Titan Company Limited’s jewellery division kicked off FY26 on a strong note, reporting a 19% year-on-year increase in total income (excluding bullion and digi-gold) to ₹12,797 crore for Q1. The growth was led by robust performance across its key brands — Tanishq, Mia, and Zoya — which together contributed ₹11,217 crore, marking an 18% increase in the domestic market. Digital-first brand CaratLane stood out with a remarkable 39% rise in revenues, reaching ₹1,026 crore.
A notable milestone this quarter was the profitability of Titan’s international jewellery operations, which registered a 49% jump in sales to ₹554 crore — the segment’s first-ever quarter in the black.
High gold prices and challenging consumer sentiment influenced shopping behavior, with a clear tilt toward plain gold jewellery and coins. CaratLane capitalized on this trend through a gold coin promotion that drove significant new customer acquisition. Despite softer footfalls, the company managed to sustain momentum through higher average transaction values.
In a post-earnings discussion, Ajoy Chawla, CEO of Titan’s Jewellery Division, outlined the company’s balanced strategy. “Despite the inflationary pressures, we’ve leaned into our core strengths—ticket size growth, customer loyalty, and responsive pricing. We’ve stayed competitive by offering lower making charges, expanding our gold-heavy studded collections, and continuing to invest in retail expansion and marketing,” Chawla said. “We’re not compromising our growth levers to protect margins.”
Interestingly, while gold jewellery dominated demand, the company saw encouraging signs in the studded segment. Growth in the number of studded jewellery buyers outpaced that of gold jewellery buyers, indicating traction among newer customer cohorts. Titan also advanced its “Festival of Diamonds” campaign to July, aiming to spark early interest in the festive season — an initiative that has already shown promising results.
The international jewellery business was a standout success story in Q1. Strong double-digit growth in both the UAE and North America drove the segment into profitability for the first time. Management believes the company’s targeted investments in the Gulf region will further accelerate international momentum, making it an increasingly vital revenue stream for the jewellery division.
Titan also strengthened its physical retail presence during the quarter. Three new Tanishq stores were launched, while eight existing stores were either relocated or expanded into larger formats. These enhancements, part of Titan’s ongoing retail transformation strategy, are designed to elevate customer experience and improve sales productivity across locations.