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Informist, Friday, Feb. 6, 2026

 

By Sunil Raghu

 

MUMBAI – Growth in domestic jewellery sales in India and abroad and a double-digit year-on-year rise in sales of watches and eyewear are likely to help Titan Co. Ltd. to report strong earnings for the December quarter, according to analysts tracking the company.

 

Titan is expected to report a jump of nearly 40% on year in consolidated revenue for the December quarter to a shade under INR 225 billion and a rise of over 55% in net profit to INR 15.43 billion, according to the average of estimates from eight brokerages. Sequentially, the company's net profit is likely to jump nearly 54% and revenue is expected to rise more than 36%. Titan will declare its results for the December quarter Tuesday.

 

The highest estimate for the company's net profit is nearly INR 17 billion from Emkay Global Financial Services Ltd. and the lowest is over INR 14 billion from Kotak Securities Ltd. The highest estimate for revenue is over INR 247 billion from Emkay Global and the lowest is nearly INR 207 billion from Nuvama Wealth Management Ltd.

 

In its quarterly update earlier this month, the world's fifth-largest watch manufacturer had said its domestic jewellery sales--which usually account for 80% of its annual revenue--grew 41% on year in the December quarter. The demand from the festival season in the September quarter, which had boosted the jewellery vertical, spilled over into the December quarter with significant investment in consumer promotions. Revenue growth of the business was driven by a "substantial" increase in average selling price of products, which offset flattish growth in volume, the company had said.

 

The company's international business, which mainly comprises its jewellery business led by the Tanishq, Mia, and Caratlane brands, grew around 79-81% on year because of strong performance in the Gulf Cooperation Council countries and in Singapore and North America.

 

Overall, Titan's consumer businesses registered volume growth of 40% in the final quarter of 2025, according to the company. Its India businesses reported volume growth of 38% on year. Titan added 56 stores on a net basis during the December quarter, including 54 in India. Its overall store count stood at 3,433 as on Dec. 31, which includes 3,399 stores in India. 

 

Titan's domestic watches business reported volume growth of 13% on year during the December quarter, led primarily by its analogue watches business. Kotak Securities sees the analogue segment being robust in the future as well. The brokerage estimates Titan's earnings before interest and taxation margin at 12.5%, up 270 basis points on year. The segment net added 22 stores during the December quarter, taking the overall tally to 1,281.

 

Titan's eyecare business and emerging business reported volume growth of 16% and 14% on year, respectively. Kotak Securities estimates the EBIT margin for the eyewear segment at 8%, down 280 bps on year. Its eyecare business shut 17 stores during the December quarter while the emerging business added two stores on a net basis.

 

Titan is expected to report consolidated earnings before interest, tax, depreciation, and amortisation of INR 23.71 billion in the December quarter, according to the average of estimates from seven brokerages. Emkay Global's EBITDA estimate is the highest at INR 25.98 billion while the lowest is INR 21.92 billion from Kotak Securities.

 

Friday, shares of Titan Co. closed over 1% higher at INR 4,141 on the National Stock Exchange. The shares have risen nearly 10% since the company announced its September quarter earnings. All nine research reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 4,660, over 12% higher than the current market price.

 

The following are the Oct-Dec earnings estimates for Titan Co., in INR billion, from eight brokerages in descending order of net profit estimate:

 

Brokerage	Net Sales	Net Profit	EBITDA
Emkay Global Financial Services Ltd.	247.11	16.74	25.18
JM Financial Institutional Securities Pvt. Ltd.	222.16	16.23	24.19
Motilal Oswal Financial Services Ltd.	232.71	15.83	24.68
Mirae Asset Sharekhan Ltd.	242.93	15.78	--
Prabhudas Lilladher Pvt Ltd.	218.92	15.06	23.21
Nomura Equity Research	215.18	14.72	23.01
Nuvama Wealth Management Ltd.	206.85	14.72	22.95
Kotak Securities Ltd.	213.88	14.36	21.92
Average	224.97	15.43	23.71

 

End

 

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

 

Edited by Rajeev Pai

 

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