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Informist, Thursday, May 7, 2026

By Avishek Rakshit

KOLKATA – Robust growth in domestic jewellery sales, coupled with healthy sales of watches, eyewear, and other products are likely to help Titan Co. Ltd. post strong earnings growth for the March quarter, according to analysts.

The company is expected to report an over 50% on-year jump each in its consolidated net profit and revenue for the March quarter to over INR 13 billion and over INR 202 billion, respectively, according to the average of estimates from nine brokerages. Sequentially, however, the net profit is seen falling nearly 19% and revenue over 10%. Titan will declare its results for the March quarter on Friday. 

The highest estimate for the company's net profit is INR 14.40 billion from Elara Securities (India) Pvt. Ltd. and the lowest is INR 11.74 billion from Nuvama Wealth Management Ltd. The highest estimate for revenue is INR 232.30 billion from HDFC Securities Ltd. and the lowest is INR 181.67 billion from Nuvama.

For the December quarter, Titan's standalone net profit rose over 48% on year to INR 14.70 billion. Its standalone revenue from operations for the quarter rose nearly 40% on year to INR 225.22 billion. Revenue from the company's jewellery segment rose over 42% on year to INR 209.27 billion in the December quarter, accounting for more than 92% of the company's total standalone income for the quarter.

In its quarterly update earlier this month, the world's fifth-largest watch manufacturer said its domestic jewellery sales – which usually account for 80% of its annual revenue - grew sharply by 46% on year in the March quarter. Further, it added 27 stores during this period, the company said. 

Despite a sharp increase in gold prices, the jewellery business recorded high-single digit buyer growth in Jan-Mar after clocking nearly flat growth in the previous three quarters, Titan said. The average ticket sizes also rose considerably, supporting revenue growth. 

Sales of studded jewellery grew in the early-30% range, while those of gold jewellery clocked growth in the mid-thirties, the company said, adding that coin sales nearly tripled in the March quarter on a year-on-year basis. The like-to-like growth across all the jewellery retail formats was close to 48% on year in Jan-Mar.

Watch sales increased 7% on year during Jan-Mar, with analog watches registering 16% growth, while sales of smart watches fell 53%. Premiumisation trends supported healthy ticket sizes in the quarter. During Jan-Mar, Titan net added 30 new stores, including 17 Titan World stores, seven Fastrack outlets, four Helio stores and two Helios Luxe stores. While the Fastrack brand targets young customers, Helio Luxe house super premium and luxury products. 

Titan's eyecare business grew 16% on year, building on the healthy momentum of the previous quarters and supported by growth in international brands across sunglasses, lenses and frames. The eyecare division continued optimising its network by renovating 37 stores, closing 32 stores and adding 12 new stores during the March quarter.

Titan's sales in North America rose 50% on year in the March quarter. As part of leveraging Damas' existing network in Gulf Cooperation Council countries, four Damas stores were converted to Tanishq in the quarter. However, significant disruptions in the region on account of the war in West Asia impacted sales in both Tanishq and Damas stores. Despite this, Tanishq's business in West Asia clocked a 37% on-year growth in the March quarter. 

As of March-end, Titan's international network comprises 149 stores in West Asia, 12 stores in North America, and one store in Singapore.

Sector analysts will keep an eye on the contribution of studded jewellery sales to overall sales as this has a bearing on Titan's margins. They will also track the company's expansion and store-level sales and profitability. 

Titan is expected to report a consolidated revenue in the range of INR 721 billion to INR 839 billion during the year ended March, according to estimates from three brokerages. The consolidated net profit is expected at INR 48 billion-54 billion in the year ended March, according to these estimates. 

Titan is expected to report a consolidated earnings before interest, tax, depreciation, and amortisation of over INR 21 billion in the March quarter, according to the average of estimates from nine brokerages. Elara Securities (India) Pvt. Ltd.'s estimate for EBITDA is the highest at over INR 23 billion and Nuvama's estimate of INR 18.5 billion is the lowest.

Nuvama expects margin pressure to persist and estimates a 10.5% EBIT margin on the core jewellery business in the March quarter. 

At 1311 IST, shares of Titan traded 1.49% down at INR 4,297.00 on the National Stock Exchange. The shares have risen marginally be less than a percent since the company announced its December quarter earnings in February.

Of the 13 research reports on the company available with Informist, 12 have a 'buy' recommendation on the stock with an average target price of INR 4,900 and one brokerage have a ‘sell' recommendation.

The following are the Jan-Mar earnings estimates for Titan from nine brokerages in descending order of the estimate of net profit in INR billion:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Tanima Banerjee

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