Titan consumer businesses grow 25 per cent in Q2 FY27

MUMBAI: Titan’s growth story is ticking, sparkling and seeing its way through Q2 FY27. The company’s consumer businesses recorded around 25 per cent year-on-year growth during the quarter, powered by jewellery, watches and EyeCare, although jewellery demand softened towards the end as the festive calendar shifted towards Q3.

The quarter also brought another expansion push on the retail front. Titan added 78 net stores across its consumer businesses, taking its combined retail network to 3,758 stores as of September 2026, while its domestic consumer businesses grew 22 per cent year-on-year.

Jewellery remains the biggest sparkle

Titan’s jewellery business, comprising Tanishq, Mia, Zoya and beYon, grew around 21 per cent year-on-year in Q2 FY27. Demand remained healthy for most of the quarter, but moderated towards the end as some of the festive demand moved into Q3 FY27.

Studded jewellery was one of the stronger performers, posting growth in the early thirties. The company attributed the momentum to its ‘Festival of Diamonds’ campaign and brand-level promotions, while plain gold jewellery grew around 20 per cent year-on-year.

Buyer growth came in at mid-single digits, while average ticket sizes increased by double digits, suggesting that customers were spending more even as the pace of buyer additions remained relatively measured. Investment-led coin demand, however, declined at a high-single-digit rate from a high base.

Titan continued to expand its jewellery footprint during the quarter, adding 42 stores and taking its total jewellery store count to 1,269. Tanishq, Mia, Zoya and beYon together added 29 stores, taking their combined network to 875, while CaratLane added 13 stores to end the quarter with 394 outlets.

Watches keep the growth clock ticking

Titan’s watches business delivered around 30 per cent year-on-year growth in Q2 FY27, with premiumisation continuing to support demand. The performance suggests that consumers remained willing to spend more on premium products even as the broader consumption environment saw some unevenness.

Analog watches recorded growth in the early thirties, while the smartwatch business returned to growth with a high-single-digit increase during the quarter. Titan added 34 watch stores, taking its total watches retail network to 1,379 stores.

The numbers point to a two-speed watches business, with the established analog portfolio continuing to benefit from premiumisation while smartwatches regain some momentum after a more challenging period.

EyeCare puts in a clear performance

Titan’s EyeCare division grew around 28 per cent year-on-year during the quarter, adding another strong contributor to the consumer business performance.

The company attributed the growth to its multi-brand strategy, upgrades to its existing store network and a sharper merchandise portfolio. Unlike jewellery and watches, however, EyeCare did not add any net stores during Q2 FY27.

Its retail network stood at 847 stores at the end of September. The performance therefore came largely from strengthening the existing network and improving the merchandise proposition rather than adding more physical outlets.

Emerging businesses keep their momentum

Titan’s emerging businesses also delivered around 21 per cent year-on-year growth in Q2 FY27. Fragrances led the pack with growth in the mid-thirties, while women’s bags grew in the twenties.

Taneira recorded high-single-digit growth during the quarter, adding another layer to the emerging portfolio. The segment added one net store, taking its overall network to 99 stores.

The performance gives Titan a broader growth cushion beyond its traditional jewellery and watches businesses, with newer categories gradually building scale across the portfolio.

International business nearly doubles

Titan’s international jewellery business was another standout, recording 97 per cent year-on-year growth in Q2 FY27. The company said its Tanishq, Mia and CaratLane businesses continued to post strong double-digit growth in North America.

The GCC business remained resilient despite a volatile geopolitical environment, with Tanishq showing improving growth. Damas Jewellery also showed early signs of recovery, adding another positive signal for Titan’s international portfolio.

Titan’s international business had 164 stores as of September 2026. This includes Damas Jewellery, which has been consolidated into Titan’s financials since January 2026 following the acquisition of a 67 per cent holding.

Retail expansion continues

Across its domestic consumer businesses, Titan added 77 stores during Q2, while the overall consumer-business network increased by 78 stores. The combined network stood at 3,758 stores at the end of September 2026.

The expansion comes alongside growth across both established and emerging categories, giving Titan a wider retail footprint as it heads into the more important festive period in Q3 FY27.

The timing of the festive calendar is particularly relevant for jewellery. While demand remained healthy for much of Q2, the company said some moderation towards the quarter-end was linked to the shift in festive activity into Q3.

That means the next quarter could provide a clearer read on festive jewellery demand, particularly after a quarter in which studded jewellery, plain gold, watches and EyeCare all contributed to the growth story.

For now, Titan has entered the second half of FY27 with several engines firing at once. Jewellery grew 21 per cent, watches 30 per cent, EyeCare 28 per cent and emerging businesses 21 per cent, while international jewellery surged 97 per cent.

With 3,758 consumer-business stores now spread across its network, Titan’s Q2 performance shows a company trying to do more than simply sell more products: it is widening its categories, premiumising its portfolio and adding retail muscle as the festive season moves into its biggest quarter.