Titan Company Limited shares surged nearly 3% on February 11, 2026, reaching a new 52-week high of ₹4,378.40, following the announcement of impressive third-quarter results for the financial year 2026. The Tata Group-backed retailer reported a significant 61% year-on-year jump in consolidated net profit, driven by robust festive demand and strong performance across its key consumer businesses. Investors reacted positively to the stellar earnings report, pushing the stock to its highest level in a year. ^[1][2][3]### Strong Festive Demand Powers Q3 Performance Titan announced its Q3 FY26 results on February 10, 2026, revealing a consolidated net profit of ₹1,684 crore for the quarter ending December 31, 2025. This marks a substantial 61% increase compared to ₹1,047 crore recorded in the same period last year. The company's total income, including other income, climbed 43.1% year-on-year to ₹25,567 crore, up from ₹17,868 crore in Q3 FY25. Revenue from operations also saw a robust rise of 43% to ₹25,416 crore during the quarter. Profit bef^{[1][4][5][6][7][2][3][8][9][10][11]}ore tax (PBT) for the quarter stood at ₹2,375 crore, showing a 70% increase from the previous year. Earnings before interest and tax (EBIT) also advanced significantly, growing 63% to ₹2,657 crore. This strong operational performance led to an expansion in the EBIT margin by 155 basis points year-on-year, reaching 10.8%. The company at^{[1][5][12][7][10][11]}tributed its strong financial performance to buoyant festive demand and resilient consumer spending during the October-December quarter. Managing Director Ajoy Chawla described Q3 as a "stellar quarter" marked by "broad based growth across portfolios." He highlighted "strong buyer engagement driven by exchange programs and festive collections" that boosted sales. ### Jewellery ^[6][13][10]Segment Leads Growth Momentum The jewellery division, a cornerstone of Titan's portfolio, delivered exceptional results and remained the primary growth engine for the company. The segment's revenue, excluding bullion and digi-gold sales, grew 42% year-on-year to ₹22,517 crore. The domestic jewellery business alone saw its income rise 41% year-on-year to ₹21,458 crore. Titan's prominent ^{[6][7][2][3][13][8][9][10]}jewellery brands, Tanishq, Mia, and Zoya, collectively recorded a 40% growth in the domestic market, reaching ₹19,921 crore. CaratLane, the company's subsidiary focusing on contemporary jewellery, also maintained strong momentum with a 42% year-on-year growth in revenue to ₹1,537 crore. Studded jewellery sales increased by 26% year-on-year, while plain gold products saw approximately 37% growth. This robust growth in ^{[14][7][13][15][10]}the jewellery segment occurred despite elevated gold prices during the quarter. Titan effectively navigated this challenge through strategic initiatives such as powerful exchange programs, attractive festive collections, and wedding sales. The company's ability to drive strong growth amidst a high gold price environment demonstrates its brand strength and effective pricing strategies. Titan also continued i^{[6][12][7][16]}ts retail expansion, adding 49 net new stores during Q3 FY26. This included 47 new stores in India across brands like CaratLane, Mia, Tanishq, and Zoya. Internationally, Tanishq expanded its footprint with new stores in Boston and Orlando in the United States. This expansion strategy aims to improve operating leverage and enhance long-term earnings visibility. ### Watches, Eyecare, ^{[6][12][16][10]}and Emerging Businesses Contribute Beyond jewellery, Titan's other consumer businesses also showed healthy growth. The Watches and Wearables segment reported a total income of ₹1,295 crore, marking a 14% year-on-year increase. The domestic watches business witnessed strong traction, particularly in festive gifting occasions, with domestic revenue increasing by 13.2% year-on-year to ₹1,250 crore. Analog watches remained a core growth driver, achieving a 20% growth in consumer sales and 19% volume growth. However, smartwatches experienced a 27% year-on-year decline in volumes during the quarter. The Eyecare vertical also ^{[14][12][7][2][3][10]}delivered a strong performance, with its total income rising 18% year-on-year to ₹231 crore. This growth was primarily driven by double-digit increases in sales of lenses and sunglasses. The domestic eyecare business witnessed healthy demand in core categories, supported by high single-digit volume growth and mid-single-digit growth in average selling prices. The segment reported an EBIT of ₹24 crore, translating to a margin of 10.5%. Titan's emerging businesses al^{[1][5][14][12][7][15][17]}so contributed to the overall growth. Titan Engineering & Automation Limited (TEAL) posted a significant 67% year-on-year increase in total income, reaching ₹323 crore. Taneira's consumer business also grew by 7%, driven by an increase in average selling prices and same-store sales growth. ### Brokerages Maintain Optimist^[5][12]ic Outlook Following the impressive Q3 results, several brokerage firms reiterated their positive outlook on Titan Company Limited, maintaining "Buy" ratings and setting optimistic target prices. Nomura, a prominent brokerage firm, reiterated its "Buy" rating on the stock and assigned a target price of ₹4,500 per share. Antique Stock Broking also maintained a "Buy" call and raised its target price to ₹4,500, citing strong earnings growth driven by consistent market share gains and improving profitability in non-jewellery segments. ICICI Securities recommended a "Buy"^[3][18][11] rating with a price target of ₹4,980, rolling it over to FY28E earnings per share. Across 34 analysts, the average target price for Titan Company is approximately ₹4,484, with estimates ranging from a high of ₹5,200 to a low of ₹3,600. The consensus recommendation from these brokerage firms indicates an "Outperform" status for the stock. Analysts acknowledge that Titan typically tr^[15][19]ades at a premium valuation compared to its peers in the gems and jewellery sector. As of early February 2026, the company's trailing twelve-month (TTM) P/E ratio hovered around 91.53, significantly higher than the industry average of approximately 59. However, this premium is often justified by Titan's strong market leadership, consistent execution, and robust brand equity. Brokerages remain cognizant that a continued^[8][20] rise in gold prices could potentially impact consumer behavior and the business model, but Titan's strategic initiatives have so far demonstrated resilience. Analysts expect the company to continue gaining market share in the organized jewellery sector, projecting its share to increase from 8% in FY24 to 10% by FY28. Titan Company's market capitalization stood ^[11][21]at approximately ₹3.80 lakh crore, reflecting strong investor confidence in its long-term growth trajectory and dominant position in the Indian lifestyle retail market. The company's robust Q3 performance underscores^[9][10][11] its effective execution strategy and ability to capitalize on India's growing affluence and festive demand.

AI Insights Hub