Shares of Titan Company rose 1.4% to the day’s high of Rs 3,781.20 on the BSE on Tuesday, November 4, after the Tata Group lifestyle major reported a 59% year-on-year (YoY) rise in consolidated net profit to Rs 1,120 crore for the second quarter of FY26. The company attributed the strong performance to an early festive boost, particularly in its jewellery segment.
Total sales for the quarter stood at Rs 16,461 crore, reflecting a 22% YoY increase. EBITDA grew 51% to Rs 1,799 crore, supported by margin expansion across key segments and double-digit growth in most businesses.
Titan’s jewellery division, comprising Tanishq, Mia, Zoya, and CaratLane, remained the primary growth driver. The segment’s total income (excluding bullion and Digi-Gold) rose 21% YoY to Rs 14,092 crore. The domestic jewellery business, which includes Tanishq, Mia, and Zoya, posted an 18% increase to Rs 12,460 crore. CaratLane, Titan’s online-first jewellery brand, recorded a 32% YoY revenue rise to Rs 1,072 crore, while the international jewellery business, operating in markets such as the UAE and North America, saw revenue nearly double to Rs 561 crore.
The watches and wearables segment reported a 13% increase in total income to Rs 1,477 crore, driven by robust demand across the Titan, Fastrack, and Sonata brands. EBIT for the segment stood at Rs 238 crore, with a margin of 16.1%. The analog sub-segment delivered 17% growth, supported by double-digit volume gains and higher average selling prices.
Titan’s eyewear business, operating under the Titan Eye+ brand, reported 9% YoY growth in income to Rs 220 crore. EBIT for the segment came in at Rs 12 crore, with a margin of 5.3%. The company added five new ‘Runway’ stores during the quarter, catering to the premium eyewear category.
Following the Q2 results, global brokerage firm Morgan Stanley maintained its Overweight rating on Titan and set a target price of Rs 3,953.
The brokerage noted that Titan outperformed expectations across key financial metrics, including revenue, EBITDA, and profit after tax (PAT).
Titan’s EBITDA margin (excluding bullion) stood at 11.5%, 64 basis points higher than consensus estimates. The jewellery segment recorded a 19% YoY growth, driven by higher ticket sizes and strong festive demand. The company’s gold exchange programme also contributed positively to sales, despite high gold prices. CaratLane continued its strong momentum, posting 32% revenue growth with a margin of 10.1%.
Among other divisions, the watches business grew 13% YoY with an EBIT margin of 16.2%, while the eyewear segment posted 8% growth with a relatively softer EBIT margin of 5.5%.
Morgan Stanley highlighted that festive demand continues to support a robust outlook for Titan in the coming quarters.
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