Titan Co Ltd, the country's leading manufacturer of branded jewelry and watches, announced a 25% year-on-year revenue increase for the September quarter of fiscal year 27. This growth was driven by the performance of its jewelry, watch, and eyewear segments.
However, the consistent growth rate slowed down: revenue growth in September was 25%, which is lower than the over 40% recorded in each of the previous three quarters. Previously, Titan reported an autonomous revenue growth of 40% in the December quarter of fiscal year 26, and this figure later accelerated to 46% in March.
In the June quarter of fiscal year 27, the company demonstrated revenue growth of 41%. In the September quarter, the jewelry division, which accounted for 91.5% of the company's total revenue of over 75,000 crore rupees in fiscal year 26, showed an increase of 21%.
Titan, which operates in the branded jewelry segment under the flagship brand Tanishq and other brands including Mia, Zoya, beYon, and CaratLane, noted that consumer demand remained stable. However, towards the end of the quarter, there was some moderation due to the shifting of the festive calendar to the third quarter of fiscal year 27.
The company reported that thanks to the 'Diamond Festival' campaign and brand-level promotions, gemstone products showed strong growth in the low thirties, while pure gold items grew by 20% year-on-year. Meanwhile, demand for coins, driven by investments, decreased from a high level, leading to a decline within the high single digits.
Growth in purchasing activity (at the portfolio level) was around the mid-single digits, and the average check showed double-digit growth during this period. Within the jewelry business, the flagship brand Tanishq, along with Mia, Zoya, and beYon, achieved growth of about 20% for the quarter, while the digitally focused jewelry retailer CaratLane continued to perform better with a growth of 32%.
The watch division grew by 30%, supported by the trend towards premiumization. Titan's analog watch business showed healthy growth in the low thirties. The smart watch business, which had been declining over the last few quarters, also demonstrated 'a recovery with encouraging growth in the high single digits' in the quarter ending September 30, 2026.
Titan's EyeCare business increased by 28%, resulting from the targeted implementation of key strategic priorities. The company emphasized that the multi-brand approach, continuous updating of the existing store network, and a clearer assortment portfolio significantly improve the overall customer experience, bringing positive results to the business.
Among the growing areas, which generally grew by 21%, perfumery showed growth in the mid-thirties, and women's bags—in the twenties. The Taneira clothing ethical line demonstrated growth in the high single digits year-on-year. International business, which mainly includes jewelry brands—Tanishq, Mia, and CaratLane—continued to show confident double-digit growth in North America.
Furthermore, the business in the Gulf Cooperation Council (GCC) countries held up well amid unstable geopolitical conditions and shows improving growth for Tanishq, while Damas shows early signs of recovery. Damas Jewellery is a jewelry retailer based in the UAE, in which Titan acquired a controlling stake last July. Titan is a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO).