Titan Company Ltd – Q2FY25 Business Update: Resilient Performance on a High Base

Summary:

reported a decent Q2FY25 performance despite operating on a high base. The jewellery segment continued to drive growth, supported by higher ticket sizes amid rising gold prices, while non-jewellery businesses also delivered healthy double-digit growth. Key Highlights: Jewellery Segment: Domestic jewellery business grew 19% YoY, aided by an increase in ticket size driven by surging gold prices. The company noted a marginal decline in buyer counts year-on-year. The quarter faced a high base due to the customs duty cut in Q2FY24, but this was partially offset by the early onset of the festive season. Watches & Wearables: Reported 12% YoY growth, indicating sustained consumer traction across premium and mid-tier categories. Eyecare: Achieved 9% YoY growth, supported by new store additions and brand expansion. CaratLane: Continued its strong growth trajectory with 30% YoY growth, reinforcing its leadership in the omni-channel jewellery space. International Business: Reported a robust 86% growth, led by a twofold increase in U.S. sales. Emerging Businesses: Grew 37% YoY, supported by strong category momentum — Fragrances up 48%, Women’s Bags up 90%, and Taneira up 13%. Analyst View: Titan delivered a resilient quarter despite macro challenges and a strong base effect. Growth across categories underscores the company’s brand strength, diversified portfolio, and strong execution capabilities. While elevated gold prices and discretionary spending trends warrant monitoring, early festive demand and international expansion provide near-term visibility for sustained growth momentum.