NSE: TITAN · BSE: 500114
TITAN COMPANY LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED ◆ | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 67.5 | 22.3 | 25 of 29 | 14% |
| P/B | 24.7 | 2.7 | 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 | 387605 | 2897 | 1 of 30 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Titan to discuss Q2 and half-year FY2026-27 results on November 5 | board shareholder meetings | low | — | — |
| 20 Oct 2026 · Board meeting on 5 Nov 2026 to approve Q2 FY27 results | results | low | — | — |
| 19 Oct 2026 · Titan Redeems Rs 1000 Crore Commercial Paper | credit debt | medium | — | — |
| 13 Oct 2026 · Compliance certificate for securities dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Titan redeems 825 crore rupee Commercial Papers at maturity | credit debt | low | — | — |
| 6 Oct 2026 · Titan Q2 FY27 update: Consumer businesses grow 25% YoY | business updates | medium | — | — |
| 22 Sept 2026 · Titan Trading Window Closed Ahead of Q2 FY27 Results Board Meeting | compliance | minimal | — | — |
| 18 Sept 2026 · Titan grants 7.35 lakh PSUs to 168 employees under Scheme 2026 | capital market events | medium | — | — |
| 17 Sept 2026 · Postal ballot results: 5 resolutions approved, including ESOP scheme 2026 | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · Titan to meet global institutional investors at JPM Conference on Sep 22 | board shareholder meetings | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.