Led by high gold prices, Titan Company, the country’s largest jewellery retailer, reported a consolidated net profit of Rs 1,684 crore for the December quarter (Q3) of fiscal 2026 (FY26), marking a 61% year-on-year (YoY) rise in bottom line and beating street estimates by a wide margin for the period.
Bloomberg consensus estimates had pegged net profit at Rs 1,502 crore for the quarter. Spot gold prices rose nearly 12% during the December quarter, driven by geopolitical uncertainties, rate cuts and robust central bank buying of gold.
Titan’s consolidated revenue
The firm’s consolidated revenue from operations rose 43.3% year-on-year to Rs 25,416 crore during the quarter under review, from Rs 17,740 crore reported in the same period last year, beating street estimates of Rs 21,093 crore for the quarter.
The jewellery business grew 42% year-on-year to Rs 22,517 crore (excluding bullion and digi-gold sales) driven by festive season collections and gold exchange initiatives, the firm said. Titan derives over 85% of its revenue from jewellery sales. Brands include Tanishq, Mia, Zoya, Caratlane and beYon.
Consolidated Ebitda
Consolidated earnings before interest tax depreciation and amortisation (Ebitda) rose 62.1% versus last year to Rs 2,713 crore during the quarter, ahead of street estimates. Bloomberg consensus estimates had pegged Q3 Ebitda at Rs 2,213 crore. Ebitda margins expanded to 10.7% in Q3 from 9.4% reported last year.
Tanishq, Mia and Zoya business cumulatively grew 40% YoY to Rs 19,921 crore in Q3, with Titan’s India jewellery business growing 41% YoY to Rs 21,458 crore. Driven by festive gifting and consumer preference for analog timepieces, Titan’s watches portfolio grew 14% to Rs 1,295 crore.
Titan’s jewellery segment saw net 49 new store additions in Q3 FY26, with 47 net new stores being added in India (24 in Caratlane, 11 in Mia, 10 in Tanishq, 1 in Zoya and 1 in beYon). Tanishq added two new stores in USA (Boston and Orlando) during the quarter.
Driven by festive gifting and consumer preference for analog timepieces, Titan’s watches portfolio grew 14% to Rs 1,295 crore during the quarter.
The analog segment continued to be the segment’s mainstay, recording 20% growth in consumer sales accompanied by healthy same-store-sales growth across key retail formats, the company said.
“We marked a stellar third quarter of 40% growth characterised by a strong performance across our key businesses. The festive period spurred broad-based consumer interest across our portfolios, underscoring resilience in premium and accessible segments,” said Ajoy Chawla, MD, Titan, said.