Titan Company is expected to report moderation in growth in the September quarter, with domestic jewellery sales slowing amid easing gold price inflation and an unfavourable festival calendar, even as demand for studded jewellery remains strong.
Brokerage estimates point to steady growth in watches and eyewear, while elevated gold prices and a higher share of gold exchange programmes are likely to weigh on jewellery margins. The company will announce its results on November 5.
Kotak Securities estimates domestic recurring jewellery sales, excluding bullion, to grow 30 per cent year-on-year, against the 38 per cent growth in the June quarter. Like-for-like growth is expected to moderate to 22 per cent from 33 per cent in the previous quarter, as gold price inflation eases to 45 per cent from 55 per cent and the shift in Navratri to October this year affects the base. The brokerage estimates this calendar shift could shave 400-500 basis points off growth.
Motilal Oswal said Titan’s jewellery portfolio grew around 21 per cent during the quarter, with domestic jewellery sales rising 20 per cent and CaratLane reporting 32 per cent growth. Studded jewellery grew in the early 30s, supported by promotional campaigns, while plain gold jewellery sales increased around 20 per cent. Buyer growth remained in the mid-single digits, with average ticket sizes rising in double digits. Demand moderated towards the end of the quarter as some festival purchases shifted to the December quarter.
Titan’s overall consumer businesses reported around 25 per cent growth, according to the brokerages. The company added 78 net stores during the quarter, taking its combined retail network to 3,758.
Watches and eyewear sales are expected to grow 15 per cent and 14 per cent, respectively, according to Kotak Securities, supported by demand for analogue watches. The brokerage estimates watch EBIT margin at 15 per cent, down 120 basis points year-on-year, while eyewear margins are projected at 9 per cent, up 350 basis points.
Jewellery EBIT margin is estimated to decline 10 basis points year-on-year to 10.7 per cent, with higher gold coin sales, elevated gold prices and increased gold exchange activity tempering profitability. Kotak Securities expects Titan’s recurring profit after tax to grow 29 per cent year-on-year.
Published on October 22, 2026
