Titan Shares Rise 2% as Q1FY26 Net Profit Soars 53% YoY

On Friday, Titan share price jumped 1.73 percent, touching a day’s high price of Rs 3,475 on NSE after it delivered a stellar performance in Q1FY26, solidifying its reputation as a market leader in the jewellery and lifestyle segments. The company reported consolidated revenue of Rs 16,523 crore, marking a robust 24.6 percent year-over-year growth from Rs 13,266 crore in Q1FY25. Titan’s consolidated net profit surged 52.6 per cent to Rs 1,091 crore, significantly outperforming analyst expectations and demonstrating resilience, particularly given the consistently high gold prices during the quarter.

EBITDA grew by 47 percent to Rs 1,830 crore, and margins expanded smartly to 11.1 percent versus 9.4 percent in the previous year. Across business verticals, the jewellery segment contributed to the major share of growth. Jewellery sales increased 19 percent to Rs 12,797 crore, with the India business up 18 percent and the international jewellery segment rising an impressive 49 percent, clocking its first-ever profitability in the UAE and North America. Tanishq continued to bolster its global positioning with high-profile participation at Paris Couture Week and Cannes, improving its brand visibility.

The Watches & Wearables business experienced a standout quarter, notching a 24 percent jump in revenue to Rs 1,273 crore. This was powered by strong demand for analog watches as well as successful launches in the premium category. The segment’s focus on profitability was also evident, with EBIT margins coming in at 22.6 percent. Eyecare grew by 13.1 percent to Rs 238 crore, with sunglasses outpacing prescriptions, while the emerging businesses, such as Taneira and fragrances, grew 35 percent to Rs 108 crore, signalling strength across lifestyle verticals.

Titan’s aggressive retail expansion strategy saw the total store count reach 3,322 as of June 2025, deepening the brand’s penetration in existing and new markets. The company made significant investments in omnichannel retailing, leveraging technology, and strengthening its international forays, particularly through Tanishq.

On the cost side, advertising expenses rose to Rs 328 crore, mirroring the higher investments in brand-building and customer engagement. The company reported total expenses of Rs 15,148 crore, rising broadly in line with sales growth, thus maintaining operating leverage.

Brokerages have remained broadly bullish after Titan’s Q1 results. Jefferies, Goldman Sachs, and CLSA are citing better-than-expected growth across jewellery and watches and continued margin expansion. Jefferies increased its target price to Rs 3,800, while Goldman Sachs moved to Rs 4,200. CLSA set an aggressive target price of Rs 4,394, acknowledging Titan’s sustained double-digit sales growth in jewellery and maintained margins. Citi, while maintaining a more neutral stance, raised its target price to Rs 3,900, noting the healthy near-term demand outlook but maintaining caution around medium-term margin pressures from rising competition and high gold prices.

Management commentary was upbeat, with CEO CK Venkataraman speaking about the company’s 21 percent consolidated revenue growth as proof of Titan’s diversified, resilient business model, particularly in a quarter marked by volatile macro and commodity trends. Titan has a full-year guidance of 11 to 11.5 percent EBIT margins in the jewellery segment and expects growth momentum to persist, driven by strong festive and wedding demand, ongoing store expansion, and new product launches.