Titan Hits Fresh 52-Week High on Q2 Beat; PL Capital Retains ‘Buy’ Rating with ₹4,397 Target

Mumbai | November 4

Shares of Titan Company Ltd hit a fresh 52-week high of ₹3,822 on Tuesday, climbing nearly 3% after the Tata Group major reported a 59% jump in net profit for the September quarter (Q2 FY26) backed by festive demand, robust jewellery sales, and steady margins despite higher gold prices.

At 1:00 PM, Titan shares were up 2.27% at ₹3,812, valuing the company at ₹3.38 lakh crore.

Q2FY26 Performance: Festive Tailwinds Lift Growth

For the July-September quarter, Titan’s consolidated net profit rose 59% year-on-year to ₹1,120 crore, from ₹706 crore in the same period last year. Revenue from operations grew 22% to ₹16,649 crore, driven by double-digit growth across jewellery, watches, eyewear, and emerging businesses.

The company’s jewellery segment, which contributes over 80% of total revenue, surged 21% to ₹14,092 crore, excluding bullion and digi-gold sales. Combined revenue from Tanishq, Mia, and Zoya brands grew 18% to ₹12,640 crore, while CaratLane saw a 32% jump to ₹1,072 crore.

EBIT margins in the jewellery business stood at 11.1%, reflecting strong operational efficiency despite gold price volatility. “The domestic business witnessed strong consumer momentum during Navratri, aided by gold exchange offers,” Titan said in its statement.

Also Read: Ambuja Cements delivers strong Q2, raises FY28 capacity goal; PL Capital stays bullish

Broader Business Momentum

Titan’s watches and wearables division reported a 13% YoY sales increase to ₹1,477 crore, with EBIT up 23% at ₹238 crore and margins expanding to 16.2%. The eyewear segment grew 8.5% YoY, while emerging businesses — including Taneira, Fragrances, and Women’s Bags saw a 34% jump in sales.

Subsidiary Titan Engineering and Automation Ltd (TEAL) delivered an impressive 112% growth in EBIT, while CaratLane’s profit surged 79% year-on-year.

“The quarter witnessed a slow start, and performance progressively improved with the early festive commencement in September,” said C.K. Venkataraman, Managing Director, Titan Company. “The demand momentum in Navratri was particularly strong, leading to a healthy 21% growth in this quarter.”

He added that despite elevated gold prices causing a temporary pause, buyer sentiment rebounded strongly once prices stabilised, aided by Titan’s gold exchange campaigns and Diwali launches.

Segment Highlights: Jewellery Leads, Watches Steady

• Jewellery: EBIT up 13% YoY at ₹1,381 crore; Tanishq added six stores, taking its network to 510 outlets across India.
• Watches: 13% growth YoY, aided by premiumisation in Titan, Fastrack, and Helios formats; 15 new stores added.
• Eyewear: 9% growth to ₹220 crore; Titan Eye+ opened five premium ‘Runway’ format stores.
• Emerging businesses: Taneira and fragrances up 34%; women’s bags grew 90% YoY.

Outlook and Share Price Target

According to PL Capital, Titan’s growth outlook remains robust, with jewellery demand in October holding strong and consumers adjusting to higher gold prices. Analysts expect FY26 revenue growth to outpace EBIT, supported by continued strength in the festive and wedding seasons and premiumisation across categories

“We remain constructive on the medium-term outlook driven by continued market share gains in key regions and margin support from studded jewellery and lightweight collections,” said Amnish Aggarwal, Director of Research, PL Capital.

PL maintains a “Buy” rating with a target price of ₹4,397, valuing CaratLane and TEAL at ₹200 and ₹60 per share respectively.

Investor Takeaway

Titan’s Q2 results reaffirm its leadership in India’s jewellery and lifestyle retail sector. With festive momentum sustaining into Q3 and international expansion gaining pace, the company is expected to maintain double-digit earnings growth (EPS CAGR ~20.6% over FY26–28)

As Venkataraman prepares to hand over leadership to Ajoy Chawla from January 2026, Titan’s next growth phase will focus on expanding store presence, enhancing brand salience, and strengthening global operations.

Read the full report on Titan Company here