Titan Q2 2026: The Dubai Jeweller Behind the Growth Abroad

Titan Company’s business outside India grew 97 per cent in the three months to September 2026, and most of that growth came with Damas, the Dubai jeweller the Tata Group company has consolidated since January. In India, where Titan bought nothing, its businesses grew 22 per cent over the same period, with watches up 30 per cent and eyewear up 28 per cent, both ahead of jewellery. Titan published the figures in a business update on 6 October.

Titan bought 67 per cent of Damas from Qatar’s Mannai Corporation in a deal that valued the jeweller, founded in Dubai in 1907, at 1.04 billion dirhams, about $283 million. The purchase closed at the start of 2026 and brought 146 stores across the Gulf. Titan’s network outside India grew from 32 stores in September 2025 to 162 in March 2026, and 127 of them came with Damas.

That is why the 97 per cent needs a footnote. It compares a business that now includes Damas with one that did not a year earlier, and Titan has not published how its existing business abroad grew without it.

Damas gives an Indian group a name in the Gulf 77 years older than its own, and it changes how Titan’s growth abroad has to be measured. The acquisition is meant to be the start of a larger presence. In August 2025, C. K. Venkataraman, then Titan’s managing director, said the company planned 40 to 50 more Damas stores over five years and wanted to take Tanishq in the Gulf from 15 stores to 40.

The region has not made that easy. For the latest quarter, Titan reported only that its Gulf business had held up well in a volatile geopolitical environment and that Damas was showing early signs of recovery. In the United States, by contrast, Titan is growing without an acquisition: on 29 September, Tanishq opened its eleventh American store, in Artesia, California, following the Indian families who first bought from it at home.