Rising discretionary spending, formalisation key growth drivers for Titan

Titan expects rising discretionary spending, premiumisation and formalisation across categories, along with robust economic growth, to drive long-term demand for its branded products

The India consumption opportunity holds promise for Titan Company. The rapid growth of discretionary spending, formalisation across categories, a growing middle India from Tier-II, Tier-III and Tier-IV towns, and healthy projected GDP growth are driving demand for branded players as Indian consumers rapidly premiumise, Ajoy Chawla, managing director of Titan Company, said in its annual report for FY26.

 

He said that FY26 was a landmark year for Titan, which houses its jewellery brand Tanishq, as its revenue crossed the ₹75,000 crore milestone. He noted that this achievement was more meaningful given the complexities amid which it was delivered.

 

“The US tariffs on India, which peaked in August 2025, added uncertainty to the global trade environment. Geopolitics led to volatility in gold prices, in turn creating significant uncertainty among jewellery consumers. Despite this, all categories grew handsomely during the year, even though jewellery and EyeCare had fluctuating growth across quarters, with a stronger second half,” Chawla said in his note to shareholders.

 

 

He said that, guided by a high-tech and high-touch approach, the company’s omni-channel initiatives delivered over 50 per cent growth in omni-channel sales (around ₹15,000 crore).

 

“The company continued to invest in manufacturing, in-house product development and design functions to strengthen its competitive advantage in product superiority and supply chain agility. More capacity- and capability-development investments are on the anvil as we set our sights on new frontiers,” Chawla added.

 

The international business for jewellery and watches grew well in the previous year for Titan Company, and it is now slated to achieve substantial scale in the North American and GCC markets, where the Indian diaspora is significant, he said. “With the Damas acquisition, the opportunity to target the Arab segment also holds much promise,” he added.

 

He concluded his note by stating that the near term still has some headwinds due to the West Asia war, but the longer-term opportunities significantly outweigh the risks, and Titan’s approach is to continue to prioritise growth, build scale across categories, while innovating across the value chain.