Titan Company (TITAN) Q3 25/26 earnings summary

Executive summary

• Achieved 40% YoY consolidated revenue growth in Q3FY26, driven by strong festive demand and robust growth across jewellery, watches, and emerging businesses.

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

• Watches and EyeCare segments maintained double-digit growth, supported by new launches and premiumization.

• Consolidation of Damas (67% stake) to begin from January 1, expanding international presence and impacting Q4 results.

• Launched beYon, a lab-grown jewellery brand, expanding the multi-brand portfolio.

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, PAT margin at 6.8%.

• 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, customer engagement, and expansion into new geographies and segments.

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

• Strategic investments in new brands and international acquisitions to drive future growth.

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