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Ajoy Chawla
Ajoy Chawla
Managing Director, Titan Company Limited
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Confident That Festive Season Will Be Strong: Titan | CNBC TV18

📅 Oct 08, 2026 CNBC-TV18 11 MIN 64 VIEWS 22 SEGMENTS · 4 SPEAKERS
CNBC-TV18 Exclusive | Titan: 'Confident That Festive Season Will Be Strong' MD, Ajoy Chawla to CNBC-TV18 Reported growth impacted by festive season shift from Sep to Oct Expect mid-single digit volume growth, excluding coins, it will be in higher single digits Core jewellery business growing 20%+ on a high base #titan #2026results #2026earnings #earningsgrowth #margingrowth #profitgrowth #ebitdamargingrowth #revenuegrowth #2026growth #cnbctv18 #cnbctv18market #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday 🔴CNBC TV18 LIVE TV: https://youtube.com/live/P857H4ej-MQ...

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 Q2 performance and festive season outlook. He said natural diamonds have seen consistent growth over the last four quarters across Tanishq, CaratLane, Mia, and Zoya, with prices firming up. He attributed the Q2 slowdown to timing shifts and a decline in gold coin investment demand, estimating that adjusted growth would be 4-5% higher from each factor, possibly totaling 5-8% more. He expressed confidence in a strong festive season, citing high wedding numbers and customer clarity on gold prices, though he noted uncertainty about customs duty changes. He mentioned mid-single-digit buyer growth, which could be higher excluding coins. He reiterated the company's FY30 CAGR ambition of 20% for core jewelry, with same-store growth above 15% being favorable. He downplayed customs duty gains as one-off and highlighted favorable product mix and other businesses like watches and eyewear.

Key takeaways

  1. Adjusted for timing and gold coin decline, Q2 growth could have been 5-8% higher than reported.
  2. Natural diamonds have grown consistently for four quarters across Tanishq, CaratLane, Mia, and Zoya.
  3. Titan's stated ambition is a 20% CAGR for core jewelry through FY30.
  4. Chawla is confident the festive season will be strong due to weddings and stabilizing gold volatility.

Numbers and commitments

FigureWhat it refers toTypeAt
4-5% Additional growth if timing shift excluded metric 1:45
5-8% Total potential additional growth from both adjustments metric 3:18
20% FY30 CAGR ambition for core jewelry guidance 5:42
15% Same-store growth threshold considered great metric 5:42
18% Same-store growth level considered fantastic metric 5:42
4-6% Inflation estimate metric 5:42
38-40% Organized share of jewelry category metric 7:30

Chapters

  1. 0:00Natural diamond growth
  2. 1:45Festive season confidence
  3. 2:29Gold coin investment decline
  4. 3:18Adjusted growth estimates
  5. 3:30Gold price volatility and customer sentiment
  6. 5:42Buyer growth and volume metrics
  7. 7:30Competition and market share
  8. 9:12Margins and customs duty

Questions asked in this interview

4
  1. 1:21How's demand picked up, as per you?
  2. 5:14How should we look at the number?
  3. 7:21Is it because of their size, or is this something that they're doing differently, or are they gaining market share faster than you?
  4. 8:48So how should we look at it?
News Anchor 0:00 ↗
But as promised, let's go across to an exclusive conversation now. Titan's Q2 business update showed that they had a rather strong quarter, with domestic revenue up 22% and starting to grow in the early 30s against the planned gold at around 20%. Now, ahead of the festive season, Manglam spoke to Mr. Chawla, the managing director of Titan, and began by asking him about the renewed push towards the natural diamond. Let's hear what he had to say.
Ajoy Chawla 0:28 ↗
Yeah, I think natural diamonds have always been good. It's just that in the previous couple of years there was a lot of narrative around lab-grown and the potential threat that they pose to natural. So I think there was a lot more narrative. There was a softening of prices internationally, but all that is now behind us. I think prices have started firming up again, and in India at least, natural diamonds continue to be a very strong story — even for solitaires, etc., which had seen a little bit of customer confusion, you know, whether solitaire prices will drop. They remain soft, but we are not seeing that. In fact, in the last, I think, almost four quarters, we've seen consistent growth in natural diamonds across the spectrum, whether it is Tanishq, whether it's CaratLane, whether it's Mia, whether it's Zoya.
Manglam 1:21 ↗
You know, when you speak about the festive season, what is your anticipation? Because understandably, the second part of the last quarter — we've seen your update, and that's out in the public domain — that saw a visible slowdown because of the festive season shift. Now we are in the early parts of the festive season. We have seen, you know, Pujo, etc., play out in the eastern part of the country. How's demand picked up, as per you?
Ajoy Chawla 1:45 ↗
So I don't have an exact update on demand for Pujo, Durga Puja, etc. But all I know is we've done some sentiment studies, and what we see is customers are looking forward to festive. I am very confident that the festive season will go very well. See, this timing shift between September's second half and October's first half between years is quite natural and expected. And I would say even Q2 overall was very good. So if I take off this whole timing-related piece, it is still — you know, without necessarily putting an exact number — but I think our growth will be four to five percent higher than what we have declared.
Manglam 2:26 ↗
Largely timing-related, or is it also...
Ajoy Chawla 2:29 ↗
This is all timing. In addition to that, I think this quarter, after a long many quarters, we are now seeing customers hold back from investment demand for gold coins. You know, gold coins was hitting some 40, 50, 60% growth. This is the first quarter after so many quarters that we're seeing a decline. So which means, if I exclude that — because we are not in the business of actually selling bullion in coins, we are in the business of adorning the Indian woman — and if I look at adornment, so even if I just take only that piece off, that could be another four to five percentage points in terms of growth.
Manglam 3:05 ↗
So what you're saying is, the core jewelry has really grown very well. Adjusted for timing and adjusted for the gold thing, the growth could have actually been closer to 30% than the 20% that you...
Ajoy Chawla 3:14 ↗
You can't put an exact number, but...
Manglam 3:16 ↗
Four to five, four to five — you add both of them.
Ajoy Chawla 3:18 ↗
I think, I think you can certainly say it should have been at least 5, 7, 8% more. We don't know what it would be, and which I think is fantastic.
Manglam 3:26 ↗
Which is great on your base. And, you know, on the festive season itself, you said you expect it to be...

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Cite this transcript

APA, MLA, BibTeX
APA

Chawla, A. (2026, October 8). Confident That Festive Season Will Be Strong: Titan | CNBC TV18 [Interview transcript]. CNBC-TV18. CEOInterviews.AI. https://ceointerviews.ai/interview/3002797/

MLA

Ajoy Chawla. "Confident That Festive Season Will Be Strong: Titan | CNBC TV18." CNBC-TV18, 8 Oct. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3002797/.

BibTeX 
@misc{chawla2026_3002797,
  author       = {Ajoy Chawla},
  title        = {Confident That Festive Season Will Be Strong: Titan | CNBC TV18},
  howpublished = {Interview transcript, CNBC-TV18. CEOInterviews.AI},
  year         = {2026},
  month        = {oct},
  url          = {https://ceointerviews.ai/interview/3002797/},
  note         = {Speaker-attributed transcript with timestamps}
}