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Informist, Friday, Aug. 7, 2026

 

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--Titan: Saw some softness in plain gold side towards end of July 
--CONTEXT: Comments by Titan's management in post-earnings analyst concall 
--Titan: Working on plans to keep jewellery accessible for consumers 
--Titan: Saw buyer growth taper off in last 2 yrs due to high gold prices 
--Titan: Don't see substantial increase or decrease in competitive intensity 
--Titan: See margins from CaratLane improving going ahead 
--Titan: See substantial headroom for growth, mkt shr gain for all businesses 
 

 

By Avishek Rakshit and Arya S. Biju

 

KOLKATA – Even as gold prices continue to remain stable but elevated, Titan Co. Ltd. sees substantial headroom for growth in its core jewellery business and other ventures going ahead with the potential for market share gains, a senior company official said on Friday.

 

Advising sector analysts to disregard weekly and monthly volatility in gold prices, which affects consumer demand and buying sentiment, senior officials said the company is aiming for double-digit top-line growth in the current financial year and years ahead to reach its target of doubling the revenue from jewellery sales by 2030.

 

"In a particular quarter or in two quarters, it may be looking like a power play where we hit the ball out of the park. I wouldn't get too carried away by that. Neither will I get too carried away by a particular quarter if there is some volatility and some fluctuation in the market due to external forces or gold price," the senior company official told sector analysts at the company's post-earnings conference call. "I think the larger piece I would like to maybe direct all of us towards is that the headroom for growth for all our businesses is very high."

 

The official said as consumers move towards the organised market in jewellery, eyecare, personal care, and other products, companies such as Titan stand to gain. Also, macroeconomic tailwinds may spur demand growth across income categories in the longer run. Moreover, premiumisation will also play a decisive factor in Titan registering growth in the longer run.

 

"And this is true for jewellery, this is true for eyecare, this is true for watches, this is true for fragrances, bags, saris, all of them. We have both headroom for market share gain, as well as India doing very well," the company official said.

 

Apart from jewellery, watches, and eyecare products, Titan also has fragrances, sarees, and women's bags products in its portfolio.

 

The company official said that over the past two years, there was some tapering of consumer demand for gold as prices rocketed and then remained elevated. Moreover, Titan saw some softness in consumer demand for plain gold jewellery towards the end of July, which then recovered in August. 

 

"It does happen sometimes when the price is range-bound, and people also hear news from various sources that 'bears' have taken hold of gold and gold is likely to go down. So, a lot of confusing news that people were exposed to during the month of May, and that kind of puts people back to the fence and they tend to wait it out," the company official said. 

 

With gold prices remaining high compared to the past two-three years, Titan is working to keep its jewellery portfolio "exciting and accessible" for consumers. It is coming up with lightweight jewellery, reducing carat, or the purity of gold in its jewellery range, and also coming up with more studded jewellery – all of which are priced lower than traditional gold jewellery pieces which are heavier and have higher purity of gold. 

 

In line with industry trends, the company is also banking on its gold exchange programmes to push sales and attract customers to exchange their old gold for money and jewellery at its stores. Such exchange initiatives help companies garner revenue when gold prices soar or remain elevated. Buyers do not necessarily purchase an extra gram of the yellow metal, but exchange their existing gold for a new jewellery piece or cash.

 

Going forward, Titan is targeting to increase margins from its CaratLane jewellery brand. In the June quarter, CaratLane's top line grew 41% on year to over INR 14 billion, with the studded jewellery portfolio continuing to remain the dominant category. The earnings before interest and tax from the CaratLane business increased sharply by 144% on year to INR 1.7 billion, clocking an 11.5?IT margin. 

 

Friday, shares of Titan closed 1.1% lower at INR 4,941.00 on the National Stock Exchange. End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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