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Jewellery Division Shines Amid Gold Rally
Titan Co. Ltd. reported 46 percent revenue growth in the March quarter of fiscal year 2026, despite higher gold prices. This marks the second straight quarter of strong expansion for the Tata Group firm, showing solid consumer demand.
The company's key jewellery division, which accounts for about 85 percent of its total revenue, posted a 46 percent year-on-year increase. This growth was driven by a 52 percent jump in customer sales, supported by its flagship Tanishq brand and the urban-focused Mia. Despite rising gold costs, buyer numbers grew in the high single digits, and average spending per customer increased significantly. This showed strong pricing and a good product mix. Within the segment, studded jewellery saw growth in the early thirties percent, plain gold items grew in the mid-thirties percent, and coin sales nearly tripled compared to the previous year. Like-to-like growth across all jewellery retail formats was close to 48 percent.
Watch Segment Shows Mixed Results
In contrast to jewellery, Titan's watch division showed mixed results. Overall revenue grew 7 percent year-on-year, led by a 16 percent rise in analog watches, indicating continued demand across premium and entry-level segments. Brands like Titan, Sonata, and international offerings contributed to increased average spending per customer. However, the smartwatch category saw a sharp 53 percent drop. This segment will require future strategic adjustments. The division added 30 new stores across its various brands, expanding its retail footprint.
Diversified Growth Across Other Verticals
Titan's eye care business continued to grow, up 16 percent annually, supported by international brands and strong sales of sunglasses, lenses, and frames. The business optimized its network, renovating stores and adding new ones. Other growing businesses also performed well, with the fragrance category up 30 percent and women's bags up 47 percent, driven by brand strength and network growth for labels like Fastrack and Irth. The Indian dress business, Taneira, however, saw a 1 percent sales decline.
International Expansion Fuels Overall Growth
The company's international operations saw exceptional growth, up 156 percent year-on-year. This was greatly boosted by its Dubai-based jewellery chain, Damas. Titan's North America business also grew strongly, up 50 percent year-on-year. The international retail network now includes 149 stores in the GCC region and 12 in North America, with a new CaratLane store opened in Dallas, USA.