Overview
- Jewellery revenue rose about 41% year-on-year, supported by higher average selling prices, Tanishq’s gold-exchange offer, a near-doubling of gold coin sales and mid‑twenties growth in studded jewellery.
- International sales jumped roughly 79–81% with new Tanishq stores opened in Boston and Orlando, while India added 47 jewellery outlets and about 56 net new stores across categories to a network of roughly 3,433.
- Watches grew 13% led by analogue models up 17%, smartwatches declined 26% on lower volumes, eyecare advanced 16%, fragrances increased 22% and women’s bags grew 111%, while Taneira fell 6%.
- Brokerages including Nomura and Antique reiterated buy ratings with targets near Rs 4,500, projecting strong multi‑year earnings and market‑share gains, though some flagged jewellery margin pressure from bullion‑heavy growth.
- The stock rallied about 4% on January 7 to a fresh high near Rs 4,300, lifting Rekha Jhunjhunwala’s stake value above Rs 20,000 crore, before jewellery shares eased on January 8 with Titan edging down roughly 0.6% on profit‑taking.