Titan Q2 FY25 Results: Sparkling Growth Across Segments

Key Highlights: Revenue growth: ~20% YoY across consumer businesses. Jewellery segment: Up 19% YoY, driven by festive demand and new store additions. Watches & wearables: Grew 12% YoY, led by analog watches (+17%). Emerging businesses (fragrances, women’s bags, ethnic wear): Up 37% YoY — fragrances rose 48%, bags 90%. International business: Jumped 86% YoY, driven by strong growth in GCC and US markets. Added 55 new stores this quarter, taking the total count to ~3,377. What’s Working for Titan: Jewellery continues to shine as the main growth engine despite volatile gold prices. Diversification is paying off — new lifestyle and accessory categories are scaling fast. Expansion in international markets adds a fresh growth lever. Focus on omni-channel retail and premiumization continues to strengthen the brand. What to Watch: Gold price trends and festive demand will influence near-term jewellery sales. Margins in newer categories and overseas markets will be key for profitability. Execution in store expansion and product innovation remains critical. Investor Takeaway: Titan’s Q2 performance reinforces its position as one of India’s strongest consumer franchises. Robust growth across categories, improving margins, and a balanced expansion strategy make it a long-term compounder — though short-term movements in gold and demand can create volatility.