Titan Company delivered a robust performance in Q3 FY26, driven by strong festive demand, jewellery-led growth, and steady execution across its diversified consumer portfolio. The quarter highlighted Titan’s ability to leverage brand strength, premiumisation, and a wide product mix to navigate an environment marked by elevated gold prices and shifting consumer preferences.
Consumer Businesses Deliver Strong Double-Digit Growth
Titan’s Consumer Businesses reported ~40% YoY growth in Q3 FY26, supported by festive momentum and portfolio depth. Demand remained resilient across categories, with jewellery emerging as the primary growth driver while other lifestyle segments delivered steady, albeit selective, contributions.
Jewellery Segment Leads Performance Amid High Gold Prices
The Jewellery segment grew ~41% YoY, led largely by higher average selling prices in a high gold price environment, while buyer growth remained largely flattish. Strategic initiatives such as Tanishq’s gold exchange program played a key role in sustaining consumer engagement and extending demand beyond the core festive window.
Category-wise performance within jewellery was encouraging:
- Gold coins witnessed a sharp surge, reflecting their appeal as an investment option amid volatile markets
- Plain gold jewellery benefited from strong wedding-related demand
- Studded jewellery delivered its strongest performance in FY26 so far, aided by design refreshes and festive-led purchases
Importantly, like-to-like growth across jewellery formats remained healthy in the low-thirties, indicating broad-based underlying demand beyond price-led growth.
Watches: Premiumisation Supports Growth
Titan’s Watches business grew ~13% YoY during the quarter. Growth was supported by analogue-led premiumisation and strong festive volumes across brands such as Titan, Fastrack, and Sonata. However, the segment faced headwinds from a decline in smartwatches, driven primarily by volume pressures, even as higher-end analogue products helped cushion overall performance.
EyeCare: Omni-Channel Traction Despite Store Rationalisation
The EyeCare segment posted ~16% YoY growth, supported by:
- Strong traction in international brands
- Robust demand for sunglasses
- E-commerce-led omni-channel initiatives
This growth came despite net store rationalisation during the quarter, highlighting improving productivity and increasing contribution from digital and omni-channel channels.
Emerging Businesses Show Mixed Trends
Titan’s Emerging Businesses delivered a mixed performance in Q3 FY26. Categories such as fragrances and women’s bags recorded strong growth, while Taneira faced a decline, reflecting uneven category-level demand and evolving consumer preferences.
International Operations Deliver Strong Momentum
Internationally, Titan’s jewellery-led operations recorded over 80% YoY growth, driven by broad-based strength across GCC markets, Singapore, and North America. This performance was supported by strong festive demand, improving brand recognition, and selective store additions, reinforcing Titan’s long-term international expansion strategy.
Store Network and Portfolio Expansion
Titan continued to fine-tune its physical footprint during Q3 FY26, balancing selective store additions with rationalisation in certain formats. This disciplined approach supports profitability while ensuring adequate presence across high-growth geographies and categories.
Outlook: Well-Positioned for Sustainable Consumer-Led Growth
Titan’s Q3 FY26 performance underscores the company’s strong brand equity, diversified portfolio, and execution strength. Jewellery remains the cornerstone of growth, supported by premiumisation, strategic customer engagement initiatives, and resilient festive demand.
With improving omni-channel capabilities, disciplined international expansion, and a balanced lifestyle portfolio, Titan appears well-positioned to capitalise on long-term consumption trends while navigating near-term macro and commodity price volatility.
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