New Delhi, Aug. 27 -- Gold did what it always does when the world turns nervous: it rose. At Rs 72,000 to Rs 76,000 per 10 grams through the April-June quarter, the metal delivered a revenue tailwind to every organised jeweller in India. But tailwinds, as Titan Company's Q1 FY27 results made clear, are not distributed equally. The Tata Group company emerged from the quarter with wider margins and stronger volume growth than its peers, widening a structural gap that has been building for three years.

which houses Tanishq, Mia, and CaratLane - posted revenue of Rs 12,200 crore in Q1 FY27, up 18% year on year. The growth was broad: studded jewellery share, where margins run 10 to 12 percentage points above plain gold, held at 34% of the jew...