Titan Company (TITAN) Q3 25/26 earnings summary

Executive summary

• Strong festive quarter with consolidated total income for Q3FY26 reaching ₹25,567 crore, up 40% YoY, driven by robust demand and growth across jewellery, watches, and emerging businesses.

• Jewellery business delivered its highest-ever quarterly revenue, with 42% growth and robust performance in both domestic and international markets.

• Launched beYon, a lab-grown jewellery brand, and completed a 67% acquisition of Damas Jewellery in the GCC, expanding international presence from January 1.

• Watches and EyeCare segments maintained double-digit growth, while Fragrances and Women's Bags showed strong momentum.

• Emphasis on consolidated performance due to growing international and subsidiary contributions.

Financial highlights

• Q3FY26 consolidated total income: ₹25,567 crore, up 40% YoY; EBIT: ₹2,657 crore, up 63% YoY; EBIT margin improved to 10.8%.

• Profit after tax: ₹1,684 crore, up 61% YoY; net profit margin at 6.6%.

• Exceptional item: ₹152 crore impact from Labor Code changes at consolidated level.

• Jewelry segment saw higher ticket size, reaching INR 1.9 lakh, the highest ever.

• CaratLane achieved low double-digit EBIT margin, aided by revenue growth and cost management.

Outlook and guidance

• Management remains optimistic about sustained growth, focusing on innovation, premiumization, network expansion, and new product launches, including lab-grown jewellery.

• Too early to provide guidance for the rest of Q4 due to gold price volatility.

• Continued focus on absolute EBIT and PBT growth over margin percentage due to rising gold prices.