Overview

• Combined consumer business grew about 20% year on year in July–September, with the retail network expanding by 55 net stores to 3,377.
• Domestic jewellery sales rose 19% and the division added 34 outlets, with like‑for‑like growth in both Tanishq and CaratLane in double digits.
• Titan said old‑gold exchange programmes have risen to roughly 38–40% of Tanishq sales since Navratri and could approach about 50% by Diwali.
• Record gold prices led to a marginal decline in buyer counts but increased average ticket sizes and boosted demand for gold coins, which can constrain margins.
• International revenue jumped 86% year on year as Tanishq more than doubled in the US and grew strongly in the GCC; CaratLane advanced about 30%, analogue watches rose 17% while smart wearables fell 23%, and the stock gained 4–5% with brokerages reiterating Buy calls.