More Stories

Informist, Friday, Jul. 31, 2026

 

By Avishek Rakshit

 

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

 

The company is expected to report a jump of over 25% on year in its net profit for the June quarter to nearly INR 13 billion while revenue is expected to rise nearly 38% on year to nearly INR 201 billion, according to the average of estimates from nine brokerages. Sequentially, however, the net profit is seen rising nearly 20% and revenue falling over 16%. Titan will declare its results for the June quarter Friday.

 

The highest estimate for the company's net profit is INR 13.94 billion from Elara Securities (India) Pvt. Ltd. and the lowest is INR 11.42 billion from Nuvama Wealth Management Ltd. The highest estimate for revenue is nearly INR 224 billion from Elara Securities and the lowest is a little over INR 177 billion from Kotak Securities Ltd.

 

In Titan's business update for the June quarter, released earlier in July, domestic jewellery sales grew 39% on year. Domestic jewellery sales usually account for 80% of the company's annual revenue. Titan also added 33 jewellery stores during the quarter.

 

Titan said its growth in the June quarter across the jewellery portfolio was contributed by healthy festival and Akshaya Tritiya demand. Sales of watches increased 23% on year and the company added 34 stores for its watch business. Analogue watches, driven by continuing premiumisation trends, led the overall growth for the watches division but smart watch sales declined in the quarter.

 

Kotak Securities said jewellery demand in the June quarter was marginally affected by the prime minister's advisory to reduce spending on discretionary items that lead to an outgo of foreign exchange. Brokerage Kotak estimates Titan's standalone domestic recurring jewellery sales to have grown 39% on year in the June quarter, driven by 30% like-for-like value growth on the back of over 55% year-on-year increase in gold prices.

 

In the eyecare business, Titan witnessed broad-based demand momentum across both owned and international brands, which led the business to register 23% year-on-year growth and seven store additions in the quarter. This was well supported by calibrated marketing investments driving multi-pair and multi-category consumer propositions, and premiumisation, Titan said in its business update.

 

In the international market, Titan's jewellery business under the Tanishq, Mia, and CaratLane brands saw strong traction in North America and clocked encouraging growth in West Asia despite the war that has dragged the entire region into crisis. 

 

As of June-end, Titan's store network comprised 3,680 stores of which 163 are located outside India. Watch stores account for more than 36% of the total stores, and jewellery stores comprise 33% of the total network.

 

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 consolidated earnings before interest, tax, depreciation, and amortisation of over INR 21 billion for the June quarter, according to the average of estimates. The highest EBITDA estimate of INR 23.7 billion is from Elara Securities and the lowest of over INR 18 billion is from Nuvama. 

 

Kotak estimates Titan's EBIT margin to moderate by 60 basis points in the June quarter due to higher gold coin sales mix, elevated gold prices which impacted gross contribution of studded jewellery, and higher salience of gold exchange programmes. 

 

Friday, shares of Titan closed at INR 4,875.20, up 0.5% from Thursday, on the National Stock Exchange. The shares have risen over 2% since the company announced its March quarter earnings in May. Of the 14 research reports on the company available with Informist, 13 have a "buy" recommendation on the stock with an average target price of INR 4,979. Only one had a "sell" recommendation.

 

The following are the June quarter earnings estimates for Titan Co. from nine brokerages, in descending order of the estimate of net profit, in INR billion:

 

Broker Name	Net Sales	Net Profit	EBITDA
Elara Securities (India) Pvt. Ltd.	223.69	13.94	23.64
Emkay Global Financial Services Ltd.	213.78	13.84	23.06
Motilal Oswal Financial Services Ltd.	213.70	13.90	22.80
PhillipCapital (India) Pvt. Ltd.	207.74	12.65	21.83
Prabhudas Lilladher Pvt. Ltd.	200.26	13.92	21.43
JM Financial Institutional Securities Pvt. Ltd.	201.17	12.50	21.27
Kotak Securities Ltd.	177.34	11.89	18.81
BofA Securities	179.15	11.98	18.66
Nuvama Wealth Management Ltd.	189.90	11.42	18.36
Average	200.75	12.89	21.10

 

End

 

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

 

Edited by Himanshi Gupta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.