Titan eyes up to 20% growth in jewellery business in fiscal 2026, gold rally threatens margin
Titan forecast revenue growth of up to 20% for its mainstay jewellery business in the next financial year, driven by demand from affluent Indians, but flagged risks to margins from rallying gold prices.
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Higher gold prices have not deterred affluent Indians from splurging on ornaments for weddings and accumulating gold as a form of investment, even as the middle class has reined in spending on discretionary items.
Titan's jewellery business, accounting for nearly 90% of its total revenue, would grow in the mid-teen percentage range to 20% in the year beginning April 1, the group's Chief Financial Officer Ashok Sonthalia told Reuters on Monday.
The segment posted a 20.2% growth last year and 20.4% in the nine months ended December 31.
Titan gets a bulk of its revenue from affluent Indians, whose purchasing power and inclination to indulge is largely unaffected by inflation and higher interest rates, Sonthalia said.
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