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What is the story about?
India's leading watchmaker Titan Company Ltd on Thursday (November 5) reported a 56.3% year-on-year (YoY) increase in net profit to ₹1,572 crore for the quarter, compared with ₹1,006 crore in the corresponding period last year.
Revenue from operations rose 7.8% to ₹17,830 crore from ₹16,534 crore a year ago.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 62.1% YoY to ₹2,626 crore, compared with ₹1,620 crore in the year-ago quarter. EBITDA margin improved to 14.7% from 9.8%.
Against the CNBC-TV18 poll, Titan's net profit was higher than the estimate of ₹1,394 crore, while revenue fell short of the projected ₹19,061 crore. EBITDA came in above the poll estimate of ₹2,154 crore, while the EBITDA margin of 14.7% was also higher than the forecast of 11.3%.
Titan Company reported total income of approximately ₹20,533 crore for the second quarter of FY27, registering a 25% year-on-year (YoY) increase. Profit before tax (PBT) rose 53% to approximately ₹2,329 crore, with a margin of 11.3%. Adjusting for the impact of the increase in customs duty on gold during the quarter, PBT stood at approximately ₹1,793 crore, with a margin of 8.7%, marking an 18% increase.
Jewellery business
The jewellery business grew 24% YoY to approximately ₹17,495 crore, excluding bullion and digital gold sales. Growth was driven by the 'Festival of Diamonds' campaign and brand-level promotions, which supported studded jewellery growth in the early thirties, even as the festive calendar shifted to the third quarter of FY27.
Within the jewellery business, India income rose 21% to approximately ₹16,343 crore. The combined Tanishq, Mia and Zaya business grew 20% to approximately ₹14,935 crore, while CaratLane recorded 31% growth to approximately ₹1,408 crore. The international jewellery business grew 105% to approximately ₹1,152 crore. The combined Tanishq, Mia and CaratLane business grew 41% to approximately ₹688 crore, while Damas' core business recorded revenue of approximately ₹364 crore.
The jewellery business reported earnings before interest and tax (EBIT) of approximately ₹2,300 crore, with a margin of 13.1%. The India business recorded EBIT of approximately ₹2,281 crore at a margin of 14%. After adjusting for customs duty gains of ₹536 crore, EBIT stood at approximately ₹1,745 crore, with a margin of 10.7%.
Within this, the combined Tanishq, Mia and Zaya business reported EBIT of approximately ₹2,142 crore at a margin of 14.3%. Adjusted for customs duty gains of ₹490 crore, EBIT was approximately ₹1,652 crore, with a margin of 11.1%. CaratLane recorded EBIT of approximately ₹138 crore at a margin of 9.8%; after adjusting for customs duty gains of ₹46 crore, EBIT stood at approximately ₹92 crore, with a margin of 6.6%.
International jewellery business
The international jewellery business recorded EBIT of approximately ₹20 crore. The combined Tanishq, Mia and CaratLane business reported EBIT of approximately ₹43 crore at a margin of 5.5%, while Damas recorded a loss of approximately ₹24 crore. During the quarter, the division added 42 net stores in India, comprising seven Tanishq stores, 18 Mia stores, four beYon stores and 13 CaratLane stores. Tanishq also opened a new store in Los Angeles, the US.
Watches business
The watches business recorded total income of approximately ₹1,881 crore, up 27% YoY, and EBIT of approximately ₹412 crore at a margin of 21.9%. Analog watches led the division's growth, increasing in the early thirties, while the smartwatches business returned to growth with a high single-digit increase. The division added 34 net stores in India during the quarter, comprising 17 Titan World stores, seven Fastrack stores, three Helios stores, six Helios Luxe stores and one Nebula store.
Titan's EyeCare business grew 28% YoY to approximately ₹281 crore in total income, recording EBIT of approximately ₹23 crore at a margin of 8.2%. Growth was supported by a multi-brand approach, an upgraded store network and a sharper merchandise portfolio.
The company's emerging businesses, including SKINN Fragrances, IRTH Women's Bags and Indian ethnic wear brand Taneira, recorded combined total income growth of 21% to approximately ₹171 crore. The businesses reported a loss of approximately ₹6 crore during the quarter.
SKINN and Fastrack perfume lines maintained their volume momentum, IRTH Women's Bags grew on the back of higher average selling prices and new store openings, while Taneira's growth was driven by better same-store performance.
Titan Engineering & Automation
Titan Engineering & Automation Ltd (TEAL) reported total income of approximately ₹36 crore for the second quarter of FY27, up 53% YoY. Its Automation Solutions business continued to add orders, while the Manufacturing Services business maintained a healthy growth rate. EBIT for the quarter stood at approximately ₹78 crore.
Titan Company Vice Chairman and Director Noel N. Tata will retire from the board with effect from November 12, 2026, in accordance with the Tata Group Governance Guidelines. Tata has been associated with the company since August 2003 and provided guidance and strategic direction during his tenure.
Ajoy Chawla, Managing Director of the Company, said, "Q2FY27 was a quarter of healthy, broad-based growth for Titan, with our businesses registering c.25% consolidated operating growth YoY. A strong base quarter and a notable shift in the festive calendar into Q3FY27 notwithstanding, consumer demand held up well for most of the period.
Our Jewellery business grew well with design-led collections and attractive consumer offers resonating across markets and age groups. Watches business delivered an excellent quarter, building further on premiumisation
and design differentiation; The EyeCare business sustained its momentum on sharp execution and a steadily improving customer experience.
Our emerging businesses are scaling well while TEAL continues to grow from strength to strength and raise the bar of excellence in high-precision engineering. Across the portfolio, we keep innovating and investing for growth - strengthening brand equity, deepening customer engagement and creating enduring value for all our stakeholders."
The company's board has also approved raising up to ₹2,500 crore through the issuance of rated, listed, redeemable, unsecured non-convertible debentures (NCDs) on a private placement basis. The board has authorised a committee to finalise the terms of the issuance and allotment of the debentures.
Shares of Titan Company Ltd ended at ₹4,831.55, up by ₹81.55, or 1.72%, on the BSE.
Revenue from operations rose 7.8% to ₹17,830 crore from ₹16,534 crore a year ago.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 62.1% YoY to ₹2,626 crore, compared with ₹1,620 crore in the year-ago quarter. EBITDA margin improved to 14.7% from 9.8%.
Against the CNBC-TV18 poll, Titan's net profit was higher than the estimate of ₹1,394 crore, while revenue fell short of the projected ₹19,061 crore. EBITDA came in above the poll estimate of ₹2,154 crore, while the EBITDA margin of 14.7% was also higher than the forecast of 11.3%.
Titan Company reported total income of approximately ₹20,533 crore for the second quarter of FY27, registering a 25% year-on-year (YoY) increase. Profit before tax (PBT) rose 53% to approximately ₹2,329 crore, with a margin of 11.3%. Adjusting for the impact of the increase in customs duty on gold during the quarter, PBT stood at approximately ₹1,793 crore, with a margin of 8.7%, marking an 18% increase.
Jewellery business
The jewellery business grew 24% YoY to approximately ₹17,495 crore, excluding bullion and digital gold sales. Growth was driven by the 'Festival of Diamonds' campaign and brand-level promotions, which supported studded jewellery growth in the early thirties, even as the festive calendar shifted to the third quarter of FY27.
Within the jewellery business, India income rose 21% to approximately ₹16,343 crore. The combined Tanishq, Mia and Zaya business grew 20% to approximately ₹14,935 crore, while CaratLane recorded 31% growth to approximately ₹1,408 crore. The international jewellery business grew 105% to approximately ₹1,152 crore. The combined Tanishq, Mia and CaratLane business grew 41% to approximately ₹688 crore, while Damas' core business recorded revenue of approximately ₹364 crore.
The jewellery business reported earnings before interest and tax (EBIT) of approximately ₹2,300 crore, with a margin of 13.1%. The India business recorded EBIT of approximately ₹2,281 crore at a margin of 14%. After adjusting for customs duty gains of ₹536 crore, EBIT stood at approximately ₹1,745 crore, with a margin of 10.7%.
Within this, the combined Tanishq, Mia and Zaya business reported EBIT of approximately ₹2,142 crore at a margin of 14.3%. Adjusted for customs duty gains of ₹490 crore, EBIT was approximately ₹1,652 crore, with a margin of 11.1%. CaratLane recorded EBIT of approximately ₹138 crore at a margin of 9.8%; after adjusting for customs duty gains of ₹46 crore, EBIT stood at approximately ₹92 crore, with a margin of 6.6%.
International jewellery business
The international jewellery business recorded EBIT of approximately ₹20 crore. The combined Tanishq, Mia and CaratLane business reported EBIT of approximately ₹43 crore at a margin of 5.5%, while Damas recorded a loss of approximately ₹24 crore. During the quarter, the division added 42 net stores in India, comprising seven Tanishq stores, 18 Mia stores, four beYon stores and 13 CaratLane stores. Tanishq also opened a new store in Los Angeles, the US.
Watches business
The watches business recorded total income of approximately ₹1,881 crore, up 27% YoY, and EBIT of approximately ₹412 crore at a margin of 21.9%. Analog watches led the division's growth, increasing in the early thirties, while the smartwatches business returned to growth with a high single-digit increase. The division added 34 net stores in India during the quarter, comprising 17 Titan World stores, seven Fastrack stores, three Helios stores, six Helios Luxe stores and one Nebula store.
Titan's EyeCare business grew 28% YoY to approximately ₹281 crore in total income, recording EBIT of approximately ₹23 crore at a margin of 8.2%. Growth was supported by a multi-brand approach, an upgraded store network and a sharper merchandise portfolio.
The company's emerging businesses, including SKINN Fragrances, IRTH Women's Bags and Indian ethnic wear brand Taneira, recorded combined total income growth of 21% to approximately ₹171 crore. The businesses reported a loss of approximately ₹6 crore during the quarter.
SKINN and Fastrack perfume lines maintained their volume momentum, IRTH Women's Bags grew on the back of higher average selling prices and new store openings, while Taneira's growth was driven by better same-store performance.
Titan Engineering & Automation
Titan Engineering & Automation Ltd (TEAL) reported total income of approximately ₹36 crore for the second quarter of FY27, up 53% YoY. Its Automation Solutions business continued to add orders, while the Manufacturing Services business maintained a healthy growth rate. EBIT for the quarter stood at approximately ₹78 crore.
Titan Company Vice Chairman and Director Noel N. Tata will retire from the board with effect from November 12, 2026, in accordance with the Tata Group Governance Guidelines. Tata has been associated with the company since August 2003 and provided guidance and strategic direction during his tenure.
Ajoy Chawla, Managing Director of the Company, said, "Q2FY27 was a quarter of healthy, broad-based growth for Titan, with our businesses registering c.25% consolidated operating growth YoY. A strong base quarter and a notable shift in the festive calendar into Q3FY27 notwithstanding, consumer demand held up well for most of the period.
Our Jewellery business grew well with design-led collections and attractive consumer offers resonating across markets and age groups. Watches business delivered an excellent quarter, building further on premiumisation
and design differentiation; The EyeCare business sustained its momentum on sharp execution and a steadily improving customer experience.
Our emerging businesses are scaling well while TEAL continues to grow from strength to strength and raise the bar of excellence in high-precision engineering. Across the portfolio, we keep innovating and investing for growth - strengthening brand equity, deepening customer engagement and creating enduring value for all our stakeholders."
The company's board has also approved raising up to ₹2,500 crore through the issuance of rated, listed, redeemable, unsecured non-convertible debentures (NCDs) on a private placement basis. The board has authorised a committee to finalise the terms of the issuance and allotment of the debentures.
Shares of Titan Company Ltd ended at ₹4,831.55, up by ₹81.55, or 1.72%, on the BSE.
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