Titan's Q1 FY26: Jewellery Sparkles, Watches Tick Up! ✨
Hey finance enthusiasts!
Titan Company Limited, a name synonymous with quality across jewellery, watches, and eyewear, has just dropped its preliminary business update for Q1 FY2025-26. And guess what? It looks like a strong start to the new fiscal year! 🎉
Overall, Titan’s consumer businesses clocked an impressive ~20% year-on-year (YoY) growth in Q1 FY26. The company also expanded its retail footprint, adding a net of 10 new stores during the quarter, bringing its total combined retail network to 3,322 stores across its various brands.
Let’s dive into the performance of its key segments:
Jewellery Segment Steals the Show
The domestic Jewellery division, which includes beloved brands like Tanishq, Mia, Zoya, and CaratLane, saw a robust ~18% YoY growth. This is particularly notable given the gold price volatility experienced between May and mid-June, which softened consumer purchases after a good Akshaya Tritiya period. Despite this, plain gold sales grew in the mid-teens, and studded jewellery saw early double-digit growth. Customers leaned towards lighter weight and lower karatage options, impacting the studded ratio slightly.
Both Tanishq, Mia, Zoya (TMZ) and CaratLane maintained flat buyer growth YoY. However, like-to-like (L2L) domestic sales for TMZ saw early double-digit growth driven by ticket size, while CaratLane also showed healthy double-digit L2Ls. The company was busy expanding, adding 19 net new jewellery stores in India (3 Tanishq, 7 Mia, and 9 CaratLane).
Watches Division Ticks Up Nicely ⌚
Titan’s domestic Watches business recorded a strong ~23% YoY growth, driven by both volume and value. Sonata led the pack with its refreshed offerings, closely followed by Titan and well-supported by Fastrack and other international brands, all delivering double-digit growths. The division also added 9 new stores (4 Titan World and 5 Helios) during the quarter.
EyeCare Sees Growth, But Also Rationalization
The domestic EyeCare business grew by ~12% YoY, propelled by performances across retail and e-commerce, and both international and house brands. Interestingly, while Titan Eye+ opened 12 new doors, it also closed 32 stores, resulting in a net closure of 20 domestic stores for the quarter. This indicates a strategic rationalization of its retail footprint.
Emerging Businesses and International Expansion
Titan’s Emerging Businesses are truly living up to their name! Fragrances (SKINN and Fastrack) saw an impressive ~56% YoY growth in volume, and Women’s Bags surged by ~61% YoY. Taneira, the saree brand, also recorded a respectable ~15% YoY value growth.
On the international front, business grew by a stellar ~49% YoY, significantly boosted by the near doubling of Tanishq’s presence in the US market. The company added 1 net new international store, which included a new Tanishq store and a Titan Eye+ store in UAE (Dubai and Sharjah), balanced by the closure of one Mia store in the region.
Quick Glance at Key Figures (Q1 FY26 YoY Growth):
- Overall Consumer Businesses: ~20%
- Domestic Jewellery: ~18%
- Domestic Watches: ~23%
- Domestic EyeCare: ~12%
- Emerging Businesses: ~36% (Overall)
- International Business: ~49%
It’s important to remember that these figures are provisional and subject to a limited review by the company’s statutory auditors. Nevertheless, Titan Company seems to be navigating market dynamics with strategic moves and strong brand performance. For more context on Titan’s diverse portfolio, you can explore their official website here.
Stay tuned for the full detailed results once they’re officially released!
source: Corporate Announcement
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