TITAN
Titan Company share price & financials
- Price
- ₹4,638.1
- Market cap
- ₹4.5L Cr
- Sector
- Consumer Durables
- Calls analysed
- 7
Titan Company Limited Q1 FY27
What went well
- The company reported all-round growth across all businesses, brands, and subsidiaries, including good volume and buyer growth in Q1 FY27.
- Postponed demand from May (due to Adhik Maas and other events) was largely recovered in June, leading to a normalized Q1 average.
- The studded jewellery segment continued its resurgence from Q4 FY26 into Q1 FY27, contributing to positive performance.
What to watch
- The Damas Core business incurred losses in Q1 FY27 due to the war situation, reduced footfall, and lower ticket sizes in Dubai and Saudi.
- One-time gains from customs duty (₹407 crores) and MTM in inventory (75-80 bps EBIT uplift) are expected to reverse in the coming 2-3 quarters, potentially impacting future margins.
What Titan Company Limited does
Titan Company is a Tata Group lifestyle firm that designs, manufactures and retails jewellery, watches and wearables, eyewear, fragrances, women's bags and Indian dresswear through its own exclusive-brand stores and multi-brand channels. Jewellery (Tanishq, Mia, Zoya, CaratLane) is by far the largest business, with Watches and EyeCare next and a set of emerging categories. It earns from branded product sales across a large owned and franchised retail network in India and, increasingly, internationally through Tanishq stores and the acquired Damas network.
Segments
- Jewellery
- Watches & Wearables
- EyeCare
- Emerging Businesses
- TEAL (Titan Engineering & Automation)
- Stores
- 3,603
- Retail area
- 5.3 million sq.ft.
- Town presence
- 440+ (incl. international)
- Manufacturing & assembly facilities
- 11
- Employees on roll
- 13,750+
- Encircle loyalty members
- 49 million
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 2 delivered 5 missed 4 open- Damas Consolidation Start delivered said Q3 FY26 Promised: consolidation... will start from 1st January. So quarter 4 results, you will have Damas consolidation. Q1 FY27: The promise was fulfilled in Q4 FY26 and remains achieved.
- New Tanishq Stores (FY26) missed said Q4 FY25 Promised: 40 to 50 stores Q1 FY27: The target period (FY26) has passed. The final verdict remains 'missed' as the company did not confirm achievement.
- Jewellery EBIT Margin on track said Q3 FY25 Promised: 11% to 11.5% on an annualized basis Q1 FY27: Management reiterated guidance, stating 'more of 11% being the center of gravity'. Normalized EBIT margin for the quarter was 10.9%, close to the lower end of the original band.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 24.3%, net profit up 65.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,215 | 16,097 | 13,477 | 14,564 | 16,534 +25% | 22,522 +40% | 23,934 +78% | 18,101 +24% |
| EBITDA | 1,133 | 1,510 | 1,438 | 1,632 | 1,620 +43% | 2,336 +55% | 1,715 +19% | 2,564 +57% |
| Net profit | 705 | 990 | 870 | 1,030 | 1,006 +43% | 1,470 +48% | 1,124 +29% | 1,699 +65% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +38.4% 1Y
1Y: ₹3,620.6 on 10 Sept 2025 → ₹5,009.5. High ₹5,169.2 (28 Aug 2026), low ₹3,327.3 (26 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- −1.1%
- 7 Aug
- Q4 FY26
- +4.7%
- 8 May
- Q3 FY26
- −2.3%
- 13 Feb
- Q2 FY26
- +2.4%
- 4 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 24.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 9.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹39.9k Cr | ₹47.1k Cr | ₹54.8k Cr | ₹77.6k Cr |
| Operating profit | ₹4.8k Cr | ₹5.0k Cr | ₹5.3k Cr | ₹7.3k Cr |
| Operating margin | 12.1% | 10.7% | 9.6% | 9.4% |
| Interest | ₹278 Cr | ₹480 Cr | ₹767 Cr | ₹955 Cr |
| Depreciation | ₹417 Cr | ₹447 Cr | ₹537 Cr | ₹596 Cr |
| Net profit | ₹3.3k Cr | ₹3.5k Cr | ₹3.3k Cr | ₹4.6k Cr |
| Net margin | 8.2% | 7.5% | 6.1% | 6.0% |
| ROCE | 26.0% | 22.0% | 17.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹89 Cr | ₹89 Cr | ₹89 Cr | ₹89 Cr | ₹89 Cr | ₹89 Cr |
| Reserves | ₹7.5k Cr | ₹9.3k Cr | ₹11.9k Cr | ₹14.4k Cr | ₹12.7k Cr | ₹20.4k Cr |
| Borrowings | ₹5.2k Cr | ₹6.6k Cr | ₹7.9k Cr | ₹12.7k Cr | ₹12.5k Cr | ₹23.0k Cr |
| Other liabilities | ₹3.1k Cr | ₹4.2k Cr | ₹5.2k Cr | ₹5.7k Cr | ₹26.8k Cr | ₹10.1k Cr |
| Total liabilities | ₹15.9k Cr | ₹20.1k Cr | ₹25.1k Cr | ₹32.9k Cr | ₹52.0k Cr | ₹53.6k Cr |
| Fixed assets | ₹2.0k Cr | ₹1.9k Cr | ₹2.2k Cr | ₹2.7k Cr | ₹4.2k Cr | ₹3.3k Cr |
| Capital work in progress | ₹25 Cr | ₹71 Cr | ₹127 Cr | ₹87 Cr | ₹125 Cr | ₹89 Cr |
| Investments | ₹3.5k Cr | ₹884 Cr | ₹3.3k Cr | ₹7.8k Cr | ₹3.7k Cr | ₹9.0k Cr |
| Other assets | ₹10.4k Cr | ₹17.3k Cr | ₹19.5k Cr | ₹22.3k Cr | ₹44.0k Cr | ₹41.1k Cr |
| Total assets | ₹15.9k Cr | ₹20.1k Cr | ₹25.1k Cr | ₹32.9k Cr | ₹52.0k Cr | ₹53.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +2.56 pp while FIIs trimmed −2.15 pp. The shareholder count shrank 7% to 7,33,428.
- Promoters
- 52.9%
- FIIs
- 15.4%
- DIIs
- 15.2%
- Government
- 0.2%
- Public
- 16.3%
- Others
- 0.1%
Since Jun 2025
- DIIs +2.56 pp
- FIIs −2.15 pp
- Public −0.38 pp
How it drifted, 12 quarters
Over this window DIIs went from 9.9% to 15.2% — +5.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.9%, FIIs 19.1%, DIIs 9.9%, Government 0.2%, Public 18.0%.Dec '23: Promoters 52.9%, FIIs 18.9%, DIIs 10.3%, Government 0.2%, Public 17.8%.Mar '24: Promoters 52.9%, FIIs 19.0%, DIIs 10.3%, Government 0.2%, Public 17.6%, Others 0.1%.Jun '24: Promoters 52.9%, FIIs 18.2%, DIIs 10.7%, Government 0.2%, Public 17.9%, Others 0.1%.Sep '24: Promoters 52.9%, FIIs 18.2%, DIIs 11.3%, Government 0.2%, Public 17.3%, Others 0.1%.Dec '24: Promoters 52.9%, FIIs 18.1%, DIIs 11.4%, Government 0.2%, Public 17.4%, Others 0.1%.Mar '25: Promoters 52.9%, FIIs 17.8%, DIIs 12.0%, Government 0.2%, Public 17.0%, Others 0.1%.Jun '25: Promoters 52.9%, FIIs 17.5%, DIIs 12.6%, Government 0.2%, Public 16.7%, Others 0.1%.Sep '25: Promoters 52.9%, FIIs 16.1%, DIIs 14.0%, Government 0.2%, Public 16.8%, Others 0.1%.Dec '25: Promoters 52.9%, FIIs 15.6%, DIIs 14.8%, Government 0.2%, Public 16.4%, Others 0.1%.Mar '26: Promoters 52.9%, FIIs 15.7%, DIIs 14.8%, Government 0.2%, Public 16.3%, Others 0.1%.Jun '26: Promoters 52.9%, FIIs 15.4%, DIIs 15.2%, Government 0.2%, Public 16.3%, Others 0.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Rekha Jhunjhunwala - 2 +3.17 pp 4.24% held
- NPS Trust A/C UTI Pension Fund Limited-Scheme State Govt Pension / PF +0.25 pp 1.73% held
- SBI Nifty 50 ETF Mutual fund +0.11 pp 1.80% held
- PT TQCert Indonesia newly disclosed 0.00% held
- TQ Cert Services LLC, Qatar newly disclosed 0.00% held
- TComm Turkey Dijital Çözümler Limited Şirketi newly disclosed 0.00% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Titan Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tamilnadu Industrial Development Corporation Ltd | 27.88% | unchanged |
| Tata Sons Private Limited | 20.84% | unchanged |
| Rekha Jhunjhunwala - 2 | 4.24% | +3.17 pp |
| Life Insurance Corporation Of India Insurer | 2.17% | −0.17 pp |
| Tata Investment Corporation Ltd | 2.01% | unchanged |
| SBI Nifty 50 ETF Mutual fund | 1.80% | +0.11 pp |
| NPS Trust A/C UTI Pension Fund Limited-Scheme State Govt Pension / PF | 1.73% | +0.25 pp |
| Tata Chemicals Limited | 1.56% | unchanged |
| ICICI Prudential Balanced Advantage Fund Mutual fund | 1.26% | unchanged |
| UTI Nifty 50 ETF Mutual fund | 1.11% | unchanged |
| Ewart Investments Limited | 0.56% | unchanged |
| Piem Hotels Limited | 0.05% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TITAN
Filings to Aug 2026
0 new, 11 added, 12 trimmed, 1 sold out — net −0.80 L shares (−0.3%).
- Held by funds
- ₹13.5k Cr
- 39 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.1k Cr · 1.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹4.1k Cr | +0.42 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹2.8k Cr | +0.54 L | Aug '21 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹2.0k Cr | held | Dec '24 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹1.3k Cr | +0.51 L | Jan '19 |
| Nippon India ETF BSE Sensex Nippon India Mutual Fund | ₹658 Cr | +0.36 L | Dec '19 |
| SBI Flexicap Fund SBI Mutual Fund | ₹514 Cr | held | Apr '26 |
| SBI Nifty Index Fund SBI Mutual Fund | ₹266 Cr | +0.02 L | Aug '21 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹191 Cr | +0.20 L | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 12 trimmed — net −80,228 shares (−0.3%)
- Funds are sitting on
- +59%
- vs est. average cost
- Held by funds
- ₹13.5k Cr
- 39 schemes · ≈ 2.7% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.1k Cr · 1.9% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 13y 6m · since Mar '13
Shares held by these funds +64%
Aug '23 2.66 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹5010, this stock must grow earnings at 38% every year for 5 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹1762 — downside of 65%.
- Growth the price implies
- 37.8% a year
- for 5 years, fading to 5%
- It has actually compounded at
- 12.3% a year
- net profit, FY23–FY26 · EPS 12.5%
- The gap
- 0.2 pp
- -65% downside if it only repeats history
Why this baseline, and what it is built on
Titan has demonstrated strong historical TTM sales growth, with the latest at 15.88%. Management explicitly guides for 15% to 20% CAGR for jewellery sales over the next three to four years, which is a significant portion of their business. While the promise track record is mixed with some revisions and dilutions, the explicit and strong growth guidance, coupled with recent performance, supports a g1 of 16.0%, taking a conservative mid-point of the guidance. The company has higher leverage compared to peers, and a mixed track record, leading to a slightly higher discount rate of 11%. A 5-year stage-1 growth period with a 4-year fade to a 5% terminal growth rate is chosen to reflect the higher growth potential.
Through 2026-03-31
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Titan Company Limited
Guides on how to read this kind of business and the numbers that matter.