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Titan Company (Titan) Q3FY26 - sturdy performance; growth momentum to sustain

ICICIdirect Research 13 Feb 2026 DISCLAIMER

Titan’s consolidated net revenues grew by 42% YoY to Rs24,915cr in Q3FY26. This was driven by 40,4% growth in the domestic jewellery business, 42.2% growth in Caratlane and 80% growth in the international business.
Despite higher gold prices, the company manage to maintain its EBIDTA margins relatively flat at 10.7% with jewellery business EBIDTA margins staying close to 11%. Consolidated EBIDTA to grow by 41% to Rs2,713cr and the adjusted PAT grew by 1,798cr.
Outlook: Strong growth in the jewellery business was largely driven by higher ticket price, while new buyers/sales volume witnessed a decline in the Q3FY26. With wedding demand expected to remain strong, management expects the growth momentum to remain high in Q4. Any stability in the gold prices will help new buyers’ footfalls to improve and sales volume to recover. Thus, double digit growth in Jewellery business to sustain; EBIT margin in Jewellery business to remain at 10-11%. Titan’s revenues and PAT is expected to grow at CAGR of 19% and 25% over FY25-28E.
View: We recommend Buy with a price target of Rs4,980. Amongst large discretionary companies it is one of our preferred picks.

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