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Titan Company Ltd
NSE: TITAN BSE: 500114 INE280A01028 Consumer Discretionary Consumer 🔎 Screen
NIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 Consumption Consumer Durables
₹438,655 Cr
Market Cap
75.2
P/E
4.78
PEG
20.5%
ROCE
37.7%
ROE
1.95
D/E
10.5%
OPM
-3.5%
% from 52W High
85
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Titan Company Ltd is among India’s most respected lifestyle companies. It has established leadership positions in the Watches, Jewellery and Eyewear categories led by its trusted brands and differentiated customer experience. It was founded in 1984 as a joint-venture between TATA Group and Tamilnadu Industrial Development Corporation (TIDCO).

✓ Strengths 4
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.4%
  • Company has been maintaining a healthy dividend payout of 27.9%
  • Company's median sales growth is 22.1% of last 10 years
! Concerns 2
  • Stock is trading at 27.9 times its book value
  • Company might be capitalizing the interest cost
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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Strong headline beat: consolidated income +40.4% YoY to ₹20,753 cr, but reported EBIT is flattered by ~₹407 cr of one-time customs duty inventory gains. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹20,753 Cr
+40.4% YoY; excludes ₹749 cr bullion/digi-gold sales (Q1FY26: ₹1,850 cr)
Key Metric
33%
Jewellery same-store retail (secondary) growth YoY; domestic Jewellery income +38.4% to ₹16,943 cr
What Went Right
  • Consolidated total income grew 40.4% YoY to ₹20,753 cr; domestic consumer businesses rose 36.5% to ₹18,867 cr.
  • Jewellery domestic income +38.4% to ₹16,943 cr; CaratLane +40.5% to ₹1,441 cr with EBIT +144.4% to ₹166 cr, margin 11.5% vs 6.6%.
  • Watches domestic income +21.8% to ₹1,510 cr led by mid-20s analog growth; EyeCare +21.9% to ₹285 cr with double-digit ASP growth.
  • Jewellery same-store retail growth was 33% YoY and buyer growth ~5% YoY despite the customs duty hike from 6% to 15%.
  • International Tanishq/Mia/CaratLane grew 64.7% to ₹913 cr, with North America +85% and GCC +38% YoY.
What to Watch
  • One-time customs duty gains flatter EBIT: Tanishq/Mia/Zoya reported EBIT of ₹2,202 cr includes ₹386 cr duty benefit; adjusted EBIT is ₹1,816 cr at 11.7% margin, not 14.2%. CaratLane's ₹166 cr EBIT includes ₹21 cr benefit; adjusted is ₹145 cr at 10.1%.
  • Damas core lost ₹67 cr EBIT on ₹396 cr revenue (-16.9% margin); total international Jewellery EBIT swung to -₹8 cr vs +₹19 cr a year ago. GCC demand was hit by geopolitical disruptions and the net Damas store count fell by 1 (2 opened, 3 closed).
  • Emerging Businesses EBIT loss widened to -₹39 cr from -₹14 cr YoY, margin -30.2% vs -12.9%; Taneira like-for-like secondary growth was -10% YoY.
  • Watches EBIT margin fell 344bps YoY to 19.1%; reported EBIT of ₹295 cr included one-time inventory revaluation gains. Adjusted EBIT was ₹275 cr at 17.8% margin, ~16% growth versus income growth of 21.8%; smartwatches declined in single digits.
Investor Lens
Core jewellery franchise is executing well — ~5% buyer growth and 33% same-store retail growth during a sharp duty hike indicate pricing power, and CaratLane's operating leverage is real. However, the reported consolidated EBIT beat is not clean: duty-related gains of ~₹407 cr padded Jewellery EBIT, while Damas (core -₹67 cr EBIT) and Emerging Businesses (-₹39 cr EBIT) remain meaningful drags. The next test is normalised EBIT margin excluding the duty benefit and whether Damas/GCC and Taneira like-for-like trends inflect. Watch for any reversal or absorption of the 6%-to-15% customs duty change, inventory-cost impact, and smartwatch stabilisation. If adjusted Jewellery margins hold near 11.7% and Damas narrows losses, the growth story remains credible; if not, this quarter's beat will look one-time driven.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Revenue up 29% YoY, PAT up 63% — strong quarter for Titan
Revenue
Revenue for Jun 2026 quarter stood at ₹21,356 Cr, a strong 29.3% YoY growth from Jun 2025. On a sequential basis, revenue declined 20.7% from Mar 2026, reflecting seasonal weakness.
Profitability
Net profit surged 62.9% YoY to ₹1,777 Cr, with EPS rising to ₹20.02 from ₹12.29 a year ago. PBT was ₹2,429 Cr, and the tax rate stood at 27%.
Margins
Operating profit margin improved sharply to 14% from 11% YoY and 7% in the previous quarter. This margin expansion, despite a QoQ revenue dip, indicates strong operating leverage and cost control.
Balance Sheet
The company has a debt-to-equity ratio of 1.95, indicating elevated leverage. Return on equity is healthy at 37.7%, while ROCE stands at 20.5%.
Key Risks
High valuation with a PE of 86.7x leaves little room for earnings misses. Elevated leverage (D/E 1.95) could pressure profitability if interest costs rise. Sharp QoQ revenue decline highlights seasonality risk.
Outlook
Strong YoY growth and margin expansion suggest continued momentum in consumer demand. However, sustainability of double-digit growth and debt reduction will be key monitorables in coming quarters.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Corporate
79
EBIT -141
Eyecare
231
EBIT 24
227
EBIT 21
Jewellery
24,999
EBIT 1,820
Others
457
EBIT 10
577
EBIT 32
Watches
1,295
EBIT 156
1,222
EBIT 143
Corporate (unallocated)
92
EBIT -8
Jewellery (refer note 4)
23,492
EBIT 2,475
Total 25,567 27,104

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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The author and/or analyst may currently hold or have previously held positions in the securities or financial instruments discussed in this report. Any such positions, if material, are disclosed to the best of the author's knowledge and are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company, institution, or third party.

Information Sources:
The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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