Titan's Chawla moves to defuse 90% jewellery dependence as ₹30,000 cr wiped in stock rout
MD Ajoy Chawla is rewiring Titan beyond Tanishq, scaling watches (₹5,267 cr, 15-16% Ebit), eyewear (₹916 cr vs Lenskart's ₹8,800 cr), Skinn fragrances, IRTH handbags and Taneira ethnic wear—after gold tariff shock and PM's gold caution triggered a 7% crash.
What happened
Titan MD Ajoy Chawla's diversification masterplan to reduce 90% jewellery dependence, scaling watches, fragrances (Skinn), handbags (IRTH), ethnic wear
Key facts
- Q4 revenue ₹20,300 cr (+46% YoY)
- FY26 revenue ₹76,000 cr
- stock down 7%, ₹30,000 cr wiped
- jewellery 90% of revenue, 94% of incremental growth
- watches Ebit 15-16% vs jewellery 11%
- watches revenue ₹5,267 cr
- 1,250+ watch stores
- emerging businesses ₹500 cr (+25.2%)
- eyewear ₹916 cr (+14.4%) vs Lenskart ₹8,800 cr (+32.5%)
- IRTH 17 stores in 8 cities
- Nebula Jalsa Flying Tourbillon ₹40.5 lakh
Why this matters
Eyewear at ₹916 cr vs Lenskart's ₹8,800 cr signals a 10x gap that organic builds won't close—M&A or a focused acquisition in optical, fragrances, or ethnic wear is the faster path to portfolio rebalancing.
Also reported by
- Mint — 3h after first sighting