Shares of Titan Company Limited, India’s leading lifestyle retailer, rallied to a fresh lifetime high on the stock exchanges following a stellar quarterly update that indicated robust demand across its jewellery and international businesses.

The stock surged as the Tata Group-backed firm reported a 40% year-on-year (YoY) revenue growth in its combined consumer businesses for the quarter ended December 31, 2025.

Jewellery: Gold rush & margin watch

The core jewellery division recorded a 41% YoY growth, defying fears that soaring gold rates would dampen sentiment. While buyer traffic remained flat due to sharp gold inflation of over 70%, Titan successfully drove revenue through higher average selling prices (ASP) and a "powerful" gold exchange offer that kept customers engaged post-Diwali.

Sales of gold coins nearly doubled compared to last year, indicating a strong consumer pivot toward investment buying. The high-margin studded jewellery segment posted its best performance of FY26, growing in the mid-twenties, while plain gold jewellery surged in the late-thirties driven by wedding demand.

Despite the topline surge, analysts at Centrum Broking cautioned that EBIT margins in the jewellery segment could remain under pressure. This is due to the product mix shifting heavily toward plain gold (which has lower margins) rather than studded jewellery during the quarter.

Global surge & retail expansion

A standout metric in Titan Company's Q3 FY26 update was the 79% YoY growth in the international business, driven by robust demand in the GCC, Singapore, and North America.

Titan’s subsidiary CaratLane continued its strong run, clocking 42% YoY growth—outpacing even the standalone jewellery business. The company continued its aggressive expansion, adding 56 net new stores to reach a total of 3,433 outlets. This included 10 new Tanishq stores, 24 CaratLane stores, and 11 Mia stores.

The 'beYon' launch

The quarter marked Titan Company's official entry into the lab-grown diamond (LGD) market with its new brand, 'beYon'.

Natural diamonds (Tanishq/Zoya): Will continue to serve "emotionally significant" milestone purchases.

beYon (LGD): Positioned for "everyday fashion and self-expression," catering to a younger demographic seeking affordable luxury. The brand launched its first pilot store during the quarter.

Watches and wearables

The watches and wearables division grew 13%, marking its seventh consecutive quarter of double-digit growth. Analog watches grew 17%, driven by premiumisation in the Titan brand. Conversely, the smart wearables category declined 26% as volumes dipped. The division added 22 new stores, including 9 Titan World and 3 Helios outlets.

Emerging businesses & EyeCare

The women’s bags segment (Irth) registered a staggering 111% growth, with volumes nearly doubling.

The EyeCare division grew 16%, supported by international brands and a network optimisation strategy that saw 11 new openings and 30 store closures to improve profitability.

However, the ethnic wear brand Taneira struggled, reporting a 6% decline in sales as lower volumes offset price hikes.

Following the update, Centrum Broking has maintained a "BUY" rating, citing the "shining performance" and expecting earnings upgrades on the back of sustained growth momentum.