Titan strikes gold this festival season

Rides the boom as Navratri drums up quarterly demand

- RAM PRASAD SAHU

The stock of Titan Company, the country's largest listed jeweller and watchmaker, rose 4.4 per cent after the firm posted better than expected sales growth for the July-September quarter (Q2) of 2025-26 (FY26).

Despite a high base, Titan's domestic revenue grew 20 per cent, driven largely by its jewellery segment. In a prequarter update, Titan reported 19 per cent growth in its India jewellery division, which was 300-600 basis points (bps) higher than brokerage estimates.

Titan's peer Kalyan Jewellers also reported strong growth of 31 per cent in its India operations, led primarily by robust wedding demand and a strong start to the festival season.

The company noted that Navaratri sales - not included in the base quarter - partially offset the impact of last year's Customs duty cut during Q2 of 2024-25 (FY25). Same-store sales growth stood at a healthy 16 per cent.

PN Gadgil Jewellers too reported a solid performance, with its retail segment growing 29 per cent in Q2FY26, supported by strong store-level numbers and festival season demand.