Titan Company (TITAN) Q2 25/26 earnings summary

Executive summary

• Consolidated income for Q2FY26 rose 22% YoY to ₹16,649 crore, with PAT up 59% to ₹1,120 crore and EBITDA margin expanding by 209 bps to 12.1%.

• Jewellery led growth with a 21% YoY revenue increase to ₹14,092 crore, while Watches and Emerging Businesses also posted double-digit gains.

• Festive and wedding seasons drove strong buyer engagement and demand, with regional market share gains and international markets, especially North America and GCC, showing robust growth.

• Board approved appointment of Mr. Ajoy Chawla as Managing Director effective January 2026, succeeding Mr. C.K. Venkataraman.

• Announced acquisition of a 67% stake in Damas Jewellery, expanding presence in the GCC region.

Financial highlights

• Consolidated EBIT for Q2FY26 was ₹1,799 crore (up 51% YoY), with EBIT margin improving by 211 bps to 10.8%.

• Standalone Q2FY26 income grew 17.9% YoY to ₹14,684 crore; PAT up 42.9% to ₹1,006 crore.

• CaratLane margins expanded by 250 bps to 10% YoY, driven by product mix and operational improvements.

• High-value studded jewelry contributed 14% of business in Q2, up 1 percentage point YoY; solitaire share rose to 3.5%-4%.

• Gross contribution margin improved to 25.2% (consolidated).

Outlook and guidance

• Management expects continued growth momentum, leveraging festive demand, international expansion, and operational excellence.

• Margin guidance remains unchanged, but volatility in gold prices poses ongoing challenges; EBIT growth expected to be in line with revenue, though margin pressure persists.

• Store opening target for Tanishq remains at 40 for the year, with 70-80 store renovations expected.