Titan Q3 Results: Profit Increases Over 60%; Margins Beat Street Estimates; Key Highlights

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 and has revised the target price to ₹4,917. At the current market price of ₹4,269, this implies a potential upside of around 15%.

PL has raised its FY27 and FY28 EPS estimates by 1.5% and 1.9%, driven by:

1. healthy jewellery demand outlook despite volatile gold prices,
2. rising average ticket size across formats, and
3. strong performance in CaratLane and a healthy order book in TEAL.

However, PL has trimmed its FY27 and FY28 jewellery EBIT margin (net of bullion) estimates to 10.7%, as it expects gold prices to remain firm, although operating leverage may partly offset the impact.

To read the full Titan Company Q3FY26 result update by PL Capital, click here.