Titan's Jewellery Sales Jump 24% as Its Profit Rises 54% to ₹1,722 Crore and International Revenue More Than Doubles

Titan Company, the Tata Group's jewellery, watches and eyewear business, reported strong growth across its businesses in the September quarter, as Indian consumers, led by women buyers of gold and studded jewellery, continued to spend despite high gold prices.

The company's consolidated total income, excluding bullion and digital gold sales, rose 25% to ₹20,533 crore for the July-September quarter, the second quarter of the 2026-27 financial year, according to Kotak Neo, citing results announced on Thursday, November 5.

Profit after tax, excluding a non-operational fair value gain, rose 54% to ₹1,722 crore. Statutory profit was higher, as it included a ₹671 crore gain from remeasuring a put option liability linked to the minority interest in Damas, the Middle Eastern jewellery chain Titan acquired, according to Kotak Neo. Upstox reported standalone profit of ₹2,393 crore.

Profit before tax rose 53% to ₹2,329 crore, including a ₹536 crore benefit from customs duty. Excluding that benefit, profit before tax rose 18% to ₹1,793 crore, with a margin of 8.7%.

Jewellery sparkles

The jewellery business, which accounts for the vast majority of Titan's revenue, grew 24% to ₹17,495 crore, according to Kotak Neo. India jewellery revenue rose 21% to ₹16,343 crore.

Tanishq, Mia and Zoya, Titan's jewellery brands, grew 20% combined to ₹14,935 crore, according to BigGo Finance. CaratLane, its omnichannel jewellery brand focused on younger buyers, grew 31% to ₹1,408 crore. Studded jewellery, which carries higher margins than plain gold, grew more than 30%, while gold coin sales declined.

International jewellery revenue more than doubled, rising 105% to ₹1,152 crore, boosted by the acquisition of Damas. Tanishq, Mia and CaratLane's international operations grew 41% to ₹788 crore.

Excluding the customs duty gain, India jewellery's operating margin was 10.7%.

Watches and eyewear grow

The watches business grew 27% to ₹1,881 crore in total income, with an operating margin of 21.9%, according to Kotak Neo. Analogue watches grew in the low thirties percentage range, while smartwatches grew in the high single digits. Titan added 34 net new watch stores in India.

The EyeCare business, which includes Titan Eye+, grew 28% to ₹281 crore. Emerging businesses, including the fragrance brand SKINN, the women's bags brand IRTH and the sari brand Taneira, grew 21% to ₹171 crore but posted a combined loss of ₹6 crore.

Strong first half

For the first half of the financial year, total income rose 32% to ₹41,286 crore, profit before tax rose 58% to ₹4,758 crore and profit after tax rose 58% to ₹3,499 crore, on a comparable basis, according to Kotak Neo.

Management view

Managing director Ajoy Chawla described the quarter as a period of healthy, broad-based growth, according to Kotak Neo. BigGo Finance reported that consumer demand stayed healthy for most of the quarter, despite the shift in the timing of the festive season. The company said that "Jewellery, watches and EyeCare delivered broad-based growth."

Titan also marked 30 years of Tanishq, which was launched in the mid-1990s and has become India's largest jewellery brand, transforming an industry long dominated by family-run local jewellers.

Advertising push

Titan increased its advertising spending by 15.4% to ₹471 crore in the quarter, according to BigGo Finance, as it competes for market share during the important festive and wedding seasons.

Market reaction

Titan's shares closed at ₹4,834.60 on the National Stock Exchange on November 5, up 1.69%, according to Kotak Neo. On November 6, the stock rose a further 2.32% to ₹4,946.90, according to Business Today, as Indian markets held steady despite a global sell-off. The shares had risen about 21% this year before the results.

The gold price challenge

High gold prices present both opportunities and challenges for jewellers. Higher prices increase the value of each sale, but can deter some buyers and shift demand towards lighter jewellery or studded pieces. Titan has benefited from its strength in studded jewellery and its trusted brand, which attracts customers concerned about the purity of gold.

The customs duty benefit reflects changes in India's import duties on gold, which affect the value of jewellers' inventories.

Women at the heart of the business

Women are the core customers of Titan's jewellery business, and their changing preferences are reshaping the industry. Younger women, including working professionals, increasingly buy jewellery for everyday wear and for themselves, rather than only for weddings and festivals. Brands such as Mia and CaratLane are designed to appeal to these buyers with lighter, more contemporary designs at lower price points.

This shift has helped organised jewellers such as Tanishq gain market share from traditional jewellers, as women consumers seek trusted brands, transparent pricing and modern designs.

Global ambitions

Titan's international expansion is gaining momentum, with Tanishq opening stores in the Middle East, the United States and other markets with large Indian diaspora communities. The acquisition of Damas has given Titan a significant presence in the Gulf, one of the world's largest jewellery markets and home to millions of Indians.

The Damas acquisition

Titan's acquisition of Damas, a well-known jewellery chain in the Gulf, has accelerated its international expansion. Damas contributed ₹364 crore of revenue in the quarter, although it reported a loss of ₹24 crore, according to BigGo Finance, as Titan works to integrate and turn around the business. The Gulf is home to a large Indian diaspora and is one of the world's most important markets for gold jewellery.

The acquisition gives Titan a ready-made retail network in the region, which it can use to sell both Damas and its own brands, such as Tanishq and CaratLane, to Indian and other customers.

Watches and the smartwatch question

Titan's watches business, which includes the Titan, Fastrack, Sonata and premium brands, has performed strongly, with analogue watches growing faster than smartwatches. This suggests that consumers continue to value traditional watches as fashion and status items, even as smartwatches have become widespread. Titan has also been expanding its premium and luxury watch retail through its Helios and Helios Luxe stores, which added nine net new stores in the quarter.

What comes next

The wedding season and festive demand will be key to Titan's performance in the coming quarters. Investors will watch gold prices, the growth of studded jewellery and international expansion. With strong brands and a growing global footprint, Titan remains one of India's most successful consumer companies.