When gold slips from crown to a likely millstone for Titan Company

The country’s largest listed gold jewellery maker, Titan Company, maintained its growth pace in the April–June quarter of 2025–26 (FY26). Higher gold prices slowed the addition of new buyers, but a rise in average sales per customer helped offset the drag on volumes and footfall.

 

Despite a tough macro backdrop, the domestic jewellery business of Tanishq, Mia, and Zoya grew 17 per cent year-on-year (Y-o-Y), with same-store sales up 12 per cent.

 

Within the domestic segment, gold jewellery sales rose 15 per cent, studded jewellery (excluding CaratLane) gained 11 per cent, and coin sales jumped 46 per cent. CaratLane grew