Titan Company shares rally to 52-week high after Q2 earnings: Here’s what analysts said

The Tata group firm reported a 59% jump in consolidated net profit at ₹1,120 crore for the second quarter of the current financial year (Q2 FY26) as compared to ₹704 crore in the same period last year.

The country's largest watch and jewellery retailer's total income also advanced 28.5% year-on-year (YoY) to ₹18,837 crore in the July-September period from ₹1,358 crore in the year-ago period.

The company reported strong operational performance as its earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 46% annually to ₹1,987 crore as against ₹1,358 crore in Q2 FY25.

Its operating profit margin expanded to 10.55% in contrast to 9.27% on a yearly basis.

“The quarter witnessed a slow start, and performance progressively improved with the early festive commencement in September. The demand momentum in Navratri was particularly strong, leading to a healthy 21% growth in Q2FY26. Our jewellery business, in particular, benefitted immensely from this late surge, underscoring the brand strengths and enduring consumer affinity for our brands Tanishq, Mia, Zoya and CaratLane,” said CK Venkataraman, Managing Director of Titan Company.

Venkataraman further said the company remains focused on strengthening brand salience and accelerating growth across all its businesses, supported by positive consumer sentiment during the festive season.

Segment-wise updates

The firm’s domestic jewellery business, comprising Tanishq, Mia, and Zoya, grew 18% year-on-year to ₹12,460 crore, while CaratLane delivered an impressive 32% growth, reaching ₹1,072 crore in Q2 FY26. The international jewellery segment nearly doubled to ₹561 crore during the quarter, driven by robust growth momentum in the UAE and North American markets.

“The domestic business saw a strong pick-up in consumer momentum in the festive period during Navratri. Tanishq's attractive gold exchange offer supported sales despite high gold prices. The overall growth was led by ticket size improvements, with buyers witnessing marginal decline compared to Q2FY25,” the company said in a statement.

Here’s what analysts said

Analysts at Nomura noted that Titan’s Q2 FY26 performance was largely in line with its pre-quarter update, supported by strong sales across segments. While margins were slightly lower year-on-year, robust festive demand is expected to drive an improved outlook in the coming quarters.

In the jewellery segment, sales were broadly in line with expectations, though margins saw a mild decline.

Further, Morgan Stanley analysts stated that Titan’s Q2 performance exceeded its estimates on revenue, EBITDA, and PAT. Consolidated EBITDA margins (ex-bullion) stood at 11.5%, surpassing consensus estimates by 64 basis points and remaining in line with Morgan Stanley’s expectations.

Management indicated that the quarter began on a subdued note but gained momentum in September, supported by festive demand that lifted consumer sentiment.

Titan Company share price

At 10:28 AM, Titan shares were trading at ₹3,805.90 apiece on NSE, gaining 2.19%.

Over a month’s time, the stock has rallied nearly 11%, while for six months’ time, it has climbed over 14%. Since the beginning of the year, it has risen nearly 17%.

The company’s market capitalisation stands at ₹3.37 lakh crore.