Titan Co. Ltd reported a strong March quarter, sending its up 7% to a fresh 52-week high as its revenue surged nearly 33% to over ₹76,000 crore in 2025-26.
“FY26 has been a landmark year for Titan. We had crossed the ₹50,000 crore annual revenue milestone in FY25 after nearly 40 years. The next ₹25,000 crore has been remarkably achieved in a single year of FY26,” said managing director Ajoy Chawla, adding that it reflects “the enduring strength of our brands, the trust of our consumers, and the unflinching commitment of every member of the Titan family”.
The jewellery-to-watches maker reported consolidated revenue of ₹76,078 crore for FY26, up 32.7% year-on-year, while net profit surged 52% to ₹5,073 crore.
During the March quarter, the Bengaluru-based company’s consolidated revenue from operations rose 46% on-year to ₹20,300 crore, while net profit climbed 35.4% to ₹1,179 crore.
Management in the post-analyst call on Friday said that continued to drive strong consumer interest in jewellery, even as the company stepped up efforts to keep jewellery accessible through exchange programmes, lightweight collections and lower-carat offerings.
Chawla said Titan’s , which gained momentum from the festive quarter onward, helped bring back buyers and improve customer acquisition. The company is also pushing 14-karat and 18-karat jewellery, lightweight products and gram-based jewellery purchase plans to offset the impact of higher gold prices on affordability.
Titan operates four main businesses: jewellery, watches and wearables, eyecare, and others, including the ethnic wear brand Taneira, the perfume brand Skinn by Titan, the bag brand Irth, and Titan Engineering and Automation Ltd.
The jewellery division remained Titan’s biggest growth driver during the quarter, with revenue rising 50% on-year to ₹18,195 crore and segment profit surging 36.53% to ₹1,820 crore. Of this, sales of Tanishq, Mia, and Zoya grew 48% to ₹16,047 crore, while CaratLane’s sales increased 22.4% to ₹1,066 crore.
“We have seen an advancement in wedding purchases because people were anxious that prices could go up even beyond current levels,” Arun Narayan, chief executive of the jewellery division, said during the call.
CaratLane’s growth was partly impacted by operational disruptions stemming from a major enterprise resource planning (ERP) migration, which disrupted fulfilment during the key Valentine’s Day season.
Saumen Bhaumik, the managing director of Caratlane, said the company did not see any structural slowdown in demand for its studded jewellery offerings and described the disruption as temporary. Its margins were also impacted by continued investments in marketing and brand-building as it expanded across more than 160 towns.
Chief financial officer Ashok Sonthalia said Titan was attempting to offset margin pressure through product mix changes, lightweight jewellery, lower-carat products and cost controls.
“If gold remains at the current rate, margins are sustainable, but if gold continues to go up, there may be some impact,” Sonthalia said, adding that the company would share a more detailed outlook during its investor day in June.
Titan’s international business, with a revenue of ₹1,081 crore, turned profitable at the operating level for the full year, although the segment reported a loss of ₹82 crore during the March quarter due to geopolitical disruptions and weak consumer sentiment in the Gulf Cooperation Council (GCC) region.
Chawla said business conditions in West Asia, particularly in March, remained volatile and impacted both Tanishq’s international operations and the recently acquired Damas network.
He said that Damas was not the primary contributor to the quarterly loss and said the integration and operational improvement initiatives at the West Asia jewellery retailer were progressing ahead of internal plans.
Titan added 27 new jewellery stores in the country, including 8 Tanishq, 14 Mia, and 5 CaratLane outlets and 123 stores were added following the acquisition of Damas.
The watches and wearables division delivered a steady performance, with March quarter revenue rising 8% on-year to ₹1,222 crore and segment profit increasing 7.5% to ₹143 crore. The company added 30 new stores, 17 Titan World, four Helios, two Helios Luxe, and seven Fastrack outlets.
The eyecare business, though smaller in scale, recorded revenue of ₹227 crore and net profit of ₹21 crore, a 10.5% jump.
Emerging businesses, which include bags, fragrances, and apparel, grew 20% on-year to ₹123 crore in revenue during the fourth quarter but recorded a loss of ₹50 crore.
Chawla said the ethnic wear brand Taneira was undergoing a strategic revamp focused on improving store productivity, the merchandise mix, and buyer growth, particularly in the sub- ₹10,000 category. He added that Titan was reviewing Taneira’s operating model, product assortment and pricing architecture while also tracking inventory turns and sell-through levels more closely.
In a 17 April report, analysts at Nomura said Titan continued to benefit from strong wedding demand, higher ticket sizes and ongoing formalization in the jewellery market, which is driving customers towards organized players. The brokerage said Titan’s exchange programmes, lightweight jewellery and lower-carat offerings were helping sustain buyer growth despite high gold prices, though margin pressure remains to be seen.