Titan Company Q3FY26 Results: Profit Surges 61%, Festive Demand Powers 40% Growth

The stock reacted positively to the results, gaining over 2.5% on Wednesday, February 11, as investor confidence remained high. Titan is also part of Rekha Jhunjhunwala’s portfolio, with over a 531% stake held as per the December quarter shareholding pattern.

Titan Consolidated Financial Performance

For the quarter ended December 2025 (Q3FY26), Titan reported consolidated total income of ₹25,567 crore, registering a 43.1% year-on-year (YoY) increase. Revenue from operations rose 40% YoY to ₹24,592 crore, driven largely by strong festive-season demand.

Consolidated net profit jumped 60.8% YoY to ₹1,684 crore, compared with ₹1,047 crore in the same quarter last year. Profit before tax (PBT), excluding exceptional items, rose 70.1% YoY to ₹2,375 crore. After adjusting for the impact of the customs duty reduction on gold in Q3FY25, PBT growth stood at 44% YoY.

EBITDA for the quarter increased 58.9% YoY to ₹2,864 crore, while EBIT rose 63.3% YoY to ₹2,657 crore. EBIT margins improved by 155 basis points to 10.8%, while PBT margins expanded to 9.7%.

As of December 31, 2025, Titan’s market capitalisation stood at ₹3.60 lakh crore.

Jewellery Segment: The Primary Growth Engine

The jewellery business remained Titan’s biggest growth driver, delivering one of its best-ever quarterly performances. The jewellery portfolio grew 42% YoY to ₹22,517 crore, excluding bullion and digi-gold sales.

Titan’s India jewellery business recorded income of ₹21,458 crore, up 41% YoY, while domestic jewellery income rose 40.5% YoY. The combined Tanishq, Mia and Zoya businesses grew 40% to ₹19,921 crore, and Caratlane recorded a 42% growth to ₹1,537 crore.

The growth was supported by wedding demand, exchange programmes, festive collections and attractive coin offers, despite elevated gold prices. Spot gold prices rose nearly 12% during the quarter.

The jewellery business reported an EBIT of ₹2,475 crore at an 11% margin, while the India business alone clocked EBIT of ₹2,365 crore. However, normalized EBIT margin declined by around 50 basis points due to studded margin dilution, higher gold prices and a skewed product mix with higher coin salience.

Retail Expansion and International Growth

Titan continued to expand its retail footprint aggressively. During the quarter, the jewellery segment added a net 49 new stores, including 47 stores in India. This comprised 24 Caratlane stores, 11 Mia stores, 10 Tanishq stores, one Zoya store and one beYon store.

Internationally, Tanishq added two stores in the US, located in Boston and Orlando. Overall international jewellery revenue grew 83% YoY, supported by strong double-digit retail growth and store expansion.

After the quarter ended, Titan completed the acquisition of a 67% stake in Damas Jewellery, aimed at addressing evolving consumer preferences across new geographies and demographics beyond the Indian diaspora.

The company also launched ‘beYon’, a lab-grown diamond jewellery brand, further strengthening its multi-brand portfolio.

Watches and Wearables Business Performance

The Watches and Wearables segment maintained its growth momentum, reporting total income of ₹1,295 crore, up 14% YoY. Domestic income stood at ₹1,250 crore, reflecting a 13.2% YoY increase.

The segment posted an EBIT of ₹156 crore, marking a 44.2% YoY rise, with EBIT margins improving to 12.0%. Analog watches continued to be the mainstay, delivering 20% growth in consumer sales, supported by strong same-store sales growth.

Premiumisation progressed steadily across Titan, Fastrack and Sonata brands, all registering healthy double-digit growth. However, smartwatches saw demand moderation, with volumes declining 27% YoY amid stable pricing.

Key launches during the quarter included Titan Stellar 3.0 with a limited-edition “Wandering Hours” timepiece, Fumage by Titan Edge featuring ultra-thin precision engineering, and AI-powered Fastrack smartwatches such as Cosmix and Navstar.

EyeCare Business Shows Steady Growth

Titan’s EyeCare business recorded total income of ₹231 crore in Q3FY26, growing 18% YoY. Domestic income stood at approximately ₹227 crore.

Growth was driven by strong performance in lenses and sunglasses, supported by high single-digit volume growth and mid-single digit growth in average selling prices (ASP). The segment delivered an EBIT of ₹24 crore at a margin of 10.5%.

Emerging Businesses: Strong Momentum Continues

Emerging businesses showed improving traction during the quarter. Women’s Bags delivered exceptional growth of around 110% YoY, driven by strong gains in both volumes and ASP.

The Fragrances business grew 24% YoY, led by robust volume growth across Skinn and Fastrack perfumes, while maintaining consistent profitability.

Taneira recorded a 6% decline in reported revenue YoY, but secondary consumer growth rose 7%, supported by double-digit ASP growth despite lower volumes.

Overall, total income from emerging businesses increased 15% YoY to ₹135 crore, while combined losses narrowed to ₹26 crore from ₹32 crore in Q3FY25.

Titan Engineering & Automation Limited (TEAL)

Titan Engineering & Automation Limited (TEAL) posted strong growth, with total income rising approximately 67% YoY to ₹323 crore. The segment recorded an EBIT of ₹36 crore, translating into an 11.3% margin.

On a year-to-date basis, TEAL continued to outperform the previous year across both its Automation Solutions and Manufacturing businesses.

Sustainability and Corporate Initiatives

Titan continued to advance its sustainability goals for FY30, including becoming water positive and achieving net-zero carbon emissions for Scope 1 and Scope 2.

During the quarter, the Sikkim Watches unit received the National Safety Merit Award 2025, while TEAL Unit 1 earned a Gold Award for workplace safety excellence. The company’s “Happy Eyes” programmes have benefited over 300,000 individuals to date.

Sustainability initiatives included recycling cellulose acetate waste into durable furniture and achieving water neutrality at the jewellery manufacturing facility through rainwater harvesting.

Titan Share Price Jumped 2.6% on Wednesday 

Following the results, Titan shares rose as much as 2.6% to a record high of ₹4,378.40 on the NSE. The stock has delivered strong returns, gaining 29.76% over the past year. Over five years, the stock has surged 180%, delivering multibagger returns.