Titan Q2 update nears with jewellery growth bar near 30%

Titan Company Limited

is expected to publish its Q2 FY27 business update in the first week of October, and HSBC looks for about 30% year on year growth. In Q1 jewellery revenue rose 39% and the stock gained 3% on the day. Facts: Q1 FY27 consumer business revenue rose 41%, excluding bullion and digi-gold. International grew 128%, but Damas Jewellery has been consolidated since January 2026. Jewellery is about 90% of revenue. Citi put Q1 jewellery revenue and EBIT growth at 38% and 33% on a like-for-like basis. HSBC noted some moderation in July. Last year's update came on October 7. Analysis: The Q2 FY26 base is not soft. Domestic jewellery grew 19% then, and a late Navratri surge helped. A 30% print would need strong demand on top of that, and Damas adds inorganic growth to the international line. The headline can look strong while organic growth is lower. View: I would strip out Damas and bullion before judging the update. Studded jewellery is the better quality signal, because Citi expects mix gains from studded growth picking up as gold coin growth cools. Gold prices are volatile, so value growth alone can mislead. Management has committed to double-digit jewellery value growth, but that is a lower bar than 30%. Next: The Q2 update, for domestic jewellery growth excluding Damas, and studded growth against plain gold. The Q2 results after that, for jewellery EBIT margin. Stance: Neutral into the update. Expectations are already high, and a 25% print would look like a miss. I do not hold a position in Titan Company Limited. Not investment advice