Titan Company has once again managed to shine through the noise. In the July–September quarter (Q2 FY26), the homegrown retail giant reported nearly 20% year-on-year growth in its consumer businesses. What’s more, the company went on an expansion spree, adding 55 new stores during the quarter — taking its total count to 3,377 outlets across India and abroad.
And if you think this growth came easy — think again. Gold prices have been soaring, consumer sentiment’s been unpredictable, yet Titan seems to have cracked the festive formula once again.
Jewellery Still the Crown Jewel
Let’s be honest — Titan’s real muscle continues to be its jewellery division. The segment clocked around 19% growth compared to the same quarter last year. Not bad, considering the steep climb in gold prices that usually makes shoppers hesitate a bit.
The company said sales got a solid boost from early festive buying, well-timed promotions, and exchange offers that kept footfalls high. You could say Titan’s been doing what it does best — reading the Indian consumer’s pulse during wedding and festival seasons.
Interestingly, last year’s base wasn’t exactly small, which makes this year’s double-digit growth all the more impressive.
Overseas Markets Glitter Too
While India kept the engines running, Titan’s international business really stood out this quarter. It jumped a whopping 86% year-on-year — yes, eighty-six!
That’s a huge leap for a company that’s still relatively new to global retail play. Most of this traction reportedly came from Middle Eastern markets, where Titan has been expanding its presence steadily. It’s still a small slice of overall revenue, but clearly one with massive potential if they play their cards right.
Watches, Wearables, and Emerging Bets
The watches and wearables division clocked about 12% growth this quarter, thanks to renewed interest in analog watches and premium smart models. It’s a mature category, so seeing double-digit growth here is no small feat.
Meanwhile, Titan’s so-called “emerging businesses” — think fragrances, handbags, and ethnic wear (under Taneira) — are showing consistent traction too. These may not yet be the company’s biggest revenue drivers, but they’re building a future beyond gold and watches, one store at a time.
The Great Expansion Push
Titan wasn’t shy about its retail ambitions either. The company added 55 new stores during the quarter, across various categories and brands. That brings its total to 3,377 stores, of which a huge 3,345 are in India.
Its digital-first brand CaratLane opened around 10 new stores, expanding to 341 locations by September. The brand has quietly become a force in the fine jewellery segment — blending e-commerce with the tactile charm of physical retail.
It’s almost like Titan’s building an ecosystem rather than just selling products — and that might be its biggest long-term strength.
Not All That Glitters: Some Margin Pressure
Now, it wasn’t all smooth sailing. Rising gold prices have been a bit of a party spoiler. With gold hovering near record highs, demand has been somewhat inconsistent — people are still buying, but often trading up in smaller quantities.
There’s also been talk of margin pressure, mainly due to higher raw material costs and Titan’s ongoing store expansion. Running thousands of retail outlets isn’t cheap, and the company’s trying to balance growth with profitability.
Still, investors seemed cautiously optimistic. Titan’s stock rose about 4% post-results, suggesting the market’s still got faith in its long-term game.
The Road Ahead: A Balancing Act
For the next few quarters, Titan will need to juggle quite a few things:
- Taming gold price volatility — because that directly hits consumer sentiment.
- Maintaining healthy margins while opening new stores across categories.
- Keeping global momentum alive, especially in the Middle East and potential Western markets.
- Nurturing emerging verticals like fragrances and ethnic wear to diversify revenue streams.
If Titan pulls it off, it won’t just be India’s go-to name for watches and gold — it’ll be a diversified lifestyle powerhouse, ready for global play.
Editor’s Take
Titan’s Q2 FY26 numbers may not be earth-shattering, but they’re steady, credible, and well-rounded. The company continues to do what it’s always done best — scale smartly, build trust, and quietly evolve with changing consumer habits.
Sure, margins may wobble a bit, and gold prices will always be a wild card, but Titan’s long-term story still feels rock-solid. You can tell this is a company that plays the long game — and plays it well.
💡 In Short
20% growth, 55 new stores, 86% global jump — Titan’s quarter wasn’t perfect, but it was a confident reminder that India’s consumer engine still runs on aspiration, trust, and a bit of gold.
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