Titan Company Ltd has laid out an ambitious roadmap to double its business by the end of the decade, betting that rising formalisation, premiumisation and overseas expansion will help it ride out a period of record-high gold prices that has tested demand across India’s jewellery market.
The country’s largest jewellery retailer is targeting a two-fold increase in consolidated revenue and operating profit by FY30 compared with FY26 levels, with jewellery remaining the primary growth engine even as watches, eyecare and emerging consumer businesses are expected to contribute a larger share of growth, according to the company’s annual investor presentation on Thursday.
Titan reported a consolidated revenue of ₹76,078 crore for FY26, up 32.7% from FY25, while net profit surged 52% to ₹5,073 crore.
The targets come at a time when gold prices have surged to record highs. Gold prices in Mumbai stood at ₹15,078 per gram for 24-carat gold on 4 June, up about 11% from ₹13,506 at the start of the year. The rally has been driven by strong central-bank buying, persistent geopolitical tensions and lower interest rates that have reinforced gold’s appeal as a safe-haven asset.
The sharp rise in demand for imported gold—and in prices—has prompted government intervention. Prime Minister Narendra Modi urged citizens to avoid buying gold for a year during a public rally in Hyderabad on 10 May, while the government raised customs duties on gold and silver imports to 15% from 6% on 13 May in an effort to curb imports and conserve foreign-exchange reserves.
Yet ,Titan is betting that structural shifts in the market will outweigh near-term volatility.
Jewellery remains core
Jewellery, which contributes nearly nine-tenths of the company’s revenue, is expected to remain at the centre of that expansion. Titan plans to double revenue from its flagship Tanishq, Mia and Zoya brands by FY30, raise its share of India’s jewellery market to around 11% and expand its retail network to nearly 1,400 stores.
The company, in its annual investor presentation, said that demand remains resilient across wedding and everyday jewellery categories, with plain gold jewellery growing faster than studded jewellery in recent years despite elevated prices. The trend highlights consumers’ continued preference for gold purchases even as affordability pressures intensify.
The company also sees significant scope for growth in premium and studded jewellery as consumers increasingly shift towards branded and design-led offerings.
Analysts remain broadly constructive on the company’s prospects, although they caution that sustained gold inflation remains a key risk. “Titan has been an outlier in FY26 among most category leaders in terms of both earnings performance and stock performance,” analysts at Motilal Oswal Financial Services said in a May 19 report. However, they noted that sharp gold inflation affected profitability in FY25 and kept customer footfalls subdued through much of FY26. Buyer growth was largely flat in the first half of FY26, then improved in the second half following Titan’s exchange-offer initiatives.
Shares of the company closed 3.7% higher at ₹4,238.80 apiece on the National Stock Exchange on Thursday.
Global expansion plans
International markets are expected to become a much larger contributor to growth by FY30. Titan is targeting a 2.5-fold increase in revenue from its international Tanishq and Mia operations as it expands across the Gulf Cooperation Council markets, Singapore and North America.
The Middle East forms a key pillar of that strategy. Titan plans to use Dubai-based Damas Jewellery as a platform for expansion across the Gulf. Damas is targeting a doubling of its core business by CY29 through store additions in Saudi Arabia and the UAE, product innovation and digital transformation initiatives.
Titan acquired a 67% stake in Damas back in July 2025 for around $283 million.
CaratLane, Titan’s omnichannel jewellery platform, is expected to outpace the broader jewellery business. The company is targeting a 2.3-fold increase in revenue by FY30 as it expands its presence in everyday-wear and affordable jewellery categories while continuing to invest in technology, customer acquisition and overseas growth.
Diversifying growth
Beyond jewellery, Titan’s watches division is targeting a 2.1-fold increase in revenue and a 2.2-fold rise in operating profit by FY30, driven by premiumisation, expansion of Helios and luxury watch formats, and innovation across analogue and smart-watch categories.
Titan Eye+, meanwhile, is expected to emerge as a meaningful growth driver. The company plans to scale revenue to about ₹3,500 crore by FY30 from ₹1,452 crore in FY26, supported by store expansion, premiumisation, omnichannel capabilities and growing demand for vision-care products. Titan aims to expand the eyecare network by about 1.6 times, deepen partnerships with global eyewear brands and scale newer categories such as smart eyewear.
The company’s emerging businesses portfolio, which includes fragrances, fashion accessories and Taneira sarees, is expected to be its fastest-growing segment. Titan is targeting a 3.4-fold increase in revenue by FY30 while improving profitability to mid-single-digit margins, as it looks to leverage its customer base of more than 50 million consumers and expand beyond its core jewellery franchise.