Titan Company delivered a blockbuster Q3 FY26, with net profit up about 61% YoY to ₹1,684 crore and revenue surging ~40–42% YoY, powered by a stellar festive season and record gold prices boosting its jewellery business.

Titan Q3 FY26 results – headline numbers

• Net profit (consolidated):

  • ₹1,684 crore, up ~60–61% YoY vs ₹1,047 crore in Q3 FY25.
• Revenue from operations / total income:
  • Business Standard: ₹24,915 crore, up 42% YoY vs ₹17,550 crore.
  •  Other reports: total income around ₹26,416 crore vs ₹17,740 crore (≈40% growth).
• EBIT / margins:
  • EBIT: ₹2,657 crore vs ₹1,627 crore (+63% YoY)
  • EBIT margin: 10.8%, up 155 bps from 9.3%.
• EPS:
  • EPS ₹18.98 vs ₹11.80 in Q3 FY25.
• Stock reaction:
  • Titan hit a new 52‑week high near ₹4,312, becoming the top Nifty gainer after the Q3 beat.

Segment performance: jewellery shines, watches steady

5. Jewellery segment (Tanishq, Mia, Zoya, Caratlane)

• Revenue: ~₹22,517 crore, up ~41–42% YoY (ex‑bullion & Digi‑gold).

• EBIT: ~₹2,475 crore, 11% margin.
• Drivers:
  • Festive and wedding demand, record gold prices, strong festive collections and aggressive exchange programmes & bundled offers.
  • Company commentary: growth driven more by higher average selling prices than volumes; buyer growth flattish but ticket sizes up due to gold prices and premium designs.
  • International jewellery business grew ~79% YoY, domestic ~41% YoY.

5. Watches & wearables

• Revenue: ~₹1,295 crore, up 13–14% YoY.

•  EBIT: ~₹156 crore, 12% margin.
• Premiumisation: Titan, Fastrack, Sonata analog ranges grew in double‑digits, but smartwatch volumes fell ~27% YoY amid moderation in mass wearable demand.

5. Eyecare and other businesses

• Eyecare: ~16% YoY growth.

• Emerging businesses (Taneira, accessories etc.): ~14% YoY growth.[]​
• Overall consumer business: about 40% YoY, well ahead of consensus.

Strengths from Titan’s Q3 FY26 performance

• Blockbuster jewellery quarter: ~42% YoY jewellery growth with 11% EBIT margin despite record gold prices, showing strong pricing power and brand loyalty in Tanishq, Mia, Zoya and Caratlane.

• Broad‑based consumer growth: Overall consumer business up ~40% YoY, domestic jewellery 1%, international +79%, watches 3%, eyewear 6%, indicating healthy festive/wedding demand and successful premiumisation.
• Margin expansion: EBIT up 63%, margin up 155 bps to 10.8%, reflecting operating leverage, better mix and disciplined cost control.
• Resilience to high gold prices: Titan grew volumes/value despite ~65% jump in gold prices, using higher ASPs, exchange offers and campaigns to protect demand.
• Positive street reaction: Stock hit a new 52‑week high (~₹4,312) and brokerages raised targets (e.g., Goldman Sachs to ~₹4,850), validating Titan’s premium positioning in Indian consumption.

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Risks and monitorables

• High dependence on jewellery & gold cycle: Jewellery contributes ~85% of revenue; prolonged gold price spikes or regulatory changes (e.g., import duties, hallmarking rules) could impact demand and margins.

• Flattish buyer growth: Management noted growth was led by higher ticket sizes, not customer additions; if macro slows or gold spikes further, high‑ticket purchases may soften.
• Smartwatch volume decline: ~27% YoY drop in smart wearables indicates competitive and maturing category; Titan must keep innovating to avoid losing young consumers to global brands.
• Premium valuation: Titan trades at rich multiples vs sector; any miss in future quarters or macro shock could trigger sharp de‑rating despite strong franchise.
• Execution in new categories/geographies: Aggressive expansion in international jewellery, Taneira and other emerging businesses carries execution and cost‑overrun risks.

FAQs

1. What was Titan’s net profit in Q3 FY26?
Titan reported net profit of about ₹1,684 crore, up ~60–61% YoY vs ₹1,047 crore in Q3 FY25.

2. How much did Titan’s revenue grow in Q3 FY26?
Revenue / total income rose to around ₹25,000–26,400 crore, implying ~40–42% YoY growth, driven primarily by jewellery.

3. How did the jewellery business perform?
Jewellery revenue was about ₹22,517 crore, up ~42% YoY, with 11% EBIT margin, powered by festive collections, high gold prices and strong exchange schemes.

4. What about watches and wearables?
The watches division delivered revenue of ₹1,295 crore (3–14% YoY) and ₹156 crore EBIT at 12% margin, but saw a 27% YoY decline in smartwatch volumes.

5. How did the market react to Titan’s Q3 numbers?
Titan’s share price surged to a new 52‑week high near ₹4,312, making it a top Nifty gainer, with brokerages like Goldman Sachs raising their target to around ₹4,850 after the results beat.