Titan Q2 Updates: Revenue Rises 25%, Adds 75 New Stores

Titan Co., a leading jewelry and watchmaker, announced on Friday that it achieved a 25% standalone revenue growth in the second quarter ended Sept. 30, 2024.

The Tata Group-managed firm added 75 stores during the July-September financial year 2025, taking its combined retail network presence to 2,885 stores.

Its jewellery division, which contributes over three-fourths of its revenue, reported 26% growth in the domestic market and added 24 stores. This comes after the company reported a relatively soft first quarter. The jump in growth follows the reduction in custom duty on gold imports from 15% to 6% that led to a double-digit uptick in gold for the quarter.

The non-solitaire studded segment also saw high double-digit growth. On the other hand, the solitaire segment saw a decline due to price uncertainty and demand-supply dynamics in the international markets, resulting in studded sales growth in low double-digits. The buyer growth also rose by 11% year-on-year on the back of the launches of new collections, promotions, and marketing campaigns.

The Watches & Wearables division's domestic business grew 19% on a year-on-year basis. The company reported a healthy revenue growth of 25% year-on-year growth in the analogue watch segment. However, its wearables, which consist of smartwatches, continue to see a decline, and in the second quarter it has seen a low double-digit decline.

Customer preferences towards premium products were clearly visible across brands, the company said in the regulatory filing.

In the quarter, domestic revenue from the EyeCare Division grew 6% year-on-year.

Its Indian dresswear business Taneira grew 11% year-on-year. The brand opened four new stores during the quarter. Similarly, its revenue from 'Fragrances & Fashion Accessories' was up 17%, with the fragrances growing by 19% year-on-year, while the fashion accessories saw a 11% growth.

Caratlane's business saw a 28% year-on-year growth on the back of activations and brand searches.

On the NSE, Titan shares rose by as much as 1.89% during the day to Rs 203 apiece. However, it pared the gains to close 0.77% lower at Rs 197.69, compared to a 0.79% decline in the benchmark Nifty 50.

The stock has fallen by 20.70% in the last 12 months and 30.54% year-to-date.

Out of 22 analysts tracking the company, 15 maintain a 'buy' rating, three recommend a 'hold,' and four suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 39%.39%.