Revenue grew 24.3% year-on-year to ₹18,101 crore from ₹14,564 crore in the corresponding quarter last year. However, revenue came below the CNBC-TV18 poll estimate of ₹19,700 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 57.1% year-on-year to ₹2,564 crore from ₹1,632 crore. EBITDA was above the CNBC-TV18 poll estimate of ₹1,980 crore.
EBITDA margin stood at 14.2% in the quarter, compared with 11.2% in the year-ago period and the CNBC-TV18 poll estimate of 10%.
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Profit before tax stood at around ₹2,429 crore at an 11.7% margin, up 64% year-on-year. Adjusting for the impact of the increase in customs duty on gold during the quarter, PBT grew 37% compared with Q1 FY26.
Jewellery Business
Titan’s Jewellery business grew 43% year-on-year to ₹18,253 crore in Q1 FY27, excluding bullion and Digi-gold sales. The company said all portfolio brands grew well amid a relatively stable gold price environment.
Double-digit growth in portfolio buyers, along with an increase in average ticket sizes, supported strong mid-thirties growth in the key plain and studded jewellery categories.
The India Jewellery business grew 38% to ₹16,943 crore. Tanishq, Mia and Zoya together grew 38% to ₹15,502 crore, while CaratLane grew 40% to ₹1,441 crore.
The international Jewellery business grew 136% to ₹1,309 crore. Tanishq, Mia and CaratLane together grew 65% to ₹913 crore, while the core Damas business recorded revenue of ₹396 crore.
Titan said the international Jewellery business scaled up, with Tanishq recording strong traction in North America and encouraging double-digit growth in the Gulf Cooperation Council (GCC) region. The core Damas business saw a gradual recovery across key parameters.
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The Jewellery business reported earnings before interest and tax (EBIT) of ₹2,360 crore at a 12.9% margin. The India business recorded EBIT of ₹2,368 crore at a 14% margin. Adjusted for customs duty gains of ₹407 crore, EBIT stood at ₹1,961 crore at an 11.6% margin.
Within India, Tanishq, Mia and Zoya together reported EBIT of ₹2,202 crore at a 14.2% margin. Adjusted for customs duty gains of ₹386 crore, EBIT stood at ₹1,816 crore at an 11.7% margin.
CaratLane reported EBIT of ₹166 crore at an 11.5% margin. Adjusted for customs duty gains of ₹21 crore, EBIT stood at ₹145 crore at a 10.1% margin. The international Jewellery business recorded a loss of ₹8 crore. Tanishq, Mia and CaratLane together reported EBIT of ₹59 crore at a 6.5% margin, while Damas recorded a loss of ₹67 crore.
The Jewellery division added 33 net stores in India during the quarter, comprising four Tanishq stores, 17 Mia stores, one beYon store and 11 CaratLane stores. Tanishq also opened two new stores in the GCC region, while Damas closed one net store during the quarter.
Watches Business
Titan’s Watches business recorded total income of ₹1,543 crore in Q1 FY27, up 21% year-on-year. The business reported EBIT of ₹295 crore at a 19.1% margin.
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Analog watches recorded mid-twenties growth and led overall growth for the division, while the Smart Watches business declined in single digits during the period. The Watches division added 34 net stores during the quarter, comprising nine Titan World stores, nine Fastrack stores, 14 Helios stores and two Helios Luxe stores.
EyeCare Business
Titan’s EyeCare business recorded total income of ₹289 crore in Q1 FY27, growing 21% year-on-year. EBIT stood at ₹24 crore at an 8.3% margin. The company said growth momentum was supported by calibrated marketing investments driving multi-pair and multi-category consumer propositions, along with continued premiumisation across the product portfolio. Titan Eye+ opened six new stores, while one new Runway store was added during the quarter.
Emerging Businesses
Titan’s Emerging Businesses, comprising SKINN Fragrances, IRTH Women’s Bags and Indian Dress Wear (Taneira), recorded combined total income growth of 18% to ₹128 crore in Q1 FY27 and reported a loss of around ₹39 crore.
Fragrances maintained strong volume momentum across the SKINN and Fastrack perfume lines. IRTH Women’s Bags recorded robust volume growth and continued to gain in brand salience, while Taneira’s revenue remained flat during the quarter.
Titan Engineering & Automation
This division delivered a strong performance in Q1 FY27, with total income rising 43% year-on-year to around ₹438 crore compared with Q1 FY26. The Automation Solutions (AS) business continued to see strong order accretion momentum, while the Manufacturing Services (MS) business maintained a healthy growth rate during the quarter. Titan Engineering reported EBIT of around ₹143 crore for Q1 FY27.
Ajoy Chawla, Managing Director, said, “Q1FY27 was a strong opening quarter for us, with our Consumer Businesses registering 40% YoY growth. Through innovation and design-led differentiation, our portfolio of brands across Jewellery, Watches, EyeCare and Emerging businesses continues to deliver exceptional value to customers seeking premium offerings.
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Our TEAL business is growing from strength to strength, raising the bar of excellence in the high-precision engineering sectors and delivering best-in-class value for our customers.
The broad-based performance notwithstanding, the quarter demanded significant agility on multiple fronts, from navigating gold prices to the sharp changes in the duty structure and to managing geopolitical headwinds across
our international operations. We continue to remain focused on brand investment, customer engagement, and disciplined execution that has defined Titan’s growth journey.”
Shares of Titan Company Ltd ended at ₹4,943.00, down by ₹41.00, or 0.82%, on the BSE.
