Titan Company shares hit record high on Q3 business updates; check what analysts said

The stock was trading 4.42% higher at ₹4,293.40 per equity share at around 1:10 pm.

The scrip has gained over 6% in the past week and nearly 13% over the month. On a year-to-date basis, it has advanced more than 6%.

The share touched a year’s low of ₹2,925 apiece on April 7, 2025.

Here are some key highlights from Q3

• The company’s jewellery portfolio logged a robust 41% year-on-year (YoY) growth for the December quarter of FY26, bolstered by a vibrant festive demand, it said in a regulatory filing.
• Furthermore, its revenue growth was driven by a substantial rise in the average selling price (ASP), which offset flatish buyer growth.
• To navigate the elevated gold price environment, Tanishq deployed a “powerful” gold exchange offer that substantiated consumer engagement beyond the traditional festive window.
• The firm said that it observed distinct consumer patterns across its product categories.
• Gold coins nearly doubled in sales annually in comparison to the third quarter of the 2024-25 fiscal year (Q3FY25).
• The company observed that the gold (plain) category grew strongly in the late thirties.
• Titan saw its best performance in FY26 for studded clocked, which exhibited healthy double-digit growth in the mid-twenties and was well supported by buyer growth in the sub-segment.
• Towards the end of the December quarter, the firm entered the lab-grown diamond segment, under the brand name “beYon.”
• Titan added 47 stores in India, of which 10 were Tanshiq stores, 11 were Mian, one was Zoya and beYon, and 24 were CaratLane. Its total stores under the jewellery segment stood at 1,167 at the end of the quarter under review.

• The watches division witnessed a 13% YoY growth, primarily driven by analog watches recording a healthy festive performance of 17% annual increase for the quarter.
• Premiumisation trends led to double-digit gains for the Titan brand, complemented by healthy volume expansion during the festive period.
• Sonata and Fastrack also witnessed notable consumer traction, delivering robust double-digit value growth and well supported by strong volume momentum.
• However, its smartwatch category declined by 26% YoY, led by lower volumes, while its ASP was broadly flat annually.
• The watches division added 22 new stores during the quarter, comprising nine Titan World stores, nine Fastrack stores, three Helios stores, and one Helios Luxe. Its total store count was 1,281 as of the end of the reporting period.

• It saw a 16% annual growth, buoyed by both international and house brands contributing to the overall product mix.
• Its international brands' growth was supported by strong demand for sunglasses and prescription lenses, while E-commerce continued to be a key driver of the division's expansion strategy, enabling higher omni-channel sales, the company said.
• It added two new Runway stores during the quarter and opened 11 Titan Eye+ stores, with 20 being renovated. However, it closed 30 Titan Eye+ stores during the December quarter.

• Fragrances grew 22% YoY, driven by double-digit volume growth in Fastrack and Skinn, with ASPs remaining at similar levels as the year-ago period.
• Women’s bags grew around 111% YoY, led by nearly twofold growth in overall volumes and healthy double-digit ASP growth in Fastrack and Irth brands.
• Across Fashion Accessories, the e-commerce channel drove much of the festive uptick with a significant contribution to overall sales.
• Taneira’s sales declined around 6% YoY, despite double-digit ASP growth across sarees and the ready-to-wear portfolio; lower volumes more than offset this benefit, resulting in an overall YoY decline.
• Irth added two new stores in Delhi and Kolkata in Q3FY26, with a total store count of its emerging businesses at 91 at the end of the quarter.

• Titan Company’s international business, which is primarily made up of its jewellery segment, including brands such as Tanishq, Mia and CaratLane, grew by 81% YoY.
• It was led by robust performance in all the markets of the Gulf Cooperation Council (GCC), Singapore and North America.
• During the quarter, Tanishq opened 2 new stores in the North American market, one each in Boston and Orlando. Its total store count stood at 34.

What analysts said

In a note, analysts at Citi said Titan reported a robust 40% yearly growth in domestic jewellery sales (excluding bullion) in Q3FY26, significantly outperforming Citi’s estimate of 25%. The growth was driven by low-thirties like-for-like growth during the quarter, even as gold prices rose by about 55% YoY.

Goldman Sachs analysts noted that Titan’s sharp revenue acceleration to 40% YoY was driven by jewellery, which accelerated sharply from 18% YoY in H1FY26 to 41% in the reporting quarter, supported by all segments.

Nomura said that the Q3FY26 update significantly beat expectations, with consolidated sales growth of 40%, being much higher than estimated. Its domestic jewellery business, which grew 41%, including CaratLane, performed better than the 25-30% YoY estimate. While its domestic watches and eyecare categories were in line with expectations, its emerging business, specifically fashion accessories, continued to show strong growth.