Store expansion in Q1 was slower than planned, with only three new Tanishq stores opened.
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FRANCIS MASCARENHAS
Titan Company’s jewellery division sustained its national market share in Q1 FY26, after marginal gains last year, according to Ajoy Chawla, CEO – Jewellery. Speaking on the post-earnings call, Chawla said this assessment was based on multiple data sources, including market data, internal tracking, and World Gold Council insights. While some regional players may have ceded share to multiple national brands, Titan sustained its position, he asserted.
“In markets where our base is very high, newer national entrants starting from a smaller base may show similar same-store growth to ours. Often, the growth is spread across multiple players, with share loss coming from regional jewellers,” Chawla noted. The geography mix also influences product preferences- some markets skew towards gold, others towards studded jewellery, and some towards higher- or lower-value segments.
Store expansion in Q1 was slower than planned, with only three new Tanishq stores opened. Chawla expects acceleration in Q2, with many store launches timed ahead of the festive season in October.
The company posted a consolidated PAT of ₹1,091 crore, up 53% year-on-year, on total income of ₹14,966 crore, a 21% rise. The jewellery division grew 19% to ₹12,797 crore, driven by higher gold jewellery and coin sales as customers shifted towards gold amid price volatility. Studded jewellery buyer growth outpaced gold jewellery, excluding coins.
Managing Director C. K. Venkataraman attributed the softer-studded performance partly to consumption constraints and competitive intensity, stressing the need for greater innovation. Chawla added that value growth in studded jewellery will depend on exciting customers across price points, including the ₹2–8 lakh range, where a large number of buyers are ready to purchase. He said this presents a clear market development opportunity for the company.
Elaborating on the tariff impact, Venkataraman said that Titan had laid the groundwork to navigate current market challenges and had delivered a strong performance in Q1 FY26. However, he noted that market signals remain volatile and cautioned against any knee-jerk reaction on pricing. “Claims are at a bloated level, and we will wait until the end of August to see how the situation develops before finalising the price we believe is appropriate,” he said.
On sourcing, Venkataraman highlighted that the U.S. contributes just over 2% to company sales, making the current tariff-related developments less critical in the short term. He added that the international jewellery business is expanding, with recent investments in the GCC marking a significant push in that market. “The GCC jewellery business will soon be very large for us, and combined with the U.S., could account for around 6% of company sales. Even without tariff advantages, it merits independent focus,” he said.
Published on August 12, 2025
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