Titan Q4: Jewellery Sales Surge 46% Despite High Gold Prices

Titan Company’s March quarter numbers came in stronger than expected. The jewellery business grew 46% compared to last year, and overall consumer revenue rose at the same pace, showing that demand held up even with elevated gold prices.

After the update, Titan Company shares moved up 5.8% on 8 April, touching a record high of ₹4,476.20 at 10:57 AM.

What Is Driving The Jewellery Surge?

Jewellery continued to do the heavy lifting. Domestic sales rose around 46% on a year-on-year basis, but what stands out is the same-store growth, which came in close to 48%. In simple terms, even existing stores sold significantly more than a year ago.

There was also a shift in buying behaviour. More customers walked in compared to previous quarters, and many ended up spending more per purchase. Brands like Tanishq and Mia saw steady traction through the quarter.

The demand wasn’t limited to one category. Studded jewellery grew in the low 30% range, gold jewellery in the mid-30% range, and coin sales saw a sharp jump, almost three times last year’s level. That mix usually shows up when both festive buying and investment demand come together.

A Mixed Picture Beyond Jewellery

Outside jewellery, the picture was more varied. The watches business grew, but only modestly at 7%. Within that, traditional analog watches did well, while smartwatches saw a steep drop of over 50%.

The eyecare segment, on the other hand, kept a steady pace with 16% growth. CaratLane also continued to expand, reporting a 24% increase, driven by online demand and lighter designs appealing to younger buyers.

Titan kept adding stores during the quarter, taking its total network to 3,603. The expansion wasn’t limited to India, with some activity across overseas markets as well.

There were, however, a few external challenges. The company pointed to disruptions in the Gulf region during March, which affected business in that market for a brief period.

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What Stands Out From The Update?

Two things stand out. First, demand has not slowed as much as one might expect given the rise in gold prices. Second, customers appear willing to spend more, which is lifting overall ticket sizes.

At the same time, not all segments are moving in the same direction. While jewellery remains strong, categories like smartwatches are clearly under pressure.

The next few quarters will be important to watch. The key question is whether this pace of growth can continue if gold prices stay high and global conditions remain uncertain.

Sources:

CNBC TV18

Mint