Titan’s jewellery business holds market share; Q2 expansion to pick up pace

Retailer enlargement in Q1 was slower than deliberate, with solely three new Tanishq shops opened.
| Photograph Credit score:
FRANCIS MASCARENHAS

Titan Firm’s jewelry division sustained its nationwide market share in Q1 FY26, after marginal good points final yr, in keeping with Ajoy Chawla, CEO – Jewelry. Talking on the post-earnings name, Chawla stated this evaluation was based mostly on a number of information sources, together with market information, inside monitoring, and World Gold Council insights. Whereas some regional gamers might have ceded share to a number of nationwide manufacturers, Titan sustained its place, he asserted.

“In markets the place our base could be very excessive, newer nationwide entrants ranging from a smaller base might present comparable same-store progress to ours. Usually, the expansion is unfold throughout a number of gamers, with share loss coming from regional jewellers,” Chawla famous. The geography combine additionally influences product preferences- some markets skew in the direction of gold, others in the direction of studded jewelry, and a few in the direction of higher- or lower-value segments.

Retailer enlargement in Q1 was slower than deliberate, with solely three new Tanishq shops opened. Chawla expects acceleration in Q2, with many retailer launches timed forward of the festive season in October.

The corporate posted a consolidated PAT of ₹1,091 crore, up 53% year-on-year, on whole revenue of ₹14,966 crore, a 21% rise. The jewelry division grew 19% to ₹12,797 crore, pushed by larger gold jewelry and coin gross sales as prospects shifted in the direction of gold amid worth volatility. Studded jewelry purchaser progress outpaced gold jewelry, excluding cash.

Managing Director C. Okay. Venkataraman attributed the softer-studded efficiency partly to consumption constraints and aggressive depth, stressing the necessity for better innovation. Chawla added that worth progress in studded jewelry will depend upon thrilling prospects throughout worth factors, together with the ₹2–8 lakh vary, the place numerous consumers are able to buy. He stated this presents a transparent market growth alternative for the corporate.

Elaborating on the tariff influence, Venkataraman stated that Titan had laid the groundwork to navigate present market challenges and had delivered a powerful efficiency in Q1 FY26. Nonetheless, he famous that market alerts stay unstable and cautioned in opposition to any knee-jerk response on pricing. “Claims are at a bloated degree, and we are going to wait till the top of August to see how the scenario develops earlier than finalising the value we consider is acceptable,” he stated.

On sourcing, Venkataraman highlighted that the U.S. contributes simply over 2% to firm gross sales, making the present tariff-related developments much less vital within the quick time period. He added that the worldwide jewelry enterprise is increasing, with latest investments within the GCC marking a big push in that market. “The GCC jewelry enterprise will quickly be very giant for us, and mixed with the U.S., might account for round 6% of firm gross sales. Even with out tariff benefits, it deserves impartial focus,” he stated.

Printed on August 12, 2025