindustan Zinc: Score 77 of 100. Earnings per share up 67% in the last 12 months. 7.5 points ahead of the Nifty 500 over 3 months.
• Capri Global Capital: Score 73 of 100. Earnings per share up 75% in the last 12 months. 2.2 points ahead of the Nifty 500 over 3 months.
• Muthoot Finance: Score 72 of 100. Earnings per share up 85% in the last 12 months. Watch: the share is 9.8 points behind the Nifty 500 over 3 months.
• Tribhovandas Bhimji Zaveri: Score 69 of 100. Earnings per share up 190% in the last 12 months. 166.9 points ahead of the Nifty 500 over 3 months. Operating margins expanded from 6% in fiscal 2024 to 12% in fiscal 2026, lifting annual net profit from 54 Cr to 202 Cr. Watch: Bullion inventory stocking requirements have expanded total borrowings to 886 Cr.
• Utssav CZ Gold Jewels: Score 66 of 100. Earnings per share up 132% in the last 12 months. 89.3 points ahead of the Nifty 500 over 3 months.
• Sky Gold & Diamonds: Score 65 of 100. Earnings per share up 102% in the last 12 months. 53.9 points ahead of the Nifty 500 over 3 months. Next to check, from the August 2026 call: Post-Diwali review of the revenue forecast.
• Goldiam International: Score 63 of 100. Earnings per share up 55% in the last 12 months. Watch: the share is 12.8 points behind the Nifty 500 over 3 months.
• Shanti Gold International: Score 59 of 100. Earnings per share up 20% in the last 12 months. 85.8 points ahead of the Nifty 500 over 3 months. Next to check, from the August 2026 call: Jaipur factory commencement and production build-up against the stated window.
• PNGS Reva Diamond Jewellery: Score 59 of 100. 69.5 points ahead of the Nifty 500 over 3 months.

Left the top 10 since September 2026: Thangamayil Jewellery, Senco Gold. See the September 2026 top 10.

Ranked on October 2026 data, refreshed every month

This page uses weekly closes, not live prices. In the week to 9 October, 14 of the 24 gold stocks with a clean price record closed higher and 10 closed lower. The biggest weekly gains were D.P. Abhushan (+26.1%), Shanti Gold International (+25.4%) and PC Jeweller (+15.5%).

"Passes weekly test" below means a 3-month return at least 5 points above the Nifty 500, checked at each weekly scan.

Gold stocks beating the Nifty 500, week by week

Weekly closes, week to 9 October 2026 against the week to 1 October 2026. Updated every weekend

The table at the top works as a free gold stock screener for all 32 companies. It has price, P/E, 52-week range and returns against the Nifty 500. Download the CSV to sort and filter the rows in a spreadsheet.

Download all 32 gold stocks (CSV) · How the numbers are worked out

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