Titan Q1 FY26 preview: Growth faces gold price test

Titan Company is scheduled to announce its first-quarter results for FY2025-26 on August 7, and analysts expect a solid—but nuanced—performance. The jewellery-to-eyewear major is poised to benefit from buoyant wedding demand and an expanding retail footprint. However, the steep rise in gold prices could act as a brake on margins and high-value sales, especially in the jewellery segment that makes up ~80 per cent of Titan’s revenue. Jewellery Drives Growth, But Gold Prices Dim the Shine Titan’s core jewellery business is expected to grow 17–22 per cent YoY in Q1 FY26 (excluding bullion sales), backed by a busy wedding calendar and steady store expansion. The company added 10 new Tanishq stores during the quarter, further strengthening its robust offline presence. Yet, there’s a catch. Gold prices surged 30–35 per cent YoY during the April–June 2025 period. This steep rise led many consumers to opt for lower-karat jewellery or stick with plain gold instead of higher-margin studded designs. Analysts estimate that the share of studd