Best Gold Stocks in India

The Indian investor maintains gold as their most cherished investment because it serves as both a valuable asset and a protective measure against unpredictable market conditions. Gold maintains its ability to protect value during times of high inflation and currency instability and worldwide economic downturns.

Investors have started to understand that gold investment options extend beyond physical bars and coins during the last few years. Gold stocks offer a more efficient and scalable way to participate in the precious metal’s long-term potential while remaining invested in the equity market.

In the Indian context, gold-linked companies sit at the intersection of two powerful trends; steady domestic demand for gold and the formalisation of the organised jewellery and refining ecosystem. These businesses generate profits from gold price fluctuations together with the advantages of operating leverage and brand strength and distribution networks and enhanced corporate governance standards. Gold companies which operate effectively will generate investment returns that exceed gold metal value during a complete market cycle.

This makes the case for looking beyond gold as a commodity and examining gold stocks as businesses. Understanding which companies are best placed to benefit from rising gold prices, shifting consumer behaviour, and industry consolidation is essential before allocating capital and that is where a disciplined, research-led approach becomes critical.

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If you are looking to diversify your portfolio through gold-linked businesses, here are some of the gold stocks in India that have demonstrated a blend of growth and stability.

Here are the Best 5 gold related stocks in India:

Muthoot Finance

Muthoot Finance, an NBFC, was originally set up as a private limited company in 1997 and was reconstituted as a public limited company in November 2008. It provides finance against used household gold jewellery. The promoter family has been in this business for over eight decades since 1939. During the initial days, the business was carried out under Muthoot Bankers, a partnership firm.

Muthoot Finance is the flagship company of the Muthoot group (promoter of Muthoot Finance), which is also in the hospitality, healthcare, education, information technology, foreign exchange, insurance distribution, and money transfer businesses.

Muthoot Finance has sustained its leadership position in the gold financing segment, supported by the long and established track record of 85 years of its promoter family. The group has a large operational base of over 7,413 branches across India (with over 4,877 branches offering gold loans), which has supported its leadership position among NBFCs carrying out gold loan business over the years. The group maintained consistent growth in the gold loan business.

Titan

Titan Company Limited, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches Limited.

In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare. Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira), and thoughtfully designed women’s bags (IRTH).

Titan is widely known for transforming the watch and jewellery industry in India and for shaping India's retail market by pioneering experiential retail. It is India's leading organised jewellery retailer with approximately 8% market share.

Manappuram Finance

Manappuram Finance Limited stands as one of India’s leading non-banking financial companies (NBFCs). It is the country's second-largest gold loan NBFC.

It operates across multiple verticals including Gold Loans, Microfinance (through its subsidiary Asirvad Micro Finance Limited), Vehicle and Equipment Finance, Home Loans, and MSME Lending. Manappuram Finance has 3,524 gold loan branches.

As of FY25, its gold loan portfolio stands at ₹247 billion. Manappuram Finance online gold loan platform currently accounts for 82% of their gold portfolio.

Thangamayil Jewellery Limited

Thangamayil Jewellery Limited (TMJL) is a jewellery retailer based in Tamil Nadu. The company was initially established as a proprietorship firm by Late Baluswamy Chettiar in 1947.

The company is involved in retailing of gold, silver, diamond, platinum and various studded jewellery and operates through 62 showrooms, as of May 2025, spread across Tamil Nadu.

The company has launched the Thangamayil DIGIGOLD app, a flexible gold saving app. A small sum of 100 could be invested and automatically the equivalent gold in milligrams at the prevailing price on the day will be credited to the customer account.

At the end of 11 months, as in any other existing customer advance scheme, the customer can redeem the savings and use it for purchase of ornaments of their choice.

A large number of prospective customers being brought into the system, with up to 6,00,000 Digi gold subscribers, augers well for footfall growth for the company. Redemption value with making charges augers well in the long run.

Kalyan Jewellers

Kalyan Jewellers is among India’s most trusted jewellery brands, rooted in a 100-year legacy in retailing. Kalyan Jewellers’ presence is spread across India, the Middle East and the USA.

It has a strong presence across 21 states and union territories, and its 278-plus network of showrooms covers all major cities. Moreover, the “My Kalyan” hub-and-spoke model outlets act as customer service centres, ensuring Kalyan Jewellers is more accessible to households in rural areas.

Its brands include Mudhra, Apporva, Sankalp, Muhurat and Aishwaryam.

Conclusion

Gold-related stocks serve as essential investment tools which help investors achieve portfolio stability through growth-oriented investments. These companies provide investors with gold market access through their business operations which benefit from growing demand, operational enhancements and business development initiatives.

Gold functions as a protective asset during times of worldwide instability and rising inflation rates and currency market instability, while gold companies with solid management can enhance this protection through their profitable operations.

However, investors should remember that gold stocks are still equities. The company's results depend on gold market prices, yet management excellence, effective cost management and a solid financial position also play essential roles.

Investors need to select businesses with solid financial stability instead of attempting to profit from short-term market value fluctuations to achieve success. Long-term investors who want to diversify their portfolio should invest a small amount of their assets into high-quality gold-related stocks because these investments will provide stability and growth potential during a complete market cycle.