TITAN COMPANY: CONSUMER BUSINESSES GREW C.25% AGAINST 40% IN Q1; WATCHES AND EYECARE ACCELERATED WHILE DOMESTIC JEWELLERY SLOWED TO 21%
By Pau Almar · Published
Q2 FY2027 · 6 OCTOBER 2026
Titan Company's update for the quarter to 30 September 2026 reports growth of c.25% year on year for its Consumer Businesses, against 40% in the first quarter. Domestic businesses grew 22%. International grew 97%, a figure that includes Damas, consolidated from January 2026 and therefore absent from the Q2 FY2026 base. The company added 78 stores net, to 3,758. The filing carries no rupee figure: no income, no profit and no margin. It is labelled provisional and subject to limited review.
Domestic jewellery grew c.21%: Tanishq, Mia, Zoya and beYon 20%, CaratLane 32%. Studded jewellery grew in the early thirties and plain gold c.20%, while coins fell by a high single digit off a high base. Buyers grew by mid-single digits and average tickets by double digits. The company says demand softened towards the close of the quarter as the festive calendar moved into Q3 FY2027. Tanishq, Mia, Zoya and beYon slowed from 38% in the first quarter to 20%.
// KEY NUMBERS
Q2 FY2027 · quarter ended 30 September 2026
| Reported growth | +25% |
|---|
Watches grew c.30% and EyeCare c.28%, both up from 21% in the first quarter, and both above the group rate. Smart watches returned to high single-digit growth after a single-digit decline in Q1. Of the 78 net store additions, 42 were in jewellery and 34 in watches; EyeCare added none and ended the quarter on the 847 stores it had at 30 June.
Every store count reconciles to the 3,680 stores of 30 June 2026: 3,758 less the 78 net additions. The network grew 2.1% in the quarter; jewellery 3.4% on its June base of 1,227, watches 2.5% on 1,345, Emerging Businesses one store on 98 and International one store on 163.
The update gives no rupee figure, margin, same-store growth, segment weights or International growth excluding Damas, and its growth rates are rounded by the company to whole points. The festive-calendar explanation cannot be tested without a monthly split. The Q2 results will give the rupee levels behind these rates; the Q3 update will show whether domestic jewellery growth returns above this quarter's 21%.
Source: Titan Company Limited, Quarterly Update - Q2 FY 2026-27, 6 October 2026 ↗
Analysis by Pau Almar, VGR.
VGR analysis is an independent commercial reading of publicly disclosed company information, written from the perspective of a fashion retail sector operator. It is not investment research and it is not advice to buy, sell or hold any security. VGR is not a regulated financial adviser. Figures are taken from official company materials; figures derived by VGR are labelled as such. Readers should reach their own conclusions and take professional advice where appropriate.
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