Company Update : Titan Company by Motilal Oswal Financial Services Ltd
In-line jewelry revenue; other segments deliver healthy double-digit growth
* Titan consumer businesses recorded ~41% YoY growth in 1QFY27.
* The company added 77 net new stores during the quarter, expanding its combined retail network to 3,680 stores.
Jewelry division
* The jewelry portfolio delivered ~39% YoY (est. 38%) growth in 1QFY27, led by healthy festive and Akshaya Tritiya demand.
* Caratlane sales grew by 42% (est. 22%) in 1QFY27.
* Jewelry demand remained strong despite relatively stable gold prices during the period.
* Buyer growth in the portfolio segment was in the early double-digits.
* Average ticket size increased in high double-digits.
* Core jewelry categories like plain gold and studded jewelry each delivered growth in mid-30s.
* Coin sales continued to witness strong double-digit growth, supported by investment-led demand.
* The company added 33 domestic jewelry stores (including Caratlane).
Watches & Wearables division
* The division reported ~23% YoY growth (est. 15%).
* The company added 34 stores, taking the total count to 1,345 stores.
* Analog watches grew in high-20s, supported by continued premiumization trends.
* The smart watches saw a decline in the low teens during the period.
Eyecare division
* The business recorded ~23% YoY growth (est. 14%), driven owned and international brands.
* The company added seven stores, taking the total store count to 847.
Emerging businesses (Fragrances & Fashion Accessories and Indian Dress Wear)
* Emerging business grew by 19% YoY.
* Fragrances grew in mid-teens, Women’s Bags clocked strong double-digit growth for the quarter, and Taneira growth was in low single-digits.
* The company added two stores, taking the total store count to 98.
International business
* The combined jewelry businesses of Tanishq, Mia and CaratLane recorded strong traction in North America and delivered double-digit growth in the GCC. Despite the volatile geopolitical conditions, the core Damas business is witnessing a gradual recovery across key operating parameters.
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