Titan's jewelry biz shines, but gold prices cast shadow
Titan, a big name in Indian jewelry, reported 18% domestic sales growth for Q2 FY26—down from 25% last year.
The main reason? Gold prices jumped over 16%, making high-carat jewelry less tempting for buyers.
Still, Titan's core jewelry business (which brings in most of its revenue) managed a solid 19% boost, with bigger purchases balancing out fewer shoppers.
Online brand CaratLane outperformed Tanishq
Titan's online brand CaratLane grew sales by 30%, easily beating Tanishq, Mia, and Zoya at 18%.
Studded pieces from Tanishq, Mia, and Zoya did decently too, but plain gold jewelry wasn't as popular.
Gold coins stayed in demand for investment-minded buyers, though their slim profit margins meant less impact on Titan's bottom line.
International business soars by 86%
Titan leaned into marketing and exchange offers to keep customers interested despite expensive gold. Early festive shopping helped too.
The company added 34 new stores this quarter—now topping 3,377 stores in its network.
Watches and eyecare saw steady growth (12% and 9%), while international business soared by an impressive 86%, thanks largely to Tanishq making waves in the US market.