TITAN

Achieves Strong 20% Growth in Q2FY26 Driven by Early Festive Sales

reported a healthy 20% overall year-on-year (YoY) growth in Q2FY26, with both the jewelry and non-jewelry/international segments keeping pace. The domestic jewelry business (excluding bullion and digi gold) posted a strong 19% YoY growth in Q2FY26, despite a high base from the previous year and a steep rise in gold prices. → This strong jewelry growth was primarily driven by the early onset of festivals in September and Titan's significant efforts in promotions and exchange offers. → A key factor influencing the value growth was a nearly 45% surge in gold prices during Q2FY26, which substantially increased the average ticket sizes. However, buyer growth declined marginally YoY, potentially reflecting consumer hesitation due to the rapid price increase. → Within the jewelry segment, Carat Lane (affordable, everyday wear) posted a higher growth of 30%, while Tanishq, Mia, and Zoya combined grew by 18% YoY. The studded jewelry business (Tanishq, Mia, Zoya) grew in the mid-teens, slightly outperforming the plain gold jewelry business. Gold coins continued to outperform segment growth, signaling strong consumer investment sentiment towards gold as an asset class. → The domestic jewelry division added 34 net new stores during the quarter, bringing the total store count to 1,120. The non-jewelry business also saw healthy double-digit growth, driven by the watches and wearables division (12% YoY growth) and eye-care (9% growth). → Emerging businesses showed exceptional growth at 37%, with fragrances and women's bags growing by 48% and 90%, respectively. \ The international business posted a strong 86% YoY growth, led by Tanishq more than doubling its business in the US and achieving strong growth in the GCC market.