Titan Company reported a strong first quarter for FY27, driven by jewellery, but international and emerging sectors revealed signs of strain amid uneven growth and geopolitical pressures.
Titan Company’s first quarter of FY27 delivered a headline performance strong enough to lift its shares, but the details showed a more uneven picture beneath the surface. According to the company’s business update, consolidated revenue rose 40.4% year on year to ₹20,753 crore and EBIT climbed 58.9% to ₹2,782 crore, with jewellery doing most of the heavy lifting while watches, eyewear and international operations moved at different speeds.
Jewellery remained the clear engine of growth. Titan said domestic jewellery sales increased 38.4% to ₹16,943 crore, while EBIT jumped 70.5% to ₹2,368 crore. Business Standard reported that the company added 77 stores during the quarter, taking its retail network to 3,680 outlets as of June 2026. Demand was supported by Akshaya Tritiya and wedding-related buying, with both plain and studded jewellery posting mid-thirties growth, while Titan also highlighted the benefit of higher customer traffic and bigger ticket sizes.
The international jewellery business was far weaker. Trade Brains reported that Damas, Titan’s Gulf jewellery arm, recorded an EBIT loss of ₹67 crore and contributed to a negative EBIT of ₹8 crore for the international jewellery division, even though the segment’s revenue reached ₹1,309 crore. The company has said lower consumer demand in the Gulf Cooperation Council region, affected by geopolitical disruption, weighed on performance, though the report suggests some recovery may be starting.
Watches posted top-line growth but not the same level of profitability. Titan said the category’s total income rose 21.2% to ₹1,543 crore, while domestic revenue climbed 21.8% to ₹1,510 crore. ICICI Direct noted that analog watches led the advance, but smartwatches remained under pressure with low-teens declines. Profitability softened as EBIT rose just 2.7% to ₹295 crore and the margin fell to 19.1% from 22.6%, with inventory revaluation providing some support. Excluding that boost, EBIT would have been ₹275 crore and the margin 17.8%.
Eyecare and emerging businesses rounded out a mixed quarter. Titan reported that Eyecare revenue rose 21.4% to ₹289 crore and EBIT increased 21.5% to ₹24 crore, leaving the margin steady at 8.3%. By contrast, the emerging businesses portfolio continued to burn cash: revenue increased 18.2% to ₹128 crore, but EBIT losses widened to ₹39 crore from ₹14 crore a year earlier. For Titan, the quarter underlined a familiar pattern: a powerful jewellery franchise masking persistent pressure in newer and international businesses.
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