Titan Q3 Results: Profit Increases Over 60%; Margins Beat Street Estimates; Key Highlights
- 11th February 2026
- 11:00 AM
- 3 min read
Summary
Titan reported a strong Q3 performance, with profit rising over 60% despite a one-time labour code impact. Growth was driven by the core jewellery business and supported by steady gains across watches and eyewear. The stock is up over 1% today and has gained 32% over the past year.Mumbai | February 11
Titan has posted a sharp rise in earnings for the December quarter, driven by strong festive demand and operating leverage, even after a one-time exceptional cost of ₹152 crore related to the implementation of new labour codes.
Shares of Titan are trading higher today and touched an intraday high of ₹4,378.40. The stock has gained 6% over the past week and 32% over the last one year.
Q3 consolidated results
For the quarter ended December 2025, Titan reported a consolidated net profit of ₹1,684 crore, up 60.8% year-on-year from ₹1,047 crore.
Total income rose 43% YoY to ₹25,567 crore, compared with ₹17,868 crore in the same quarter last year.
EBIT increased 63% to ₹2,657 crore, while EBIT margins expanded to 10.8% from 9.3% a year ago.
Jewellery segment leads performance
The jewellery business led the quarter. Revenue rose 42% to ₹22,517 crore, despite gold prices being high throughout the quarter.
-Domestic jewellery income increased 41%, driven by Tanishq, Mia and Zoya.
-CaratLane revenue rose 42% to ₹1,537 crore.
-International jewellery revenue grew 83% to ₹1,058 crore.
-The studded jewellery ratio declined to 26% from 28% last year.
-New buyers contributed 45% of overall revenue during the quarter.
-Jewellery EBIT came in at ₹2,475 crore, with 11% margins. EBIT in Q3FY25 had benefited by around ₹253 crore due to a reduction in gold customs duty, resulting in a higher base.
-Titan holds around 8% share of the Indian jewellery market.
Watches and eyewear segment show steady traction
-The watches business reported revenue of ₹1,295 crore, up 14% YoY. EBIT stood at ₹156 crore with 12% margins.
-Festive demand supported sales, especially in gifting. Titan, Fastrack and Sonata recorded double-digit growth.
-Smartwatch volumes declined during the quarter as category demand remained weak.
-Revenue for the eyewear business was up 18% YoY at ₹231 crore. EBIT stood at ₹24 crore, with 10.5% margins.
Emerging businesses
Titan’s emerging businesses, including women’s bags, fragrances and Taneira, reported income of ₹135 crore, up 15% YoY. Combined losses reduced to ₹26 crore, from ₹32 crore a year ago.
-Fragrances grew 24%, supported by Skinn and Fastrack perfumes
-Women’s bags saw strong volume and price-led growth.
-Taneira reported steady gains driven by higher average selling prices and same-store sales growth.
Titan’s stock performance
Titan shares traded higher following the results, rising over 1% during the session. The stock has delivered 6% gains in the past week and is up 32% over the last year, reflecting sustained earnings momentum and leadership in its core segments.
PL Capital View on Titan Company
PL Capital maintains a BUY rating on Titan, with a target price of ₹4,600 against the current market price of around ₹4,302. PL Capital expects continued strength in the domestic jewellery business, steady growth in watches and eyewear, and incremental contribution from beYon in the lab-grown diamond segment. Earnings estimates for FY26–FY28 have been raised to reflect sustained demand and margin expansion.
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