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Titan registered strong all-round performance in Q1FY27

ICICIdirect Research 07 Jul 2026 DISCLAIMER

News: Titan registered strong all-round performance in Q1FY27 with domestic business growing by 37% driven by 39% growth in the jewellery business, 23% growth in the watches business and 23% growth in the eyecare business while international business grew by 128%. Strong performance by jewellery business was driven by healthy festive and Akshay Tritiya during the quarter. The portfolio buyer growth came in early double digits and the average ticket sizes grew in the double digits. The core plain gold category and studded jewellery category grew in mid-thirties each in Q1. Despite low teens decline in the smart watches, watches business grew by 23% driven by strong performance Analog watches business. Eyecare business registered broad base growth in domestic and international market.

View: Titan registered yet another quarter of healthy performance with strong jewellery performance driven by double digit buyer growth better than higher single digit growth in Q4FY26. Studded jewellery mid-thirties were in-line with 35% growth achieved in Q4FY26. Overall Titan’s consolidated business revenue growth of ~37% is better than our expectation of mid-twenties. However we expect EBITDA margins to be lower on yoy basis due to higher gold prices and mix.

Impact: Positive

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