Titan Reports 20% Growth in Q2, Jewellery Biz Up 19% Helped by Surging Gold Prices

Leading jewellery and watchmaker Titan has reported a 20 per cent growth in standalone revenue in the September quarter of this financial year.

The Tata group-managed firm added a total of 55 stores in the July-September quarter, expanding its combined retail network presence to 3,377 stores across the businesses, according to quarterly updates filed by Titan.

Titan's jewellery division reported a 19 per cent growth in the September quarter in domestic business, mainly helped by "surging gold prices", it said.

However, record-high gold prices are also "offsetting marginal year-on-year declines in buyer counts", it said, adding that the impact of high base (due to customs duty reduction) in the July-September quarter of FY25 was offset by the early onset of the festive season in September this year.

Moreover, growth in the jewellery business was also fueled by "significant investments in consumer promotions", including a powerful exchange offer and marketing initiatives, to stimulate demand amidst elevated gold prices," it said.

In the September quarter, studded jewellery in the Tanishq, Mia, and Zoya portfolios collectively grew in the mid-teens, outpacing the growth of gold (plain) jewellery, while gold coins continued their strong run for the quarter, reflecting investment sentiment in this sub-category.

"The like-for-like growths for Tanishq and CaratLane were in double digits," said Titan.

During the quarter, Titan added 34 new stores in India, of which six were for Tanishq, 18 for Mia and 10 for the CaratLane brands, respectively.

The jewellery division contributed over 80 per cent of Titan's revenue, which is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO).

In FY’25, Revenue from the operations of Titan, a JV between the Tata group and the Tamil Nadu government, was at Rs 57,339 crore, in which its jewellery division contributed Rs 46,571 crore, which is over 81 per cent.

While its domestic watch business clocked a 12 per cent growth, driven by the analogue clocks business.

Titan's analogue clock business reported a 17 per cent growth, while its smart wearables category declined 23 per cent, continuing to mirror the broader stress in the segment.

The Division added 15 new stores, comprising 5 in Titan World, 7 in Helios, and 3 in Fastrack.

Titan's EyeCare's domestic business grew 9 per cent, led by healthy performance from international brands, sunglasses and growth in the E-commerce channel. It added 5 ‘Runway’ stores in the quarter.

In the Emerging Businesses segment, Fragrances grew 48 per cent, led by strong volume growth in Fastrack and Skinn. Women's Bags grew 90 per cent, driven by network expansion. Its Indian Dresswear business, Taneira, grew by 13 per cent YoY.

Titan's international Business, Titan said, grew by 86 per cent. This was led by its jewellery brand Tanishq, which doubled its business in the USA market and clocked strong double-digit growth in the GCC market.

Titan, which is expanding Tanishq into global markets, added a new store in Virginia, USA, in Q2/FY26.