Titan Company Limited’s jewellery business reported a 21% year-on-year rise in total income (excluding bullion and digi-gold) to Rs. 14,092 crore for Q2FY26. The domestic portfolio comprising Tanishq, Mia and Zoya grew 18% to Rs. 12,460 crore, while CaratLane recorded a robust 32% growth to Rs. 1,072 crore. The international jewellery business nearly doubled to Rs. 561 crore, reflecting strong traction in the UAE and North America.
Profitability remained healthy, with the domestic portfolio delivering an EBIT of Rs. 1,381 crore at an 11.1% margin. CaratLane achieved an EBIT of Rs. 109 crore at a 10.1% margin, and international operations posted an EBIT of Rs. 16 crore at a 2.8% margin.
Titan Co. Managing Director C.K. Venkataraman described the quarter as “very satisfying,” crediting the festive-led surge and strong brand affinity. “The quarter witnessed a slow start and performance progressively improved with the early festive commencement in September. The demand momentum in Navratri was particularly strong leading to a healthy 21% growth in Q2FY26. Our Jewellery business, in particular, benefitted immensely from this late surge underscoring the brand strengths and enduring consumer affinity for our brands Tanishq, Mia, Zoya and CaratLane.”
The company’s gold exchange initiative, fronted by Sachin Tendulkar, proved pivotal in stimulating demand. The campaign emotionally resonated with customers by linking gold exchange to unlocking value for both themselves and the country, explained Ajoy Chawla, CEO of the Jewellery Division, during the earnings call. This strategy, coupled with “gold rate-linked” offers instead of traditional making-charge discounts, boosted conversions even amid record-high gold prices.
Titan observed higher ticket sizes and robust investment-led buying, with gold coin sales up 65% year-on-year. Studded jewellery also posted steady 16% growth, supported by festive collections such as Mriganka and Whispers from the Valley.
Titan added 25 new jewellery stores during the quarter, taking its total count to 510 domestic and 23 international outlets across the Tanishq, Mia, Zoya, and CaratLane brands. The company also reaffirmed its commitment to expanding its retail footprint and recently announced plans to acquire a controlling stake in Damas Jewellery, a leading GCC brand—signalling Titan’s growing international ambition.
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