Titan Q3 Results 2026 Highlights: PAT jumps 61% YoY to ₹1,684 crore; income rises 40%

Mr. Ajoy Chawla, Managing Director of the Company, stated that:

“We marked a stellar third quarter of 40% growth, characterized by a strong performance across our key businesses. The festive period spurred broad-based consumer interest across our portfolios, underscoring resilience in premium and accessible segments alike.

The Jewellery business drove strong buyer engagements via attractive exchange programs, exquisite new collections and lucrative bundled offers, resulting in one of its best-ever growth quarters. Our Watches and EyeCare businesses sustained their growth trajectories, clocking valuable gains across key brands in their portfolios. We are encouraged by the consistent performance in our Fragrances business and are investing to grow our Women’s Bags and Taneira businesses.

Towards the quarter-end, we launched beYon, a lab-grown jewellery line, to bolster our multi-brand jewellery portfolio and explore new growth avenues.

We are excited to announce the completion of a 67% acquisition of Damas Jewellery after the quarter-end, wholeheartedly welcoming them to our Titan family. This strategic addition enables us to address evolving consumer preferences across new geographic and demographic markets, extending well beyond our traditional Indian diaspora.

We remain committed to elevating Titan’s brand equity, deepening customer engagement, and driving sustainable growth powered by innovation across all businesses.”

• Compared to same period last year, Women's Bags experienced strong double-digit growth in both volumes and ASP;
• Fragrances business grew 24%, driven by strong volume growth in Skinn and Fastrack perfumes;
• Taneira's consumer business grew 7% led by increase in ASP and same-store-sales growth;
• Total Income for the Emerging Businesses (Women's Bags, Fragrances and Taneira ) grew 15% to ~ ₹135 crores, and their combined losses reduced to ~ ₹26 crores (from ~ ₹32 crores), compared to Q3FY25 respectively.

In the EyeCare vertical, Titan saw total income rising 18% to ₹231 crore in QFY26 and EBIT of ₹24 crore at 10.5% margin.

Business (domestic) saw healthy demand in core categories supported by high single-digit volume growth and mid-single digit growth in average selling prices (ASP). Growth was led by lenses and sunglasses, both achieving double-digit growths for the quarter.

As part of the network optimization in Tit an Eye+, 11 new stores were opened, 20 stores were renovated and 30 stores were closed during this period.

Watches business achieved total income of ₹1,295 crore for the quarter, growing 14% over Q3FY25 and an EBIT of ₹156 crore at 12.0% margin.

Business (domestic) witnessed strong traction in the festive season driven by gifting occasions. Analog segment continued to be the mainstay clocking 20% growth in consumer sales accompanied by healthy same-store-sales growth across key retail formats.

Premiumization journey saw steady progress across Titan, Fastrack and Sonata brands, all growing in healthy double-digits compared to Q3FY25. Smart Watches saw demand moderation in volumes declining year-on-year by 27% amidst stable pricing in the sub-segment.

Division added 22 new stores (net) in the quarter consisting of 9 in Titan World, 9 stores in Fastrack, 3 in Helios and 1 in Helios Luxe respectively.

Of the 49 new store additions (net) for Q3FY26, 47 new stores (net) were added in India, comprising 24 in Caratlane, 11 in Mia, 10 in Tanishq, 1 in Zoya and 1 in beYon, respectively. Tanishq added two new stores in the USA in Boston and Orlando during the quarter.

The Business achieved an EBIT of ₹2,475 crore, at a margin of 11.0%. Within this, India Business clocked an EBIT of ₹2,365 crores at 11.0% margin, comprising Tanishq, Mia and Zoya business (combined) recording EBIT of ₹2,166 crores at 10.9% margin.

Caratlane (domestic) recorded an EBIT of ₹200 crore at 13.0% margin

The International jewellery business recorded an EBIT of ₹110 crore at 10.3% margin.

The Jewellery Business grew 42% over Q3FY25 to ₹22,517 crore. Within this:

o The India Business Income rose 41% to ,21,458 crores, comprising of Tanishq, Mia and Zoya business (combined), growing 40% to ₹19,921 crore

• Caratlane recording 42% growth to reach ₹1,537 crore

o The International jewellery business grew 83% to ₹1,058 crore

India (Domestic) business recorded one of its highest-ever quarterly growth performances, excluding Covid periods, led by a vibrant festive and backed by visible and evocative campaigns for all brands in the portfolio.

The robust growth was supported by a powerful exchange program, wedding sales, festive collections and attractive coin offers, driving strong growth momentum throughout the quarter, despite elevated gold prices.

The International Business clocked robust double-digit retail growth during the quarter, aided by both store expansion and strong like-to-like growths.

Profit after tax came in at ₹1684 crore, a growth of 61% YoY. The company said that profit before Tax (before exceptional items) was ~2,375 crores at 9.7% margin, a 70% increase. Normalizing for the impact of custom duty reduction in gold in Q3FY25, the Profit Before Tax grew 44% compared to the same period last year.

Titan's consolidated Total Income was ₹24,592 crore, up 40%, marking sustained growth momentum. The company said festive-led demand drove strong outperformance.

Emkay said PAT could grow 47.7% to ₹2247 crore while EBITDA could climb 38.6% YoY to ₹2598 crore. "Reported EBITDA/PAT growth is likely to be materially higher at 50-60%, led by customs duty-related loss in the base," the brokerage opined.

Analysts at Emkay Global factor in a ~40bps dip in the domestic jewellery EBIT margin, to account for the higher promotions and faster growth in gold coins.

Titan has reported a strong ~41% growth in its domestic jewelry business, while Caratlane saw an encouraging 42% growth. LTL growth in the jewelry business is in the low-thirties.

Among categories, gold coins doubled, plain gold jewelry saw growth in the late 30s, while studded continued to see a healthy pick up with ~25% growth in Q3 (vs a low teens growth in H1).

The eyewear segment grew 16% led by healthy performance from both international brands and house brands. International brands growth was powered by strong demand for sunglasses and prescription lenses. E-commerce continued to be a key driver of the Division's expansion strategy enabling higher omni-channel sales. Division added 2 Runway stores and 1 Titan eye+ store on net basis in Q3.

Titan share price ends marginally higher at ₹4285 apiece on the BSE ahead of Q3 results announcement. The stock hit a 52-week high of ₹4329.95 on the exchange today. Analysts expect a robust show in Q3.

KIE sees net sales growth by 32.9% YoY and PAT jumping 45% YoY during the period under review. EBITDA could come in 24% higher, while margins could dip 71 bps to 10.2%.

Kotak Institutional Equities (KIE) estimates LFL recurring standalone jewellery EBIT to grow 23% YoY, while margins are expected to decline 90 bps YoY to 10.3%, due to (1) a weak mix driven by higher gold coin sales, (2) elevated gold prices, which negatively impact gross contribution of studded jewellery, and (3) increased investments in marketing campaigns.

Kotak Institutional Equities estimates ~12.5% (+270 bps yoy) EBIT margin for watches and ~8% (down 280 bps yoy) for eyewear segments. Overall, recurring PAT is expected to grow ~22% yoy, after considering higher depreciation and finance charges.

The domestic jewellery business grew by 41%, led by value growth amidst rising gold prices, said Prabhudas Lilladher (PL) Capital. LFL growth across jewellery retail came in the low thirties, while the studded segment grew in the mid-twenties. Other businesses grew in healthy double digits, led by festive demand.

Domestic brokerage MOSL models 28% standalone revenue growth (excluding bullion) and Tanishq LTL growth of 23% in 3QFY26. Overall sales are expected to grow 31.2% to ₹23270 crore as per its estimates.

Kotak Institutional Equities (KIE) expects the studded share of the standalone jewelry business (excludes Caratlane) to decline ~200 bps YoY, implying 22% YoY growth in studded jewellery (versus +16% in 2QFY26).

Gold coins growth could be around 90%, with its mix up about 500 bps to 16-17%, ~17% YoY growth in watches division, as analog segment demand continued to be robust (versus 13.1% in 2QFY26), and ~10% YoY growth in eyewear (versus 8.5% in 2QFY26).

PL Capital expects net sales to grow 36% YoY to ₹21891.9 crore while the figure could grow 32.4% QoQ. In terms of profit, the brokerage has pegged adjusted PAT growth at 52% YoY and 49.7% QoQ to ₹1505.6 crore.

Standalone Jewelry EBIT (ex-bullion) margin is expected to decline 50bp YoY to 10.7% impacted due to weak mix (high gold coin) on rise in gold prices, said MOSL.

Kotak Institutional Equities models ~34% YoY growth in domestic as well as standalone jewelry sales (versus 18.8% YoY standalone domestic recurring jewelry sales growth of 2QFY26), led by 27% LFL growth. The acceleration in growth was led by (1) a strong festive season, (2) sustained momentum during the wedding season (post-festive), and underpinned by >65% yoy inflation in gold prices (rupee terms; 3QFY26 average).

Rekha Jhunjhunwala is among the top shareholders of Titan. The Tata group company is also among her major stock bets in the Indian stock market. As of the December quarter, Titan held 47,184,470 shares of the company, representing a 5.31% stake.

Ahead of the Q3 results today, Titan share price rose to a 52-week high. On BSE, Titan share price hit the day's high of ₹4329.95 — also its highest level in a year.

Titan Company is slated to announce its third-quarter results for the financial year 2025-26 (FY26) later today, February 10.

“Pursuant to Regulation 29 (1)(a) read with Regulation 50(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 10th February 2026 to inter alia, consider and approve the unaudited financial results (standalone and consolidated) for the quarter and nine months ended 31st December 2025,” the company said in a filing last month.