Titan Q3 Results: Revenue Jumps 40% to ₹24,592 Crore, Profit Surges to ₹1,684 Crore
Titan reported strong festive-season growth across jewellery, watches, and eyewear businesses, driving a sharp rise in revenue and operating profits during the December quarter.
Titan Q3 results reflect robust demand across core consumer segments during the festive and wedding season, with jewellery driving the bulk of growth. The company reported strong revenue expansion and operating leverage, supported by premiumisation trends and higher consumer spending across discretionary categories.
Live Earnings Snapshot
- Total income (ex-bullion): ₹24,592 crore (up 40% YoY)
- EBIT: ₹2,657 crore (up 63% YoY)
- EBIT margin: 10.8%
- Net profit: ₹1,684 crore
- Jewellery revenue: ₹22,517 crore (up 42% YoY)
Table of Contents
- Key Highlights
- Financial Performance
- Operational Drivers
- Segment Trends
- Capital-Flow Impact
- Valuation Context
- Risks
- Outlook
Titan Q3 Results: Key Highlights
- Total income rose 40% YoY to ₹24,592 crore.
- EBIT increased 63% YoY to ₹2,657 crore.
- Net profit stood at ₹1,684 crore for the quarter.
- Jewellery segment revenue jumped 42% YoY.
- Watches and eyewear businesses delivered double-digit growth.
Titan Q3 Results: Financial Performance
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
|---|---|---|---|
| Total income (ex-bullion) | ₹24,592 crore | ₹17,583 crore | +40% |
| EBIT | ₹2,657 crore | ₹1,627 crore | +63% |
| EBIT margin | 10.8% | 9.3% | +155 bps |
| Net profit | ₹1,684 crore | ₹1,047 crore | +61% |
The company delivered strong operating leverage during the quarter, supported by festive demand and improved segment margins across jewellery and watches. :contentReference[oaicite:1]{index=1}
Titan Q3 Results: Operational Drivers
Titan’s growth was led by strong festive and wedding demand across its core consumer businesses.
- Jewellery business recorded one of its strongest festive quarters.
- Exchange schemes and new collections drove higher ticket sizes.
- Watches business benefited from premiumisation and gifting demand.
- Eyewear segment delivered steady volume and pricing growth.
Management highlighted strong consumer interest across premium and accessible segments during the festive season. :contentReference[oaicite:2]{index=2}
Segment Trends
Jewellery Segment
- Revenue: ₹22,517 crore (up 42% YoY).
- EBIT: ₹2,475 crore (up 66% YoY).
- Driven by festive collections and wedding purchases.
Watches Segment
- Revenue: ₹1,295 crore (up 13.9% YoY).
- EBIT margin improved to 12%.
- Premium analogue watches drove growth.
EyeCare Segment
- Revenue: ₹231 crore (up 17.9% YoY).
- EBIT margin: 10.5%.
- Growth supported by lenses and sunglasses categories.
Emerging Businesses
- Revenue: ₹135 crore (up 14.9% YoY).
- Losses narrowed compared to the previous year.
Jewellery remained the dominant contributor to revenue and profitability during the quarter. :contentReference[oaicite:3]{index=3}
Capital-Flow Impact
Titan’s performance reinforces the structural strength of the discretionary consumption segment during festive and wedding cycles.
- Jewellery remains the primary earnings driver.
- Premiumisation trends support margin expansion.
- Strong brand equity attracts institutional flows.
- Diversified consumer portfolio improves earnings stability.
Large-cap discretionary companies typically attract institutional capital during periods of consumption-led growth, particularly when premium categories outperform.
Valuation Context
Consumer discretionary companies are generally valued based on:
- Revenue growth consistency.
- Margin expansion through premiumisation.
- Brand strength and pricing power.
- Store expansion and market share gains.
Titan’s leadership in organised jewellery retail and premium watches positions it as a core consumption-sector compounder over the long term.
Risks
- Gold price volatility impacting jewellery demand.
- Margin pressure from product mix changes.
- Competition in organised jewellery retail.
- Slowdown in discretionary consumption.
Outlook
Titan’s outlook remains linked to consumer demand, wedding cycles, and premiumisation across product segments.
- Jewellery demand expected to remain the primary growth driver.
- Premium watch segment to support margin expansion.
- International expansion adds long-term growth optionality.
- Emerging categories may improve profitability over time.
From an institutional perspective, Titan continues to benefit from strong brand equity and structural growth in organised jewellery retail, though margin performance will remain sensitive to gold prices and product-mix dynamics.
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