Titan Company Limited’s jewellery division delivered a stellar performance in the first quarter of FY26, posting a 19% year-on-year rise in total income to ₹12,797 crore, excluding bullion and digi-gold sales. The domestic business — comprising Tanishq, Mia, and Zoya — grew 18% to ₹11,217 crore, while digital-first jeweller CaratLane surged ahead with 39% growth to ₹1,026 crore. International jewellery sales soared 49% to ₹554 crore, marking the segment’s first-ever profitability.
The quarter was shaped by persistently high gold prices and challenging market conditions, prompting customers to lean more towards gold jewellery and coins than studded pieces. This trend was especially visible in CaratLane’s gold coin promotion, which drew strong consumer interest and significantly boosted new customer acquisition. Ticket size growth largely compensated for any moderation in store footfalls, sustaining momentum across formats.
In an analyst call, Ajoy Chawla, CEO of Titan’s Jewellery Division, said the company’s strategy was focused on sustaining growth despite external headwinds. “We have been constantly using the leverage of ticket size growth and our strong repeat customer base to deliver good results, even while gold prices are high. We have stayed competitive and responsive on gold rates, introduced products at lower making charges, and expanded our range with gold-intensive studded designs. We have not held back on retail expansion, store renovations, or marketing investments. None of our growth engines are being constrained to protect margins,” Chawla emphasised.
Despite the shift towards gold, the company observed a positive sign for the studded category: buyer growth in studded jewellery outpaced that of plain gold jewellery, signalling healthy demand from new customers. Titan advanced its “Festival of Diamonds” campaign to July to stimulate early-season interest, with encouraging results.
The international jewellery business was a key highlight, with both the UAE and North America delivering strong double-digit growth and improved profitability. The company expects its recent strategic investments in the GCC region to further accelerate international expansion. According to management, the combination of growing overseas demand and a profitable model now positions the international arm as a more prominent contributor to Titan’s jewellery revenue in the coming years.
Retail capacity also received a boost in Q1. In addition to three new Tanishq store openings, Titan undertook eight major relocations or expansions, converting them into larger-format stores as part of its ongoing retail transformation programme. These moves, combined with an upgraded in-store experience, are designed to strengthen brand presence and drive higher sales productivity.