Titan Company has announced its financial results for Q4FY26, led by another standout quarter for the Jewellery Business, while the Watches Business posted stable, modest growth.

Jewellery Business: 50% Growth Continues Strong Momentum

The Jewellery Business grew 50% over the same quarter last year, building on the strong momentum already seen in the previous quarter. Both gold jewellery and studded jewellery (pieces set with diamonds or gemstones) recorded healthy 35% growth each, driven by new collections and the continued popularity of Titan's exchange programs, where customers trade in old gold jewellery for new pieces.

Gold prices remained at record highs during the quarter, accompanied by notable market volatility. Despite this, customer confidence in gold held firm, both as a form of adornment and as a store of value, resulting in strong buyer engagement across stores nationwide.

India Business

India Business Income rose 46% to ₹17,114 crores. Within this:

• Tanishq, Mia and Zaya, Titan's flagship jewellery brands, together grew 48% to ₹16,047 crores

• Caratlane, the company's online jewellery brand, grew 22% to ₹1,066 crores

On profitability, the India Business posted an EBIT of ₹1,902 crores at an 11.1% margin. Tanishq, Mia and Zaya together contributed ₹1,813 crores at an 11.3% margin, while Caratlane's domestic operations earned ₹89 crores at an 8.4% margin.

International Business

The international jewellery business, now including Damas Jewellery following its recent acquisition, grew 174% to ₹1,081 crores. This strong growth came even as the business navigated disruptions linked to the ongoing geopolitical situation in the Middle East.

Despite the revenue growth, the international business recorded a loss of ₹82 crores for the quarter, as the newly acquired Damas operations continue to be integrated into Titan's broader network.

Overall Jewellery Performance

Taken together, the Jewellery Division earned a total profit of ₹1,820 crores for the quarter, at a margin of 10.0%.

Store Expansion

Titan expanded its jewellery retail footprint significantly during the quarter:

• 27 new stores added in India: 8 Tanishq, 14 Mia, and 5 Caratlane

• 4 new Tanishq stores opened in the Gulf (GCC) region

• 123 stores added to the international network through the Damas acquisition

Note: All jewellery figures exclude Bullion and Digi-Gold sales.

Watches Business: Steady Quarter

Titan's Watches Business delivered a stable quarter, led by continued double-digit growth in analog watches, supported by both higher sales volumes and improved pricing. Titan's own brand and its International watch brands also saw encouraging double-digit growth, reflecting a shift toward premium watches. Smart watches saw fewer units sold, though better pricing partially offset this; overall value in the category fell by nearly 50%.

The Watches Business achieved a total income of ₹1,222 crores, growing 8% over last year, with an EBIT of ₹143 crores at an 11.7% margin. The division added 30 new stores during the quarter across Titan World, Fastrack, Helios and Helios Luxe.

Overall, Q4FY26 reflects a strong quarter for Titan, with the Jewellery Business as the standout performer, driven by robust domestic demand and rapid international expansion through the Damas acquisition. The Watches Business, meanwhile, held steady, with analog and premium watches offsetting continued weakness in the smart watches segment.