Titan's Q2 business update showed festive season shift dragging growth, with brokerages split on outlook but mostly maintaining buy/overweight

Wed 7 Oct 2026

Domestic business growth

22 percent

Jewelry growth

21 percent

Watches growth

30 percent

Eyewear growth

28 percent

International business growth

97 percent

Heard on business television between 07:39:19 - 07:42:19 IST.

• Domestic business grew 22%, consumer business 25%, jewelry 21%, watches 30%, eyewear 28%, emerging business 21%, international business grew 97%.
• Studded jewelry grew in early 30s (positive mix shift), plain gold grew around 20%, while gold coin demand fell on a high base.
• Buy growth was positive at mid-single digits, average ticket size grew double digit due to rising gold prices; analog watches grew in early 30s, smartwatches recovered with high single-digit growth.
• Eyewear benefited from multi-brand strategy and store upgrades; fragrances grew mid-30s, women's bags grew 20s, Tanera turned positive with single-digit growth; international business saw double-digit momentum in North America with early signs of recovery in the Middle East.
• Citi maintained buy with target 5,700, noting domestic jewelry growth of 20% was below its 27% estimate and gold prices were up ~46%; Morgan Stanley maintained overweight with target 5,483, saying Q2 was weaker than expected but positives were better product mix and bag momentum, and recommended buying on near-term correction.

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