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Ajoy Chawla
Ajoy Chawla
Managing Director, Titan Company Limited
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Titan Q1 Results: Profit Surges | ज्वेलरी, Watch बिजनेस की दमदार ग्रोथ, MD Ajoy Chawla से खास बातचीत

📅 Aug 10, 2026 CNBC Awaaz. 8 MIN 9 SEGMENTS · 2 SPEAKERS
पहली तिमाही में टाइटन ने अच्छे नतीजे पेश किए हैं...मुनाफे में 65% का ...

What Ajoy Chawla said

Written from the verified transcript and checked against it. Every figure links to the moment it was said.

Ajoy Chawla, Managing Director of Titan Company, discussed the company's Q1 FY27 performance and outlook on CNBC Awaaz. He attributed the strong quarter to good demand across all businesses, benefiting from a favorable base effect, innovation, and disciplined execution despite gold price fluctuations, the Middle East war, and Dhanteras impact. He maintained the jewelry margin guidance of around 11% for the year, noting that improvement could come from festive season mix, stable gold prices, and growth in other businesses. Watches saw 21% growth, with analog watches in mid-20s, and he expects Q3 and Q4 to be better. He noted strong store expansion, adding 34 stores in Q1. Regarding consumer behavior, he highlighted a shift toward lower karatage, with customers embracing 14-carat studded and 9-carat diamonds, expecting demand for regular gold under one lakh to return if prices stabilize.

Key takeaways

  1. Jewelry EBIT margin guidance kept at around 11% for the year, with potential improvement in H2 from festive mix and stable gold prices.
  2. Watches business grew 21% in Q1, with analog watches seeing mid-20s growth; Q3 and Q4 expected to be better.
  3. Added 34 stores in Q1, with significant expansion plans for the next two to three quarters.
  4. Consumer behavior shifting to lower karatage: 14-carat studded and 9-carat diamonds seeing positive response.

Numbers and commitments

FigureWhat it refers toTypeAt
21% Watches segment growth in Q1 metric 4:50
34 stores Net store additions in Q1 metric 4:50
11% Jewelry EBIT margin guidance guidance 2:42
mid-20s% Analog watch growth metric 4:50

Chapters

  1. 0:00Q1 performance drivers
  2. 2:22Jewelry margin guidance and second-half drivers
  3. 4:27Watches and eyewear growth outlook
  4. 6:05Consumer buying behavior and lower karatage

Questions asked in this interview

4
  1. 0:00So what happened in Titan's case that brought about so much sparkle, and will this sparkle continue?
  2. 2:22So in the second half, what are you targeting? How much beyond 11%?
  3. 4:27How does that growth look from there?
  4. 6:05Is buying still quite good at 24 carat, 22 carat, or even at 18 and 9? What's the pattern here?
Host 0:00 ↗
Thank you for joining CNBC Awaaz. Our research team, in their review of your numbers, wrote one simple line: sparkling performance. So what happened in Titan's case that brought about so much sparkle, and will this sparkle continue?
Ajoy Chawla 0:20 ↗
Thank you very much. Namaskar. This quarter went very well. All businesses showed good sparkle. As you mentioned, in watches, eyewear, fragrances, fashion accessories, emerging businesses, and jewelry - all subsidiaries also performed well. Titan Engineering and Automation Limited, CaratLane, International - Damas has not yet picked up because there is still uncertainty in the Middle East. The market was very good. Actually, the market was good for all players. And if you look at discretionary income and FMCG, the first quarter showed good demand everywhere, and we benefited from that. Secondly, last year's first half was relatively soft, the second half was better, so there's some base effect benefit from Q1 and Q2. Thirdly, all teams in our company had good focus on innovation and disciplined execution. This benefited us because there were quite a few ups and downs in the quarter. Gold prices had significant fluctuations, and the Prime Minister's announcement also had some effect for a period of time - the Dhanteras impact. Despite all those ups and downs, the Middle East war impact was also there, and then various other news that keeps coming about El Nino's effect and so on - all of this has some narrative impact. Despite these ups and downs, Titan's teams remained focused on the customer, on innovation, and on disciplined execution.
Host 2:22 ↗
Okay, absolutely, there was also the impact of Dhanteras. Now, regarding the jewelry business margins, you mentioned in the con call that 11% with potential improvement in the second half. So in the second half, what are you targeting? How much beyond 11%?
Ajoy Chawla 2:42 ↗
We can't say that specifically. Our overall guidance for the year has been that around 11% is a stable margin for jewelry, because the constantly rising gold prices keep having an effect. Secondly, it depends on the product mix - gold coins, gold jewelry, studded. We can't exactly predict the product mix because we don't target a studded ratio. We focus on absolute growth in each category - how much growth should we achieve in gold jewelry, how much in studded, and how much in gold coins. That's how we're growing the business, because the studded ratio is an outcome. So the drivers for the second half are: first, the festive season - there's always a richer product mix sold during festive season, and then the wedding season follows. If gold prices remain stable, perhaps the demand for gold coins, which has grown so much, might see some moderation, which could be beneficial. If gold prices remain stable, there could be stability in studded margins as well, because price changes in diamonds and gold impact the studded gross margin. And the fourth thing is that our other businesses - watches and eyewear are also growing strongly. If watches, eyewear, CaratLane, Taneira - if their contribution continues to grow like this, it could benefit the gross margin, and consequently the EBIT margin could improve.

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Cite this transcript

APA, MLA, BibTeX
APA

Chawla, A. (2026, August 10). Titan Q1 Results: Profit Surges | ज्वेलरी, Watch बिजनेस की दमदार ग्रोथ, MD Ajoy Chawla से खास बातचीत [Interview transcript]. CNBC Awaaz.. CEOInterviews.AI. https://ceointerviews.ai/interview/1181591/

MLA

Ajoy Chawla. "Titan Q1 Results: Profit Surges | ज्वेलरी, Watch बिजनेस की दमदार ग्रोथ, MD Ajoy Chawla से खास बातचीत." CNBC Awaaz., 10 Aug. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1181591/.

BibTeX 
@misc{chawla2026_1181591,
  author       = {Ajoy Chawla},
  title        = {Titan Q1 Results: Profit Surges | ज्वेलरी, Watch बिजनेस की दमदार ग्रोथ, MD Ajoy Chawla से खास बातचीत},
  howpublished = {Interview transcript, CNBC Awaaz.. CEOInterviews.AI},
  year         = {2026},
  month        = {aug},
  url          = {https://ceointerviews.ai/interview/1181591/},
  note         = {Speaker-attributed transcript with timestamps}
}