Thriving Jewelry Enterprise of Titan Sets Sights on Rapid Growth during Q2
Titan Company's Q1 FY26 Performance: Focus on Retail Transformation and Expansion
August 12, 2025
Titan Company, a leading Indian conglomerate, reported a strong performance in the first quarter of the financial year 2025-2026 (FY26). The company posted a consolidated Profit After Tax (PAT) of ₹1,091 crore, marking a 53% year-on-year increase, and a total income of ₹14,966 crore, a 21% rise.
The company's Tanishq division, a significant contributor to the overall revenue, sustained its national market share in Q1 FY26. Despite a slower store expansion compared to plans, with only three new stores opened, the focus was on enhancing existing stores. Eight existing outlets were relocated or expanded into larger formats to improve customer experience and sales productivity. This approach reflects an ongoing retail transformation strategy rather than a slowdown due to external factors.
Ajoy Chawla, CEO - Jewellery of Titan Company, highlighted the need for greater innovation in the studded jewellery market and expressed optimism about acceleration in Q2, with many store launches timed ahead of the festive season in October. He also noted that in markets where Titan's base is high, newer national entrants may show similar same-store growth.
C. K. Venkataraman, Managing Director of BlueStone, attributed the softer-studded performance to consumption constraints and competitive intensity. He also mentioned that the U.S. contributes less than 2% to the company's sales, making current tariff-related developments less critical in the short term. However, he revealed that the international jewellery business is expanding, with recent investments in the GCC marking a significant push in that market. The GCC jewellery business is expected to become a significant portion of the company's sales, potentially accounting for around 6% of total sales.
The geography mix influences product preferences, with some markets skewing towards gold, others towards studded jewellery, and some towards higher- or lower-value segments. The jewellery division grew 19% to ₹12,797 crore, driven by higher gold jewellery and coin sales.
Venkataraman noted that market signals remain volatile and advised against any hasty pricing decisions. Chawla believes that value growth in studded jewellery will depend on exciting customers across various price points, including the ₹2-8 lakh range.
The BlueStone Jewellery and Lifestyle IPO is in its second day today, marking another significant step in the company's growth trajectory. With a strategic focus on retail transformation and expansion, Titan Company is well-positioned to navigate current market challenges and deliver strong performance in the future.
- The strong performance of Titan Company, as seen in Q1 FY26, indicates a positive outlook for their business in the finance industry.
- Ajoy Chawla, the CEO of Titan Company's Jewellery division, has expressed an optimistic opinion about the acceleration of their business in Q2 FY26, particularly in the studded jewellery market.
- In the global markets, Titan Company's base is high, and it is expected that new national entrants may show similar growth in the same-store market, according to Ajoy Chawla.
- C.K. Venkataraman, the Managing Director of BlueStone, has noted the influence of geography on product preferences, with some markets showing a preference for gold, studded jewellery, or higher- or lower-value segments.
- With the BlueStone Jewellery and Lifestyle IPO underway, the company is making a significant step towards business expansion and growth in the stock markets, following their strategic focus on retail transformation and expansion.
