Titan is betting that India’s appetite for mechanical watches has further room to run, with its automatic-watch business expected to reach ₹350–400 crore this fiscal, up from ₹265 crore last year.
The business has grown nearly five-fold from ₹50 crore in FY22-23, as younger and increasingly discerning consumers show greater willingness to trade up. Kuruvilla Markose, Chief Executive Officer, Watches Division, Titan Company Ltd, told businessline that the premiumisation opportunity extends well beyond metros, with about 70 per cent of consumption coming from breakout towns and Tier 1 and Tier 2 markets, against 30 per cent from the top eight cities.
Titan’s portfolio is still heavily weighted towards watches below ₹25,000. How do you see that changing over the next three to five years?
The shift towards ₹25,000-plus is already visible. The segment is growing at around 35 per cent, compared with about 15 per cent for the sub-₹25,000 segment. For Titan, the above-₹25,000 segment grew nearly 50 per cent in FY26-27, compared with around 20–22 per cent for the below-₹25,000 segment.
Over the next three to five years, we expect ₹25,000-plus to become an increasingly important part of our portfolio. We see an opportunity to grow this segment by around 50–60 per cent over the next two years. Within this, aspirational luxury could grow around 40 per cent, while the higher luxury segment could grow around 100 per cent.
How far can Titan realistically climb the mechanical-watch ladder? Is the opportunity primarily in the ₹50,000–₹1 lakh range, or further up the luxury spectrum?
The opportunity is much larger than building a ₹50,000–₹1 lakh mechanical business. We are looking at a long mechanical-watchmaking journey across price points and levels of capability.
Our mechanical portfolio today ranges from around ₹23,000 to ₹1 lakh, with propositions built around different complications and levels of sophistication. The progression is not simply about increasing prices. It is about building mechanical depth, engineering capability, accuracy, power reserve, complications and finishing, and using these capabilities to create differentiated products.
Titan has built significant manufacturing capabilities in India. What remains to be localised in mechanical watchmaking?
Over the past decade, we have progressively built capabilities in movement R&D, precision manufacturing, tooling and mechanical movement assembly, along with the people, processes and technology required for increasingly sophisticated watchmaking.
Today, we have significant capabilities across these areas, with our own tools and processes to manufacture and assemble movements. We already make a significant number of components in-house. The next phase is to deepen this capability and progressively bring more critical components and processes in-house.
Swiss and Japanese watch brands are expanding in India even as some global markets face pressure. Does Titan see this as competition or an opportunity to build the category?
I would look at it as both an opportunity and a catalyst. Titan has a scale of close to 20 million watches a year, so we come to this market with significant manufacturing depth. But scale by itself does not make you a high-horology player. That requires a different set of capabilities, and that is the journey we are now on.
We are seeing strong Swiss and Japanese competition in mechanical watches in India, and that is positive for the category. It is bringing more products, investment and consumer education into the market. India is becoming a hotbed for global watch brands because the market is growing while several other global markets are under pressure.
That competition pushes all of us to innovate and create more value for consumers.
Over the next 12–24 months, our focus will be on building a meaningful pipeline of mechanical products rather than simply chasing a large number of launches. We will introduce watches across price points and propositions, including complications, sports and performance watches, and more craft-led pieces.
Published on September 27, 2026
