Inflation, gold price to keep demands volatile, but we'll have 40 more Tanishq outlets: Ajoy Chawla of Titan

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26 Aug, 2025 12:21

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With gold prices near an all-time high and inflation pinching customers’ pockets, demand volatility is here to stay, believes Titan’s jewellery division CEO Ajoy Chawla.

“With gold prices spiking, there is some degree of nervousness in customers. The first half of April was dull, but the second half was fantastic. May and June promise to be good because of a lot of wedding dates,” he said in an analyst call after Q4 results.

Gold prices scaled the Rs 60,000 mark in March and have stayed above that level since. That said, Titan knows how to play the volatility game and is hopeful to maintain its growth, added Chawla.

Also Read: Titan Q4 net profit zooms 50% to Rs 734 crore

In the jewellery division, Titan reported 19 percent same-store sales growth and 10-11 percent buyer growth per store. “We continue to maintain good double-digit growth going forward,” said Chawla.

In Q4, the company added 11 new Tanishq stores and also expanded the retail area of 10 existing stores by 25-30 percent. “If we look at both these figures together, we have added a lot more square footage than will be evident from the sheer number of stores. We are looking at significant retail expansion,” explained Chawla.

The company plans to add 40 plus new Tanishq stores in FY24.

The contribution of wedding jewellery to overall jewellery sales stood at 19 percent in FY23 compared to 20 percent in FY22. This is because Q1 FY23 witnessed subdued demand, said the management.

For the next 3-4 years, the Tata-group company has taken a much more aggressive growth target on wedding jewellery by investing in select markets and select communities. “We would like it to be a couple of percentage points higher in the coming years,” said Chawla.

Talking of new buyers, he shared that they are seeing traction in the sub-Rs 50,000 products, in Tanishq, Mia as well as Caratlane.

In Q4 FY23, Titan's standalone net profit came in at Rs 734 crore, a 50 percent rise over Rs 491 crore posted a year ago. Total revenue came in at Rs 8,753 crore, rising 25 percent over Rs 6,977 crore reported in the year-ago quarter.