Titan Co., once ranked after Tata Consultancy Services (TCS) in market valuation, has seen its dominance fall among the group companies. With a market capitalisation of ₹2.95 lakh crore, Titan currently accounts for 9% of the Tata Group’s aggregate valuation. That compares with the 12% share it held in January 2024. During the same period, the conglomerate’s retail arm—Trent—has improved its weight in the group to 7% from 4%, according to Bloomberg data.

The stock of Titan has declined almost 10% in 2024 and is headed for its first yearly loss since 2017. The company has witnessed more days in which its stock ended in the red than gains this year.

Even though Titan managed to deliver in-line numbers for the quarter ended June 2024, much of the discussion during the earnings call revolved around the rapidly evolving competitive landscape. The sector has seen a greater number of regional as well as national players enter the space. For instance, Aditya Birla Group recently forayed into the branded jewelry retail business with its brand Indriya.

The company acknowledged the stiff competition in the space and said it will continue to increase even as the recent cut in gold customs duty should help accelerate the formalisation of the industry.

“I think it’s the new reality. More will come. In fact, one more has entered the fray also in July,” said Ajoy Chawla, CEO of Jewellery at Titan.

According to Chawla, the company has gained some market share in the eastern region while it remained almost stable in the west. However, a lot more competitive activity was seen in the north the country by organised players. Nevertheless, the company maintained its jewellery margin guidance for the year at 11.5% to 12.5%.

While TCS continues to occupy the top spot in market valuation, Tata Motors comes second with a valuation of close to ₹4 lakh crore. Among large companies, Titan has fared poorly in 2024 so far after Tata Elxsi and Tata Technologies. As of Monday’s close, the group boasts a market capitalisation of ₹32.6 lakh crore.