Titan clocks strong FY26 on wedding demand, rising gold prices

Titan Co. Ltd reported a strong March quarter; Its shares are up 7% to a 52-week high, and its revenue is up almost 33%. ₹76,000 crore in 2025-26.

“FY26 was a turning point for Titan. ₹50,000 crore annual revenue milestone in FY25 after nearly 40 years. Next ₹“A remarkable ₹25,000 crore has been achieved in a single year of FY26,” said managing director Ajoy Chawla, adding that this reflects “the enduring strength of our brands, the trust of our consumers and the unflinching dedication of every member of the Titan family.”

The jewelry-to-watch manufacturer reported consolidated revenue so far: ₹76,078 crore in FY26, up 32.7% year on year, while net profit increased by 52%. ₹5,073 crore.

In the March quarter, the Bengaluru-based company’s consolidated revenue from operations increased by 46% year-on-year. ₹20,300 crore, while net profit increased by 35.4% ₹1,179 crore.

On Friday’s post-analyst call, management said: Rising gold prices have continued to fuel consumer interest in jewelry, although the company has stepped up efforts to keep jewelry accessible through trade-in programs, lightweight collections, and lower-carat offerings.

Chawla Titan said The ongoing gold exchange programme, which gained momentum from the festive quarter, has helped bring back buyers and increase customer acquisition. The company is also pushing plans to purchase 14-carat and 18-carat jewellery, lightweight products and gram-based jewelery to offset the impact of higher gold prices on affordability.

Titan has four main business segments: jewellery, watches and wearables, eyewear and others; ethnic clothing brand Taneira, perfume brand Skinn by Titan, bag brand Irth and Titan Engineering and Automation Ltd.

The jewelry division remained Titan’s biggest growth driver during the quarter, with revenue up 50% year-on-year. ₹18,195 crore and segment profit up 36.53%. ₹1,820 crore. In this, sales of Tanishq, Mia and Zoya increased by 48%. ₹16,047 crore, while CaratLane’s sales increased by 22.4% ₹1,066 crore.

“We have seen an improvement in wedding purchases as people are worried that prices may rise above current levels,” Arun Narayan, CEO of the jewelery division, said during the call.

CaratLane’s growth was partially impacted by operational disruptions resulting from a major enterprise resource planning (ERP) transition, which disrupted fulfillment during the key season of Valentine’s Day.

Saumen Bhaumik, Caratlane’s chief executive, said the company had not seen any structural slowdown in demand for its studded jewelery offerings and described the outage as temporary. Ongoing investments in marketing and brand building, spanning over 160 cities, have also impacted its margins.

Finance chief Ashok Sonthalia said Titan is trying to offset margin pressure through product mix changes, lightweight jewellery, lower carat products and cost controls.

“Margins can be sustained if gold stays at the current rate, but if gold continues to rise it could have some impact,” Sonthalia said, adding that the company would share a more detailed outlook at its investor day in June.

Titan’s international business, revenue ₹1,081 crore making it profitable at operating level for the full year but the segment reported a loss of 1,081 crore ₹82 crore in the March quarter due to geopolitical disruptions and weak consumer confidence in the Gulf Cooperation Council (GCC) region.

Chawla said business conditions in West Asia remained volatile, particularly in March, affecting both Tanishq’s international operations and the recently acquired Damas network.

It said Damas was not primarily responsible for the quarterly loss and that integration and operational improvement initiatives at the West Asian jewelery retailer were progressing ahead of internal plans.

Titan added 27 new jewelery stores in the country, including 8 Tanishq, 14 Mia and 5 CaratLane stores, and 123 stores after the acquisition of Damas.

The watches and wearables division showed stable performance; March quarter revenue was up 8% year-on-year. ₹1,222 crore and segment profit up 7.5% ₹143 crore. The company added 30 new stores, 17 Titan World, four Helios, two Helios Luxe and seven Fastrack outlets.

The eyewear business, although smaller in scale, has recorded revenue so far: ₹227 crore and net profit ₹21 crore, an increase of 10.5%.

Emerging businesses such as bags, perfumes and ready-made clothing recorded 20% annual growth. ₹Earned revenue of ₹ 123 crore in the fourth quarter but recorded a loss of ₹ 123 crore ₹50 crore.

Chawla said ethnic wear brand Taneira is undergoing a strategic revamp focused on improving store productivity, product mix and buyer growth, especially in the submarket. ₹10,000 category. He added that Titan is examining Taneira’s operating model, product assortment and pricing architecture while also monitoring inventory turns and sales rates more closely.

In an April 17 report, analysts at Nomura said Titan continues to benefit from strong wedding demand, higher ticket sizes and ongoing formalization in the jewelry market, which is driving customers towards organized players. Titan’s trade-in programmes, lightweight jewelery and low-carat offerings are helping drive buyer growth despite higher gold prices, but margin pressure is yet to be seen, the brokerage said.