Titan Company delivered a decisive earnings beat on Thursday. Net profit leaped 56.3% year-on-year to ₹1,572 crore for the second quarter, up from ₹1,006 crore in the same period last year. Operating leverage did the heavy lifting. While revenue from operations rose a modest 7.8% to ₹17,830 crore, earnings before interest, tax, depreciation, and amortisation (EBITDA) surged 62.1% to ₹2,626 crore. Operating margins expanded by 490 basis points to 14.7%, smashing consensus street estimates of 11.3%. Profit before tax climbed 53% to approximately ₹2,329 crore. Total income, which captures broader operational revenue streams, climbed 25% to ₹20,533 crore.
Consensus forecasts had pegged net profit at ₹1,394 crore and EBITDA at ₹2,154 crore. Titan cleared both hurdles comfortably. But top-line operational turnover fell short of the projected ₹19,061 crore mark, reflecting selective volume restraint even as premium product pricing held firm across metropolitan retail counters.
Jewellery remained the undisputed engine of the balance sheet. Segment income rose 24% year-on-year to ₹17,495 crore, excluding bullion and digital gold sales. Buyers flocked to studded collections during the 'Festival of Diamonds' campaign, pushing studded jewellery sales growth into the early thirties despite festive buying spilling over into the third quarter. Domestic jewellery revenue rose 21% to ₹16,343 crore, led by flagship brand Tanishq alongside Mia and Zaya, which together posted a 20% gain to ₹14,935 crore. CaratLane accelerated faster, clocking a 31% revenue surge to ₹1,408 crore.
Yet regulatory tailwinds played a distinct role. A revision in gold customs duties contributed a ₹536 crore gain to the jewellery division's earnings before interest and tax (EBIT). Total jewellery EBIT stood at ₹2,300 crore with a 13.1% margin; stripped of the duty windfall, normalised EBIT stood at ₹1,745 crore at a 10.7% margin. Internationally, jewellery turnover doubled to ₹1,152 crore, though Middle Eastern arm Damas logged an operating loss of ₹24 crore.
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change (%) | Street Estimate |
|---|---|---|---|---|
| Net Profit (₹ Cr) | 1,572 | 1,006 | +56.3% | 1,394 |
| Revenue from Operations (₹ Cr) | 17,830 | 16,534 | +7.8% | 19,061 |
| EBITDA (₹ Cr) | 2,626 | 1,620 |
*Excludes bullion and digital gold sales.
The watches division logged total income of ₹1,881 crore, jumping 27% from a year ago. Operating profit for the segment reached ₹412 crore, yielding a stellar 21.9% EBIT margin. Analog timepieces paced the division with growth in the early thirties, while wearable smartwatches broke out of a multi-quarter slump to post high single-digit volume growth. EyeCare income rose 28% to ₹281 crore, generating ₹23 crore in EBIT. Across emerging formats—including SKINN perfumes, IRTH handbags, and ethnic apparel line Taneira—combined sales rose 21% to ₹171 crore, though operational investments resulted in a ₹6 crore loss.
Retail footprint expansion showed zero signs of slowing down. Titan added 42 net jewellery stores in India during the three months, alongside an international Tanishq outpost in Los Angeles. The watch business opened 34 domestic stores across Titan World, Fastrack, Helios, and Nebula formats. Board executives now turn their attention to third-quarter wedding demand and peak festive execution, where institutional investors will test whether margin expansion can outlast temporary customs duty tailwinds.
| +62.1% |
| 2,154 |
| EBITDA Margin (%) | 14.7% | 9.8% | +490 bps | 11.3% |
| Jewellery Income (₹ Cr)* | 17,495 | 14,109 | +24.0% | — |
| Watches Total Income (₹ Cr) | 1,881 | 1,481 | +27.0% | — |