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Titan Shares Gain as Q2 Profit Soars 59% YoY to ₹1,120 Crore; Jewellery Sales Shine, Morgan Stanley Sets ₹3,953 Target Price
Early festive demand and robust performance across Tanishq, CaratLane, and Zoya fuel Titan’s record quarterly results; analysts remain bullish on sustained growth momentum.
Titan Company shares climbed 1.4% to hit an intraday high of Rs.3,781.20 on the BSE on Tuesday, November 4, after the Tata Group lifestyle major reported a stellar 59% year-on-year (YoY) rise in consolidated net profit to Rs.1,120 crore for Q2 FY26. The surge was powered by a strong festive season boost and stellar performance from its jewellery division, which remained the company’s key growth driver.
Total sales rose 22% YoY to Rs..16,461 crore, reflecting broad-based momentum across business segments. EBITDA jumped 51% to Rs.1,799 crore, aided by improved margins and double-digit growth in most categories.
Titan’s jewellery division—comprising Tanishq, Mia, Zoya, and CaratLane—continued to anchor performance, with total income (excluding bullion and Digi-Gold) rising 21% YoY to Rs.14,092 crore. The domestic jewellery segment, including Tanishq, Mia, and Zoya, grew 18% to Rs.12,460 crore, while CaratLane, Titan’s online-first jewellery brand, registered an impressive 32% YoY growth to Rs.1,072 crore. International operations across the UAE and North America nearly doubled revenue to ₹561 crore, underscoring Titan’s expanding global footprint.
The watches and wearables segment also reported solid growth, with total income up 13% YoY to Rs.1,477 crore, driven by robust demand for Titan, Fastrack, and Sonata. EBIT stood at Rs.238 crore, yielding a margin of 16.1%. The analog watches category recorded 17% growth, fueled by higher volumes and average selling prices.
Titan’s eyewear business, operating under the Titan Eye+ brand, saw income rise 9% YoY to ₹220 crore, with EBIT of ₹12 crore and a 5.3% margin. The company expanded its premium eyewear presence by adding five new ‘Runway’ stores during the quarter.
Following the results, global brokerage firm Morgan Stanley reaffirmed its Overweight rating on Titan and set a target price of Rs.3,953. The brokerage said Titan outperformed expectations across revenue, EBITDA, and profit after tax (PAT) metrics, citing continued margin expansion and festive-driven sales strength.
Titan’s consolidated EBITDA margin (excluding bullion) stood at 11.5%, 64 basis points above consensus estimates. The jewellery business posted a robust 19% YoY growth, supported by higher ticket sizes and sustained festive demand, with the company’s gold exchange programme further boosting volumes despite elevated gold prices. CaratLane’s revenue growth of 32% came with a healthy margin of 10.1%.
Among other segments, watches grew 13% YoY with a 16.2% EBIT margin, while eyewear posted 8% growth with a relatively softer 5.5% margin. Morgan Stanley emphasised that festive demand trends and strong consumer sentiment are likely to sustain Titan’s growth momentum in the coming quarters, reinforcing its leadership in India’s lifestyle and jewellery market.
– The 16th edition of the Gujarat Gold Jewellery Show (GGJS 2026), jointly organized by GGJS and the Gold Ornaments Jewellers Wholesalers Association (GOWJA), successfully concluded its three-day B2B trade exhibition at the Helipad Exhibition Centre in Gandhinagar. The landmark event reinforced its position as a premier national platform for business networking, product sourcing, design innovation, and trade collaboration.
Under the leadership of GOWJA President Hiteshbhai Soni, Vice President Akshaybhai Mehta, and the organizing committee, GGJS 2026 recorded unprecedented trade visitor footfall, substantial bulk order placements, and strong participation from leading jewellers, manufacturers, wholesalers, and retail delegations across India.
Jointly organized by GGJS (Gujarat Gold Jewellery Show) & GOWJA (Gold Ornaments Jewellers Wholesalers Association), the B2B exhibition is creating a strong platform for business networking, product sourcing, market opportunities and industry collaboration, with a special focus on the participation and aspirations of the young jeweller’s community.
The grand inauguration was graced by Guests of Honour boCHE (Dr. Boby Chemmanur), Chemmanur International Jewellers, A.B.S. Sanjjay, AVR Swarna Mahal Jewellers, Pramod Dugar, India Gem & Jewellery Creation, , Anil Kataria, DP Abhushan Ltd, Ajay Talla, Talla Jewellers, along with Special Guests Surendra Mehta, National Secretary-IBJA, Ankit Vaidya, Founder & CEO- Jewel Partner, Dharmendra Soni,Past President -GOWJA, Shampatlal Jain, President -Shree Manekchowk Sona Chandi Dagina Jewellers Association and dignitaries and leaders from the GJ industry.Present at the inauguration were GOWJA President Hitesh Soni and Vice President Akshay Mehta and GOWJA committee members.
Following the opening ceremony, Day 1 featured the Young Jewellers Summit (J20), highlighting the next generation of industry leaders. Designed to empower young entrepreneurs looking to scale emerging ventures or modernize legacy businesses, the summit presented actionable insights into modern retail strategies, technology integration, and sustainable growth.
The summit featured two flagship panel discussions:
- The New Rules of Jewellery Growth – Focused on modern scaling strategies, digital expansion, and evolving consumer preferences.
- Building a Business That Can Outlive You – Explored legacy preservation, professionalization, and tech-driven business transformation.
Day 2 saw accelerated commercial momentum as thousands of regional wholesalers, elite retail buyers, and trade delegates visited the exhibition halls. Exhibitors presented an extensive range of collections, spanning cutting-edge craftsmanship, lightweight daily wear, and heavy bridal jewellery.
Key highlights of Day 2 included:
- High-Volume B2B Engagement: Nationwide buyers placed substantial bulk orders, reflecting strong retail demand rebound ahead of the upcoming festive and wedding seasons.
- Operational Excellence: Streamlined visitor hospitality and floor management facilitated efficient business negotiations and trade deals.
- Knowledge Sharing: Industry seminars and walkthroughs addressed BIS hallmarking compliance, sustainable trade practices, and the integration of AI-driven inventory management tools.
GGJS 2026 wrapped up on a high note, delivering measurable business value to exhibitors and attendees alike. The event bridged classic craftsmanship with modern enterprise management, serving as an incubator for long-term partnerships and market growth. From empowering young entrepreneurs at the J20 Summit to facilitating high-value commercial transactions, this edition has demonstrated the resilience, dynamism, and future-readiness of the Indian jewellery sector.
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