Titan Company Ltd(TITAN)

NSE: TITANBSE: 500114

₹ 4,299-1.42%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 3.82 L crNext results: 5 Nov 2026Website: www.titancompany.inUpdated: 24 Oct 2026

About

Titan Company Ltd is India's largest branded jewellery and watches retailer, operating Tanishq, Mia, Zoya, CaratLane, Fastrack, Helios and several other consumer brands across jewellery, watches, eyecare and precision engineering. Tanishq held an estimated ~8.5% share of India's jewellery market in FY26, making it the country's leading branded jewellery player. Jewellery made up 90.7% of segment revenue in FY26, and the combined retail network reached 3,758 stores as of September 2026.^[1][2][3]

Business segments

Jewellery was 90.7% of segment revenue in FY26, up 8.7 percentage points over FY2017-FY2026.^[2]
Watches and Wearables was 6.0% of segment revenue in FY26, down 7.2 percentage points over FY2017-FY2026; Others was 2.3%.^[2]
Consumer businesses grew c.25% YoY in Q2 FY27: domestic grew 22% and international grew 97%, helped by the consolidation of Damas.^[4][3]

Jewellery brands and product mix

Tanishq is the flagship jewellery brand; Mia targets working women; Zoya is the luxury segment; CaratLane is the online-first studded jewellery brand. Titan estimated ~8.5% market share of India's jewellery market in FY26, up ~50-60 bps vs FY25.^[5]
Studded jewellery mix was 27% of domestic jewellery revenue in Q1 FY27, steady vs Q1 FY26 post reclassification; studded share had dipped to 26% in Q3 FY26 as gold coin sales nearly doubled.^[6]
In Q2 FY27 studded jewellery grew in the early thirties and plain gold c.20% YoY, while coins fell by a high single digit off a high base.^[4]
beYon, Titan's first lab-grown diamond jewellery brand, launched towards the end of Q3 FY26 with its first store in Mumbai; near-term plan is 10-12 stores in 2-3 cities, with a long-term target of ~100 stores.^[7]

Key operating metrics

Jewellery grew c.21% YoY in Q2 FY27, mainly from ticket size; buyer growth was mid-single digit. Tanishq, Mia, Zoya and beYon grew 20%.^[4][3]
Domestic jewellery same-store growth was ~33% YoY in Q1 FY27; buyer growth was ~5% and average ticket size grew ~31%. In FY25 jewellery same-store growth was 14%.^[6][8]
CaratLane grew 32% YoY in Q2 FY27, after 41% YoY growth to ₹1,441 Cr in Q1 FY27.^[4][6]
Watches grew c.30% in Q2 FY27, with analog in the early thirties and smart watches recovering to high single-digit growth; analog was ~85-90% of watches revenue in FY26.^[4][5]
EyeCare grew c.28% YoY in Q2 FY27 on its multi-brand approach and store upgrades.^[4]
Emerging businesses in Q2 FY27: fragrances grew in the mid-thirties, women's bags in the twenties, and Taneira by a high single digit.^[4]
TEAL revenues were ₹1,499 Cr in FY26 (+72% YoY); it serves aerospace, defence and global customers pursuing China+1 manufacturing strategies.^[5]

Store network and distribution

78 net stores were added in Q2 FY27, taking the network to 3,758 stores as of September 2026; these included 42 in jewellery (29 under Tanishq/Mia/Zoya/beYon) and 34 in watches.^[4][3]
CaratLane added 13 stores in Q2 FY27, taking its network to 394.^[4]
Net store additions were 77 in Q1 FY27, 56 in Q3 FY26 and 55 in Q2 FY26. Tanishq targets ~40 new stores per year plus ~60 Mia stores per year.^[6]
EyeCare (Titan Eye+) had 840 stores as of FY26 and added no net stores in Q2 FY27.^[5][4]

International

International grew 97% YoY in Q2 FY27, including Damas; North America kept strong double-digit growth and Tanishq growth in the GCC improved.^[4]
Damas operates 123 stores across the GCC; Titan plans ~29 net new Signature/Diamonds stores in KSA by CY28 and is converting select Damas locations to Tanishq.^[5]
Damas showed early signs of recovery in Q2 FY27, after contributing ₹396 Cr revenue and -₹67 Cr EBIT in Q1 FY27 due to geopolitical disruption.^[4][7]

Expansion targets (FY30)

FY30 group ambition: consolidated revenue 2.0x FY26 (base ₹76,078 Cr ex-bullion) and EBIT 2.0x FY26 (base ₹8,082 Cr).^[5]
Jewellery FY30 target: 2.0x FY26 revenue, India market share ~11%, ~1,400 Tanishq stores; CaratLane 2.3x FY26 revenue; TEAL 3.0x FY26 revenue.^[5]
EyeCare FY30 target: ₹3,500 Cr (2.5x FY26 base of ₹1,452 Cr) with the store network expanding ~1.6x from 840 stores.^[5]
Damas CY29 target: 2x+ core revenue from a CY25 base of AED 740 mn, at a high-single-digit EBIT margin.^[5]

Recent developments

On 06 Oct 2026 Titan filed its Q2 FY27 quarterly update, reporting 25% YoY consumer business growth and 3,758 stores.^[3]
Customs duty on gold rose from 6% to 15% effective 13 May 2026, giving a ₹407 Cr one-time inventory gain in Q1 FY27, which was expected to reverse over Q2-Q3 FY27.^[6]
Titan completed its 67% stake acquisition of Damas Jewellery (GCC) in Q3 FY26; Damas has been consolidated from 1 January 2026.^[7]
CaratLane migrated to Oracle Fusion ERP in January 2026, which disrupted operations through mid-February 2026.^[5]

Market Cap

₹3,81,659 Cr

High / Low

₹5,187 / 3,670

Stock P/E

66.3

Price / Book

24.3

Book Value

₹177

EPS

₹57.1

No. of Shares

88.78 Cr

ROCE

31.8%

ROE

37.1%

OPM

9.2%

Debt / Equity

0.72

Sales

₹87,584 Cr

Net Profit

₹5,073 Cr

Promoter holding

52.9%

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Titan Company Ltd(TITAN)

About

Business segments

Jewellery brands and product mix

Key operating metrics

Store network and distribution

International

Expansion targets (FY30)

Recent developments

Signal history

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