Sells gold, diamond and gemstone jewellery, watches and eyewear to retail consumers, primarily in India. Jewellery is the dominant business at 90.4% of segment revenue in FY26, run through Tanishq, CaratLane, the beYon lab-grown diamond platform, and internationally through Damas. Watches and wearables contribute 6.0% of segment revenue and eyewear 1.0%. Materials — chiefly gold — are the largest cost at 79% of revenue, so ticket sizes track gold prices. Q4 FY26 saw buyer growth recover to 8% and ticket size rise 40-44%, with an estimated market share gain of ~50-60 bps for FY26. The international jewellery business turned operating-level profitable in FY26, though a Q4 loss of ₹82 crore was recorded at Tanishq Middle East amid GCC-related disruptions. The beYon LGD format is being scaled from 2 stores to 10-12 stores in Q1 FY27 before a planned national launch. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jewellery (90%), Watches (6%), Eyecare (1%), Others (2%). Consumer discretionary, brand-led retail with heavy gold-cost exposure
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 28,799 | 40,575 | 51,084 | 60,456 | 87,584 |
| EBITDA (ex other income) | 3,287 | 4,879 | 5,292 | 5,694 | 8,254 |
| margin % | 11.4 | 12.0 | 10.4 | 9.4 | 9.4 |
| Owners' profit | 2,173 | 3,250 | 3,496 | 3,337 | 5,073 |
| EPS, as reported (₹) | 24.48 | 36.61 | 39.38 | 37.62 | 57.00 |
| ROE % · ROCE % | 23.5 · 29.2 | 27.5 · 34.5 | 37.2 · 34.9 | 28.7 · 36.9 | 32.3 · 38.4 |
| Debt / equity (x) | 0.06 | 0.18 | 0.83 | 0.88 | 0.72 |
| Cash from operations | (724) | 1,370 | 1,759 | (548) | 5,590 |
| Capex | (224) | (432) | (691) | (494) | (902) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,534 | 17,740 | 14,916 | 16,523 | 18,725 | 25,416 | 26,920 | 21,356 |
| Profit before tax | 947 | 1,396 | 1,218 | 1,480 | 1,521 | 2,223 | 1,576 | 2,427 |
| Net profit | 704 | 1,047 | 871 | 1,091 | 1,120 | 1,684 | 1,179 | 1,777 |
| EPS (₹) | 7.94 | 11.80 | 9.82 | 12.30 | 12.63 | 18.98 | 13.00 | 20.03 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Watches | 5,267 | 6.0 |
| Jewellery | 41,521 | 47.1 |
| Eyecare | 916 | 1.0 |
| Others | 2,006 | 2.3 |
| Corporate | 79 | 0.1 |
| Jewellery (refer note 4) | 38,139 | 43.3 |
| Corporate (unallocated) | 208 | 0.2 |
| Total, before eliminations | 88,136 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · CARE reaffirms ratings; commercial paper limit doubled to fifteen thousand crore | credit debt | medium | — | — |
| 10 Sept 2026 · Titan redeems 1000 crore Commercial Papers | credit debt | medium | — | — |
| 7 Sept 2026 · Titan reports loss of share certificates by 3 shareholders, duplicate issuance process begun | compliance | minimal | — | — |
| 7 Sept 2026 · Titan notifies special window for converting physical shares to demat | compliance | minimal | — | — |
| 4 Sept 2026 · Schedule of institutional investor meetings on 10-11 September 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Titan redeems Rs 1,000 crore Commercial Papers | credit debt | medium | — | — |
| 3 Sept 2026 · Titan schedules four investor meetings on 9 September 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Newspaper Publication for Postal Ballot Notice and E-Voting | compliance | minimal | — | — |
| 17 Aug 2026 · Titan schedules one-on-one investor meeting with FSSA | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Titan Postal Ballot: Director Appointments and PSU Scheme 2026 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| ROE % |
|---|
| ROCE % |
|---|
| Rev CAGR 5y % |
|---|
| EBITDA m. % |
|---|
| TITAN COMPANY LIMITED ◆ | 4,44,743 | 77.5 | 28.32 | 51.7 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 62,083 | 43.3 | 9.84 | 23.4 | 21.4 | 22.1 | 33.0 | 6.5 |
| THANGAMAYIL JEWELLERY LTD | 15,910 | 40.7 | 11.24 | — | 24.8 | 30.3 | — | 5.4 |
| BLUESTONE JEWEL LFSTL LTD | 13,640 | 268.8 | 7.57 | 32.5 | 0.7 | 0.7 | — | 16.7 |
| PC JEWELLER LTD | 13,342 | 13.9 | 1.63 | 16.5 | 8.7 | 8.6 | 3.5 | 27.8 |
| SKY GOLD AND DIAMONDS LTD | 12,822 | 38.2 | 10.63 | 29.1 | 23.4 | 29.8 | — | 8.2 |
| P N GADGIL JEWELLERS LTD | 8,307 | 18.6 | 4.23 | 14.1 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 7,118 | 67.7 | 4.28 | 27.7 | 5.8 | 7.0 | — | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 77.5 | 23.4 | 25 of 29 | 14% |
| P/B | 28.3 | 2.8 | 27 of 28 | 4% |
| ROCE | 32.7 | 16.7 | 2 of 28 | 96% |
| ROE | 32.3 | 14.6 | 2 of 28 | 96% |
| Debt / Equity | 0.7 | 0.3 | 24 of 28 | 15% |
| EBITDA margin | 14.2 | 10.7 | 14 of 30 | 55% |
| Revenue growth | 29.3 | 45.7 | 20 of 25 | 21% |
| Profit growth | 62.9 | 49.8 | 8 of 25 | 71% |
| Market cap | 444743 | 2587 | 1 of 30 | 100% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
