India’s Titan on Friday forecast up to 20% annual revenue expansion over the next five years, as the country’s top jeweller by sales banks on resilient demand for gold. Large jewellery groups in India are benefiting from a rising affluent population, with branded chains, including Kalyan Jewellers and Titan’s Tanishq, gaining share from independent stores.
“(Near term), 15% to 20% (revenue growth) is something that we ought to do. If we don’t do that much, we won’t be doing justice,” Ajoy Chawla, Titan managing director, told analysts, citing the strength of large chains and India’s consumption growth.
However, rising gold prices due to macroeconomic and geopolitical uncertainty have increased costs for the sector, with Titan reporting a 46-basis-point hit to profit margin, which was at 5.8% in the fourth quarter.
The Tata Group company’s expenses surged 85% and profit rose 35% to 11.79 billion rupees, which missed analyst expectations, according to LSEG data.
The company posted high single-digit buyer growth, compared with near-flat growth in the previous three quarters.
Overall sales of products jumped 48% to 206.07 billion rupees ($2.18 billion), led by a 46% advance in its mainstay domestic jewellery business.
In 2025-26, Tanishq owner Titan crossed 750 billion rupees in annual revenue for the first time, a 34% surge as gold prices surged.
Shares closed up nearly 5% at 4,509 rupees after the results, taking their yearly advance to more than 11%, outperforming an about 7% decline in the benchmark Nifty 50 index.
Consumer goods consultant Akshay D’Souza said “the market is rewarding” continued growth in Titan’s jewellery business and its steady retail expansion. Fiscal year 2027 could see healthier margins as gold prices stabilise, he added.
Separately, Kalyan Jewellers reported a sharp rise in quarterly profit on Friday.