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Strong revenue growth; better than expectations

TTAN released its pre-quarterly update for 3QFY26. Here are the key highlights:

• Consumer businesses recorded ~40% YoY growth.
• The company added 56 net new stores during the quarter, expanding its combined retail network to 3,433 stores.

Jewelry division

• The jewelry portfolio delivered ~41% YoY (est. 28%) growth, supported by strong festive and wedding demand.
• Caratlane reported 42% YoY (est. 30%) revenue growth.
• Growth was largely led by ASP growth, with higher gold prices offsetting largely flat buyer growth.
• An attractive gold exchange offer helped to sustain consumer engagement despite high gold prices and extended demand beyond the festive period.
• Gold coin sales nearly doubled YoY, reinforcing their positioning as a preferred investment product.
• The plain gold jewelry segment grew in the high-thirties, driven by preference for design-led and premium aesthetic offerings during the festive and wedding season.
• Studded jewelry posted its best performance in FY26, clocking growth in mid-twenties, supported by healthy buyer growth.
• Like-to-like (secondary) sales across all jewelry retail formats recorded growth in low-thirties, indicating broad-based demand momentum.
• Toward the end of the quarter, the company launched beYon, its labgrown diamond jewelry brand, expanding its presence in the evolving jewelry category. The brand is positioned to address demand for affordable, everyday diamond-studded jewelry, driven by self-expression and styling needs.
• The division added 47 net new stores in India, including 10 Tanishq, 11 Mia, 1 Zoya, 1 beYon and 24 CaratLane stores.

Watches & Wearables division

• The division reported ~13% YoY growth (est. 20%), primarily driven by strong performance in analog watches.
• Analog watches recorded ~17% YoY growth, supported by healthy festive demand.
• Premiumization trends led to solid double-digit growth for the Titan brand, aided by strong volume growth in the festive period.
• Sonata and Fastrack witnessed strong consumer traction, delivering robust double-digit value growth, supported by healthy volume momentum.
• The Smart Watch segment declined ~26% YoY, due to lower volumes, while ASPs remained largely flat YoY.
• The division added 22 net new stores, including 9 Titan World, 3 Helios, 1 Helios Luxe and 9 Fastrack stores.

Eyecare division

• The division delivered ~16% YoY growth (est. 9%), with both international brands and house brands contributing meaningfully to the overall mix.
• Growth in international brands was driven by strong demand for sunglasses and prescription lenses.
• E-commerce remained a key growth lever, supporting higher omni-channel sales across the division.
• Runway, the premium sunglass destination, added 2 new stores in 3Q.
• As part of network optimization at Titan Eye+, the division opened 11 new stores, renovated 20 stores, and closed 30 stores during the period.

Emerging businesses (Fragrances & Fashion Accessories and Indian Dress Wear)

• Fragrances recorded ~22% YoY growth, driven by double-digit volume growth in Fastrack and Skinn, with ASPs largely flat YoY.
• Women’s Bags grew ~111% YoY, led by nearly twofold volume growth and healthy double-digit ASP growth across Fastrack and Irth.
• In Fashion Accessories, the e-commerce channel drove the festive-led uptick and contributed meaningfully to overall sales.
• Taneira sales declined ~6% YoY; despite double-digit ASP growth across sarees and ready-to-wear, lower volumes outweighed pricing benefits, resulting in an overall decline.
• Irth added 2 new stores during the quarter, located in Delhi and Kolkata.

International business

• The international businesses, primarily comprising jewelry (Tanishq, Mia and CaratLane), delivered ~81% YoY growth, driven by strong performance across GCC, Singapore and North America.
• During the quarter, Tanishq added 2 new stores in North America, with one store each in Boston and Orlando.

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