The MD notes that while there are some headwinds in the near term due to the Middle East war, the longer-term opportunities outweigh the risks
Watch and jewellery major Titan Company is looking to invest more in capacity and capability building going ahead as it sets its eyes on new frontiers, Managing Director Ajoy Chawla said. The MD noted that while there are some headwinds in the near term due to the Middle East war, the longer-term opportunities outweigh the risks.
“The company continued to invest in manufacturing, in-house product development and design functions to strengthen competitive advantage in product superiority and supply chain agility. More capacity and capability developing investments are on the anvil as we set eyes on new frontiers,” Chawla stated in the company’s annual report for 2025-26.
The MD added that guided by a high-tech and high-touch approach, the company’s omni-initiatives delivered over 50 per cent growth in omni-sales (around Rs 15,000 crore). He added that the India consumption opportunity holds promise for the company. Rapid growth of discretionary spends, formalisation across categories, a growing middle India from tier 2,3,4 towns and healthy projected gross domestic product (GDP) growth are driving demand for branded, trusted players, he noted.
“Financial Year 2025-26 was a landmark year for Titan. We crossed the Rs 75,000 crore revenue milestone, a frontier that reflects not only scale, but also the strength of our brands, the resilience of our business models and the power of ideas that continue to fuel us forward,” Chawla pointed out.
The US tariffs on India, which peaked in August 2025, added uncertainty to the global trade environment, the MD acknowledged. He added that geopolitics led to volatility in gold prices, in turn creating significant uncertainty amongst jewellery consumers.
“Despite this, all categories grew handsomely during the year, even though Jewellery and EyeCare had fluctuating growth across quarters with a stronger second half. Titan Engineering & Automation Limited (TEAL), our B2B Engineering subsidiary saw a dramatic lift in fortunes as it scaled new frontiers in automation in the electronics manufacturing sector,” he explained.
Strong Business Performance
In Q4FY26, the jewellery business, building on its strong Q3 momentum, recorded another strong quarter of 50 per cent growth over last year. New collections and continued strength of Titan’s exchange programs powered 35 per cent growth in each of gold and studded product portfolios.
Consumer confidence in gold as both an adornment and a store of value remained intact (despite record-high prices and volatility in the quarter), translating into healthy buyer engagement. The international jewellery business (with the addition of Damas Jewellery) clocked double-digit retail growth across the GCC and North America, despite multiple disruptions due to the ongoing geopolitical situation in the Middle East region.
The watches business delivered a steady quarter, with analog watches continuing to lead the overall growth for the Division. The analog segment recorded healthy double-digit growth in consumer sales supported by good volume uptick and improvements in price realisation.
The premiumisation journey continued with Titan and international brands exhibiting encouraging double-digit growth for the quarter. Smartwatches volume decline was partially offset by improvement in average price realisations. This segment witnessed nearly 50 per cent decline in overall value. Business achieved total Income of Rs 1,222 crores for the quarter, growing 8 per cent over Q4FY25 and achieving an EBIT of Rs 143 crores at 11.7 per cent margin.
