The outlook for the gold market in India remains positive despite elevated and volatile prices, Titan, which is the country’s largest jewellery retailer, said in its FY26 annual report released Friday. This is due to the country’s favourable demographics and gold’s relevance as a store of value, it said. In FY26, gold prices rose sharply, from about 33% year-on-year in the June quarter to 78% year-on-year in the March quarter. The organised jewellery market also saw heightened competitive intensity driven by formalisation.
Shifting Carats
Titan said in this environment, there could be “shifts in demand segments” as short-term fluctuations persist. These shifts include a preference for lightweight and affordable jewellery, areas where Titan has marked its presence with 18-karat and 14-karat gold studded jewellery. FY26 also saw the launch of 9-karat gold jewellery at Rs 5,000, it said.
“The (jewellery) division will continue to prioritise market share led, topline growth, supported by sustained investments in retail expansion, product innovation, customer engagement, new collections, manufacturing excellence and brand building,” Titan said.
The Tata-owned firm, which crossed the Rs 75,000 revenue mark in FY26, in which its jewellery division contributed 91.5% of the turnover, will continue to capitalise on long-term opportunities in the organised jewellery sector. In FY26, Titan acquired a 67% stake in UAE-based Damas Jewellery, which opened up opportunities to tap the Arab consumer segment in the Gulf region, it said. The company also stepped into the lab-grown diamond category with beYon in the year under review.
Titan MD Ajoy Chawla said the longer-term opportunities significantly outweighed the risks for the firm.
‘Our approach is to continue to prioritise growth, build scale across categories, while innovating across the value chain,” he said in his letter to shareholders. The FY26 revenue milestone, he added, was achieved amid global trade uncertainties and geopolitical tensions, which reflected the resilience and strength of its brands and business models. Titan is best-known for brands such as Tanishq, Mia, Zoya and CaratLane.
The company also expects the international markets to remain dynamic with cautious optimism in the United States and watchfulness in the Middle East in light of the prevailing geopolitical conditions.
Beyond Jewellery
In FY26, Titan’s jewellery division saw elevated tariff regimes in the US, which necessitated agile supply chain re-design and sourcing strategies to mitigate impact, while in West Asia, the division focused on seamless integration and collaboration with the Damas business.
Chawla also said that Titan Engineering & Automation (TEAL), Titan’s B2B engineering subsidiary, saw a sharp lift in fortunes as it scaled new frontiers in automation in electronics manufacturing. TEAL is expanding its capacity and capabilities in automation solutions and manufacturing to meet the growing demand from the aerospace, semiconductor and defence sectors.