Titan Company Limited - Quarterly Update - Q4 FY 2025-26

Titan Company's Consumer Businesses registered a growth of c.46% YoY in Q4FY26. A total of 47 stores (net) were added during the quarter expanding Titan's combined retail network presence to 3,603 stores.

The company witnessed strong double-digit revenue growth in its most significant verticals, driven by consumer demand and strategic retail expansion:

Jewellery Division: The segment grew by 46% Year-on-Year (YoY). The core brands (Tanishq, Mia, Zoya, and beYon) led with a 47% growth, while CaratLane posted a steady 24% YoY increase.

Watches & Wearables: The division recorded a 7% YoY growth, supported by the addition of 30 new stores during the quarter.

EyeCare: Despite a net reduction of 20 stores (likely due to network optimization), the segment achieved a 16% YoY revenue growth.

Emerging Businesses: This segment, which includes Taneira and other newer ventures, grew by 17% YoY.

Domestic Businesses

Jewellery

Business delivered a strong quarter recording c.46% YoY growth in Q4FY26. Secondary (consumer) sales were higher, growing by c.52% YoY led by Tanishq and well supported by Mia, both clocking robust growths, compared to Q4FY25. The steep increase in gold prices notwithstanding, business recorded high-single digit buyer growth in Q4FY26 after clocking nearly flat buyer growths in the previous three quarters of FY26. The average ticket sizes also moved up considerably contributing to the Revenue growth in the quarter. Within categories, studded grew strongly in early thirties, gold (plain) clocked growth in the mid-thirties and coins nearly tripled in sales, respectively compared to Q4FY25. The like-to-like growths (secondary) across all the jewellery retail formats (combined) were close to c.48% YoY.

Of the 27 new store additions (net) in India, 8 were in Tanishq, 14 in Mia and 5 in CaratLane respectively.

Watches

Division's c.7% YoY growth comprised of c.16% YoY growth in analog watches and c.(53%) YoY decline in the Smart Watches category. Analog growth was led by Titan, Sonata and International brands reflecting sustained consumer interest in both premium and entry levels alike. Premiumization trends contributed to healthy ticket size increases in the quarter.

Division added 30 new stores (net) consisting of 17 stores in Titan World, 7 stores in Fastrack, 4 stores in Helios and 2 store in Helios Luxe respectively.

EyeCare

Business grew c.16% YoY, building on the healthy momentum of the previous quarters and powered by growth in International brands across product categories of sunglasses, lenses and frames. Division continued optimizing its network by renovating 37 stores, closing 32 stores and adding 12 new stores during the quarter.

Emerging Businesses

Fragrances grew c.30% YoY led by double-digit volume growths in Fastrack and Skinn. Women's Bags grew c.47% YoY led by new store expansion and healthy volume growth in both Irth and Fastrack. Taneira's sales declined c.1% YoY.

Irth added 6 stores during the quarter; Taneira closed 1 store in the same period.

International Businesses

Titan's North America business continued its strong momentum clocking c.50% YoY growth in the quarter. As part of leveraging Damas' existing network (in GCC), 4 Damas stores were converted to Tanishq in Q4FY26. March month saw significant disruptions in the region on account of the war in Middle East impacting sales in both Tanishq and Damas stores. Despite this, Tanishq's GCC business clocked a healthy growth of c.37% YoY in the quarter. Titan's international business (including Damas) grew c.156% YoY in the quarter.

As of Mar'26, Titan's international store network spans 149 stores in the GCC region, 12 stores in North America [Tanishq - 10 stores, CaratLane - 2 stores (including 1 opened during the quarter in Dallas, USA)] and 1 Tanishq store in Singapore. The GCC region network of 149 stores comprises of 142 Jewellery stores [Tanishq - 18 stores (including 4 converted stores), Mia - 1 store and Damas - 123 stores] and 7 Titan Eye+ stores.

Shares of Titan Company Limited was last trading in BSE at Rs. 4230.70 as compared to the previous close of Rs. 4244.40. The total number of shares traded during the day was 19794 in over 3618 trades.

The stock hit an intraday high of Rs. 4249.40 and intraday low of 4172.00. The net turnover during the day was Rs. 83367379.00.

Source : Equity Bulls

Keywords

TitanCompany INE280A01028 Q4FY26 FY2026 QuarterlyUpdate