Titan’s Q1 Revenue Gets Boost from Watches and Fragrances Amid Jewellery Volatility

Titan Company Ltd ended the June 2025 quarter with a mixed performance, as robust growth in its watches, fragrances, and international operations helped balance a softer showing in its core jewellery segment. The company cited rising gold prices as a key drag on jewellery demand in the latter half of the quarter.

Jewellery, which remains Titan’s largest business vertical, posted around 18% year-on-year growth in domestic operations. Strong sales during Akshaya Tritiya supported this momentum. However, from May through mid-June, a sharp surge in gold prices curbed buying enthusiasm, leading to stagnant customer growth across both Tanishq and CaratLane.

In response to the price hike, shoppers leaned towards more affordable products. Lightweight jewellery and lower-karat gold pieces gained traction, with plain gold jewellery growing in the mid-teens and studded collections recording early double-digit growth. Like-to-like sales at Tanishq held steady in the low double digits, largely driven by a rise in average transaction value.

The watches and wearables segment was a key growth driver, with domestic sales rising 23% year-on-year. Analog watches led the way, with both volume and value growth. Sonata performed particularly well, followed by solid contributions from Titan, Fastrack, and international labels. Titan added nine new watch outlets during the quarter four under Titan World and five Helios stores.

The EyeCare division grew 12% year-on-year, benefitting from stronger performance in both offline retail and online platforms. However, the store network shrank by 20 locations as Titan opened 12 new Titan Eye+ stores but closed 32.

Emerging businesses posted strong gains. Fragrance sales soared 56%, led by demand for SKINN and Fastrack lines. The women’s bags category surged 61%, and the ethnic wear brand Taneira registered a 15% increase in revenue, driven by premium saree sales.

The international business stood out as a major highlight. Revenues jumped 49% year-on-year, led by strong traction in the United States, where Tanishq nearly doubled its business. In the Middle East, Titan expanded its footprint by opening one new store each under the Tanishq and Titan Eye+ banners, while one Mia outlet was closed. By the end of the quarter, Titan had added nine new domestic outlets and one international store, bringing its total retail footprint to 3,322 stores.

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