Titan's Next Chapter: MD Ajoy Chawla Eyes Global Scale as Watches and CaratLane Race Toward $1 Billion

When Ajoy Chawla took over as Managing Director of Titan Company, he inherited a business already riding high. His predecessor, CK Venkataraman, had transformed the Tata group's lifestyle arm from a watch manufacturer into a diversified consumer powerhouse spanning jewellery, eyewear, fragrances, and ethnic wear. Chawla's mandate now is to keep that momentum alive — and then some.

At the heart of Titan's near-term growth story are two businesses that often play second fiddle to its blockbuster jewellery segment: its watches division and online jewellery platform CaratLane. Together, the two are closing in on a combined revenue milestone of $1 billion, and Chawla has made it clear that the journey has only just begun.

Watches: From Budget to Premium

Titan's watches business posted year-on-year revenue growth of 17.2% in FY25, clocking ₹4,576 crore. (Whalesbook) More striking than the headline numbers, however, is the shift in what customers are actually buying. The average price of a watch sold across Titan's retail network — now rebranded as Titan World — has more than doubled over the last seven to eight years, moving from the ₹3,000–₹4,000 range to over ₹8,000 today. (Whalesbook) Demand for watches priced above ₹25,000 is growing at a particularly healthy clip, reflecting a broader consumer appetite for premium products.

Retail channel development remains a core pillar of this growth. The company is investing in both its Titan World stores and Helios Luxe outlets to capture the premiumisation wave sweeping India's urban consumer base.

CaratLane: Scaling Fast, Expanding Wider

CaratLane contributed ₹3,583 crore to Titan's overall performance in FY25, (Whalesbook) and the company's ambitions for the platform go well beyond that. Management expects CaratLane to sustain roughly 30% annual growth as it broadens its physical retail footprint alongside its strong digital presence.

During the third quarter of FY26, CaratLane added 24 net new stores, continuing its aggressive expansion across the country.

Chawla has flagged international growth as an increasingly important dimension of CaratLane's future, noting that while overseas revenues are still modest, the rate of growth is accelerating rapidly.

Going Global

Titan's international ambitions received a major boost with the acquisition of Damas Jewellery in the Gulf. Titan completed a 67% acquisition of Damas Jewellery during Q3 FY26, significantly strengthening its international footprint.

The company is also exploring manufacturing options in the UAE to manage tariff-related costs as it deepens its Gulf presence.

On the jewellery side, Tanishq has been actively courting the Indian diaspora as a channel for global brand building, running targeted campaigns and exhibitions to connect with NRI consumers.

The Bigger Picture: ₹1 Lakh Crore and Beyond

Chawla has outlined plans to grow Titan toward ₹1 lakh crore in revenue, with targets of 15-20% annual growth anchored by watches, CaratLane, and international expansion. (Groww) The company also plans to nearly double its retail store count to around 2,000 over the next four to five years, (Whalesbook) a signal of deep confidence in the Indian consumption story despite the premium valuation the stock currently commands.

Titan's consolidated revenue stood at ₹24,592 crore for Q3 FY26, with EBIT of ₹2,657 crore, while its jewellery segment alone delivered 40.5% year-on-year growth during the quarter.

Chawla's stated priority is strengthening the potency and appeal of each of Titan's brands — a challenge that involves not just growth metrics but also ensuring that rising gold prices don't erode customer growth at the entry-level end of the jewellery market. Competitive intensity from newer players is also pushing the company to think more tactically about marketing investments across geographies.

For now, the watch is ticking — and at Titan, it's set to something considerably more ambitious than a billion dollars.