TITAN

’s Studded Strategy Delivers 41% Jewellery Growth, LGD Gains Traction

has carefully crafted its entry into the lab-grown diamond (LGD) jewellery segment under the brand ‘beYon’, targeting value-conscious consumers with competitive pricing and curated sourcing. The strategy is already paying off, with Q3FY26 jewellery revenue hitting ₹20,723 crore, up 41% YoY, and the stock reaching an all-time high of ₹4,312.10. Titan’s LGD bet complements its broader studded jewellery push and is expected to drive sustained growth. 1. LGD Brand Positioning – ‘beYon’ - Titan sources LGDs from trusted suppliers, avoiding manufacturing risks. - Pricing: ₹23,000–25,000 per carat, undercutting rivals priced at ~₹30,000 per carat. - Expansion focused on metro cities, with dedicated ‘beYon’ stores. 2. Q3FY26 Jewellery Performance - Jewellery revenue: ₹20,723 crore, up 41% YoY. - 47 new store additions in Q3. - Studded jewellery growth: mid-20s YoY, accelerating from 16% in Q2 and 11% in Q1. - Strong festive demand and premium mix supported momentum. 3. Value-Driven Growth Trajectory - Titan’s standalone jewellery revenue has shown consistent growth across quarters: - Q2FY25: ₹9,879 crore → Q3FY26: ₹20,723 crore - YoY growth ranged from 30–41% over the last five quarters. - PL Capital raised FY26–28 EPS estimates by 5–7%, forecasting ~20% CAGR. 4. Strategic Brand Segmentation - LGD jewellery positioned to complement, not cannibalize, Titan’s existing brands. - Focus on new customer acquisition and category expansion. - Titan aims to balance affordability with aspirational value. 5. Outlook and Competitive Edge - LGD segment offers margin flexibility and scalability. - Titan’s brand equity, distribution, and pricing discipline position it well against peers. - Continued store expansion and festive tailwinds could sustain momentum into Q4FY26.