Top Gold Stocks in India 2022

Gold Stocks In India

Gold stocks are always in the limelight whenever there is uncertainty in the market. Deccan Gold Mines Ltd., one of the only gold stocks listed on the Indian stock exchange is up by nearly 81% in the last one year (as of April 18, 2022). Another popular gold stock in India is Titan Company Ltd. In the last one year, this gold stock is up by a whopping 61% (as of April 18, 2022).

Even the war between Russia and Ukraine seems to have no major impact on gold stocks. Kalyan Jewellers India Ltd is up by 17% between February 24 and April 13, 2022. Even Titan Company Ltd is up by nearly 3% in the same period.

This kind of performance justifies why gold is one of the most powerful asset classes in the world. And rightly so. Gold is a store of value. It is inflation-proof. It is the perfect hedge against economic downturns. It is one of the most stable and reliable asset-classes in the entire world. And gold has managed to prove its might during every economic crisis you could think of. Be it the great depression of the 1917s. Or the global financial crisis of 2008. Even the recent Russia-Ukraine conflict is a perfect example of how powerful gold truly is.

In this article: 

List of Gold Stocks
Top Gold Stocks in India
Gold Stock #1: Deccan Gold Mines Ltd.
Gold Stock #2: Rajesh Exports Ltd.
Gold Stock #3: Titan Company Ltd.
Gold Stock #4: Muthoot Finance Ltd.
Gold Stock #5: Manappuram Finance Ltd.
Gold Stock #6: Kalyan Jewellers Ltd.
Gold Stock #7: Goldiam International Ltd.

The Russian invasion of Ukraine began on February 24, 2022. Just a day prior, on February 23, 2022, gold was trading at $1,907.76 per troy ounce. As soon as the news of the war broke out, all hell broke loose. Yes, gold moved from $ 1,907.76 to $ 2,050.17 on March 08, 2022. This was a rally of 7.46% in a span of nine days.

So, whenever the world is in chaos, investors flock to gold. And not just individual investors. Even the biggest banks in the world maintain gold reserves in the form of gold bars, coins, etc. But this is not the only way to get exposure to the shiny metal. You can also invest in gold stocks.

What are gold stocks? Well, gold stocks are stocks of companies which are involved in the mining or distribution of gold. But that’s not all. Companies like Titan Company Ltd. that uses gold as a raw material is also considered as gold stocks. Even companies that provide loan against gold can be categorised as gold stocks. The two examples of such gold stocks are Muthoot Finance Ltd and Manappuram Finance Ltd.

Now ideally you would want to invest in gold mining companies, correct? But unfortunately, mining gold is not a lucrative proposition in India. One of the reasons for this is our geographical placement. The next problem is the high investment cost of mining gold. And lastly, the government has set heavy restrictions on opening and operating gold mines. This is why there are very few gold mining companies in India. In fact, India is one of the biggest importers of gold. This is why investing in companies, which use gold, as a raw material is a better option if you want to create wealth without actually owning physical gold.

So, which gold stocks should you invest in 2022? Which are the top gold stocks in India in 2022? Don’t worry. Here is a list of gold stocks in India that can help you enjoy the gains of the shiny metal without owning physical gold.

top Gold Importers

List of Gold Stocks in India

Name Market Capitalization
(Rs Crore)
Price to
Earning
Return on
Equity
Debt to
Equity
Titan Company 2,21,591 99.48 13.57 0.81
Muthoot Finance Ltd 52,817 13.20 27.80 2.98
Rajesh Exports 19,081 16.45 7.77 0.06
Manappuram Finance Ltd. 9,742 6.34 26.50 3.22
Vaibhav Global 8,019 30.09 31.69 0.14
Kalyan Jewellers 6,613 29.35 -0.25 1.49
Goldiam Intl. 1,662 18.07 11.65 0.11
Renaiss. Global 1,574 15.78 5.51 0.78
Thangamayil Jew. 1,535 34.66 33.42 0.97
Asian Star Co. 1,289 11.72 4.38 0.47
PC Jeweller 1,082 1.46 0.78
D. P. Abhushan 888 22.6 32.87 1.25
T B Z 477 18.39 8.6 0.94
Radhika Jeweltec 402 19.68 13.54 0.15
Starlineps Enter 378 2364.2 0.68 0
Atlas Jewellery 312 203.62 -3.04 0
Kanani Industries 277 294.69 -0.66 0.35
Penta Gold 274 3419.88 0.21 3.22
Ashapuri Gold 206 4.11 0
Uday Jewellery 206 45.39 11.62 0.26
S.M. Gold 113 1132.21 1.6 0.64
Moksh Ornaments 105 21.31 11.13 0.18
Sky Gold 99 20.66 9.65 1.4
Goenka Diamond 97 -3.85 0.02
Narbada Gems 88 25.35 8.56 0.43
Darshan Orna 75 95.38 6.29 0.04
Golkunda Diamond 70 9.72 9.15 1.23
Sagar Diamonds 58 6.5 15.68 0.08
Swarnsarita Jewel 48 5.95 5.87 1.17
Silgo Retail 34 13.27 10.06 0.63
Patdiam Jeweller 32 11.65 7.37 0.22
Kenvi Jewels 30 107.42 2.22 0.09
Laxmi Goldorna 30 247 0.44 0.46
Orosil Smiths 26 -12.75 0.06
Veeram Securit. 22 7.44 22.64 0
Lypsa Gems 19 -22.85 0.2
Zodiac-JRD MKJ 18 100.28 -1.51 0
Bhakti Gems 18 1.74 0.12
Kkalpana Plastic 17 1.49 0
Midas Infra Tra. 16 -9.13 0.91
Gautam Gems 13 2.48 0.35
Shukra Jewellery 11 7.76 0.46 0.15
Sover. Diamonds 10 7.55 -10.79 0.74
U. H. Zaveri 10 70.36 1.07 0
Sheetal Diamonds 9 10.96 0.03
Mini Diamonds(I) 8 11.2 2.51 0.73
Shukra Bullions 7 0 1.73
Deep Diamond 5 75.9 -0.13 0
Neogem India 4 -8.65 2.73
Sunraj Diamond 4 -198.52 1035.5
Anshuni Commerc. 0 2.5 1.95 0

Top Gold Stocks in India in 2022

Gold Stock #1: Deccan Gold Mines Ltd.

Deccan Gold Mines Ltd. is the only listed gold mining stock in India. It was established in the year 2003. Over the last 18 years, it has successfully located gold prospects in various areas of Karnataka like Mangalagatti, Hirenagnur, and Hutti North etc. To diversify its portfolio, Deccan Gold Mines Ltd. also started mining gold in Tanzania.

Key Financials of Deccan Gold Mines Ltd. as on March 13, 2022

Market Cap (Cr): 325 Face Value (₹): 1 EPS (₹): -0.29
Book Value (₹): 4.64 ROCE (%): -6.93 Debt to Equity: 0.00
Stock P/E: 0 ROE (%): -6.93 Dividend Yield (%): 0
Revenue (Cr): 0.04 Earnings (Cr): -2.67 Cash (Cr): 0.08
Total Debt (Cr): 0 Promoter’s Holdings (%): 26.43

Gold Stock #2: Rajesh Exports Ltd.

Rajesh Exports Ltd. is another gold stock that is involved in the manufacturing and distribution of gold and gold products. It refines over 35% of the world’s total gold. It is the largest gold refiner in the world. It refined over 900 tons of gold in the FY 2020. It also produces and supplies VALCAMBI brand bullions, which is used by some of the biggest banks in the world. There is a jump of 32% in the company’s revenue from Rs 1,95,600 crore in March 2020 to Rs 2,58,306 crore in March 2021.

Key Financials of Rajesh Exports Ltd. as on March 13, 2022

Market Cap (Cr): 18938 Face Value (₹): 1 EPS (₹): 39.39
Book Value (₹): 402 ROCE (%): 8.62 Debt to Equity: 0.06
Stock P/E: 16.3 ROE (%): 7.77 Dividend Yield (%): 0.16
Revenue (Cr): 221,844 Earnings (Cr): 1,275 Cash (Cr): 1,824
Total Debt (Cr): 742 Promoter’s Holdings (%): 54.05

Gold Stock #3: Titan Company Ltd.

The next gold stock in India is Titan Company Ltd. This TATA group company was launched in 1984 as a joint venture between TATA group and the Tamil Nadu Industrial Development Corporation (TIDCO). It is the largest jewellery retailer in India. You must have used Titan watches and jewellery from Titan brands like Mia, Tanishq, Zoya and Caratlane. It also has other products like the eyewear division under the brand fasttrack, and Perfumer under the brand SKINN.

titan brands

Did you know that Titan Company Ltd is one of the favourite stocks of Big Bull Mr Rakesh Jhunjhunwala? Yes, find out where else the big bull is investing; Check out the detailed portfolio of Rakesh Jhunjhunwala here.  

Key Financials of Titan Company Ltd. as on March 13, 2022

Market Cap (Cr): 2,17,574 Face Value (₹): 1 EPS (₹): 25.10
Book Value (₹): 87.6 ROCE (%): 13 Debt to Equity: 0.81
Stock P/E: 98.1 ROE (%): 13.6 Dividend Yield (%): 0.16
Revenue (Cr): 28,497 Earnings (Cr): 3,364 Cash (Cr): 708
Total Debt (Cr): 6,335 Promoter’s Holdings (%): 52.9

Gold Stock #4: Muthoot Finance Ltd.

Muthoot Finance Ltd. is the largest and most trusted gold financing company in India. The company holds nearly 171 tonnes of gold as security. Its total loans under management is a whopping Rs 5,26,223 crore. Its key subsidiaries include Muthoot Housing Finance, Muthoot Insurance Brokers etc.

Muthoot J

Muthoot Finance Ltd. provides various services like gold loans, foreign inward money transfer services, domestic money transfers, microfinance, non-convertible debentures, insurance, personal, home, vehicle loans etc. This gold stock has increased its revenue by 21% between March 2020 and 2021. Its net profit  jumped by a whopping 24.98% to Rs 3,722 crore in March 2021. The company maintains a healthy dividend payout ratio of 22%.

Key Financials of Muthoot Finance Ltd. as on March 19, 2022

Market Cap (Cr): 52,785 Face Value (₹): 10 EPS (₹): 100.67
Book Value (₹): 443 ROCE (%): 15.6 Debt to Equity: 2.98
Stock P/E: 13.2 ROE (%): 27.8 Dividend Yield (%): 1.53
Revenue (Cr): 12,268 Earnings (Cr): 9,740 Cash (Cr): 9,356
Total Debt (Cr): 51,843 Promoter’s Holdings (%): 73.4

Gold Stock #5: Manappuram Finance Ltd.

Manappuram Finance Ltd. is a non-banking finance company (NBFC) which provides loans or finance against gold. Their asset under management has grown by 7.9% (y-o-y) to Rs 272 billion in FY 2021-22. Its total loan against gold book has shown a growth of 12.4% to Rs 191 billion. The company’s total sales jumped from Rs 5,465 crore in March 2020 to Rs 6,331 crore in March 2021. Its net profit also skyrocketed by 17.43% to Rs 1,724 crore in FY 2021.

Key Financials of Manappuram Finance Ltd. as on March 19, 2022

Market Cap (Cr): Rs 9,742 Face Value (₹): 2 EPS (₹): 18.14
Book Value (₹): 94.1 ROCE (%): 15.3 Debt to Equity: 3.29
Stock P/E: 6.34 ROE (%): 26.5 Dividend Yield (%): 1.9
Revenue (Cr): 4,824 Earnings (Cr): 0 Cash (Cr): 4,578
Total Debt (Cr): 25,677 Promoter’s Holdings (%): 35

Gold Stock #6: Kalyan Jewellers Ltd.

Kalyan Jewellers Ltd. is one of the most popular jewellery brands in India. I am sure you must have seen Kalyan Jewellers’ ad on TV starring Amitabh Bacchan and Katrina Kaif. This gold company manufactures and sells a variety of gold, diamond (ruby, sapphire etc) across India. In FY 2020, it clocked revenue of Rs 10,101 making it the largest jewellery retailer.

kalyan j

Kalyan Jewellers Ltd. operates a variety of brands like Nimah for gold and precious stone studded jewellery, Tejasvi, Rang, Anokhi for antique wear etc.

Kalyan Brands

Key Financials of Kalyan Jewellers Ltd. as on March 13, 2022

Market Cap (Cr): 6,757 Face Value (₹): 10 EPS (₹): 2.2
Book Value (₹): 27.9 ROCE (%): 7.41 Debt to Equity: 2.32
Stock P/E: 29.9 ROE (%): -0.25 Dividend Yield (%): 0
Revenue (Cr): 11,017 Earnings (Cr): 824 Cash (Cr): 905
Total Debt (Cr): 4,273 Promoter’s Holdings (%): 0

Gold Stock #7: Goldiam International Ltd.

Goldiam International Ltd. manufactures and exports gold and diamonds jewellery to global retailers. Its total revenue jumped 11.23% from Rs 365 crore in March 2020 to Rs 406 crore in March 2021. The company has registered a compounded profit growth of 35% in the last three years.

Key Financials of Goldiam International Ltd. as on March 13, 2022

Market Cap (Cr): 1,656 Face Value (₹): 2 EPS (₹): 8.38
Book Value (₹): 46.70 ROCE (%):18.10 Debt to Equity: 0.11
Stock P/E: 18 ROE (%): 11.60 Dividend Yield (%): 1.06

India’s gold imports jumped 148% between 2020 and 2021. In 2020, our total gold imports were 430.11 tonnes. This skyrocketed to 1,067.72 tonnes in 2021. This demand for the shiny yellow metal is further expected to increase. As long as there is chaos and uncertainty in the world, the demand for the safest asset class, gold, will continue to rise. If you too want to partake in this gold rush, then you can either invest in physical gold, gold ETFs or buy gold stocks from the list above.

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