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Titan domestic business grew 22 percent YoY

ICICIdirect Research 07 Oct 2026 DISCLAIMER

News: Titan’s domestic business grew 22% YoY, led by 21% YoY growth in domestic jewellery. Standalone domestic jewellery (Tanishq, Mia, Zoya and beYon) grew 20% YoY (vs. our estimate of 28%), while CaratLane grew 32% YoY (vs. our estimate of 25%). The studded portfolio grew in the early thirties and plain gold jewellery by 20% YoY, while coins demand declined in the high single digits due to a high base. Buyer growth improved to mid-single digits, with average ticket sizes growing in the double digits. Watches grew 30% YoY (vs. our estimate of 15%), driven by thirties growth in analog watches; smartwatches grew in the high single digits and recovered after continued declines in previous quarters. Eyecare grew 28% YoY (vs. our estimate of 16%), led by better merchandise and store upgradation. Internationally, Tanishq, Mia and Zoya continued to report strong growth in North America, GCC remained stable despite geopolitical volatility, while Damas continued its recovery. Emerging businesses grew 21% YoY (vs. our estimate of 16%), led by fragrances and bags. Overall, Titan's consumer business revenue growth stood at 25% YoY in Q2FY27.

View: Domestic jewellery growth was below our expectation, primarily due to the shift in the festive season to Q3 this year from Q2 last year, which tapered demand during the quarter.  The improvement in buyer growth from flattish levels to mid-single digits, coupled with double-digit growth in average ticket sizes, further indicates sustained demand for jewellery.  Further, underlying consumer demand remains healthy, as reflected in strong studded jewellery growth and CaratLane’s 32% YoY growth, which was better than our estimate despite a high base of Q2FY26. We expect the festive season to support better jewellery performance in Q3FY27, while cooling of gold prices from their peak should further aid consumer purchases.  Watches and Eyecare also continued to deliver strong performance, providing support to overall revenue growth.

Impact: Neutral

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