Titan Q3 FY26 Results: Festive Demand Drives 40% Growth

Introduction to Titan's Strong Quarter

Titan Company Ltd. announced a significant 40% year-over-year (YoY) growth across its consumer businesses for the third quarter of fiscal year 2026. This impressive performance was largely driven by strong consumer demand during the festive season, coupled with the company's strategic retail network expansion. During the quarter, Titan added a net of 56 stores, expanding its total retail presence to 3,433 stores across all its brands as of December 2025. The results underscore the company's resilience and its ability to capitalize on key market trends and seasonal opportunities.

Detailed Performance Across Business Segments

The growth was broad-based, with domestic businesses registering a 38% YoY increase. The jewellery division continued to be the primary contributor, posting a remarkable 41% growth. Other segments also performed well, with the watches and wearables division growing by 13%, the EyeCare division by 16%, and emerging businesses by 14%. The company's international operations delivered an exceptional performance, surging by 79% YoY, indicating a successful global expansion strategy.

Jewellery Division Shines Bright

The jewellery segment's robust 41% growth was fueled by the festive momentum. Consumer interest in gold as an investment vehicle was evident, with sales of gold coins doubling compared to the same period last year. Plain gold jewellery saw growth in the mid-thirties, attributed to appealing new designs. Studded jewellery achieved its best performance of FY26, with growth in the mid-twenties. Even with gold prices reaching a high of ₹1,40,000 per 10 grams, Tanishq's gold exchange program successfully maintained customer engagement and sales volume. The like-for-like growth across all jewellery formats stood in the low-thirties, highlighting strong consumer loyalty and brand pull.

Strategic Launch of 'beYon'

In a significant strategic move, Titan launched 'beYon', its new brand specializing in lab-grown diamonds. This new venture is aimed at the everyday fashion and self-expression market, complementing its existing natural diamond brands like Tanishq and Zoya, which are typically associated with milestone purchases and weddings. The introduction of 'beYon' allows Titan to cater to a wider audience and tap into the growing market for accessible and fashionable diamond jewellery.

Watches, EyeCare, and Emerging Businesses

The watches and wearables segment's 13% growth was primarily led by a 17% YoY surge in analog models during the festive period. Premium brands under the Titan umbrella, including Titan, Sonata, and Fastrack, all recorded double-digit growth. However, this was partially offset by a 26% decline in the smartwatch category, indicating a potential shift in consumer preferences within the wearables market.

The EyeCare division's 16% growth was supported by strong demand for sunglasses and lenses. The company's focus on an omni-channel strategy, boosted by e-commerce sales, contributed to this performance. As part of its network optimization, Titan opened 11 new Titan Eye+ stores and renovated 20 existing ones, while closing 30 underperforming locations.

Emerging businesses showed mixed results. The fragrances category grew by 22%, and women's bags saw an extraordinary 111% surge, largely driven by festive e-commerce sales. However, the Taneira brand, focusing on ethnic wear, experienced a 6% dip in performance during the quarter.

Aggressive Retail and International Expansion

Titan's retail expansion was a key pillar of its Q3 strategy. The company added 56 net stores, significantly strengthening its physical footprint. This included 47 new jewellery stores, with a breakdown of 10 Tanishq, 11 Mia, 1 Zoya, 1 beYon, and 24 CaratLane outlets. The watches division also expanded with 22 new stores.

Internationally, the jewellery business, including Tanishq, Mia, and CaratLane, grew by 81%. This growth was driven by strong performance in the GCC region, Singapore, and North America. The company inaugurated new Tanishq stores in Boston and Orlando, further solidifying its presence in the U.S. market.

Market Reaction and Stock Performance

Following the strong quarterly update, Titan's stock showed positive momentum. On the BSE, the shares were last trading at ₹4,111.10, up from the previous close of ₹4,079.15. The stock reached an intraday high of ₹4,118.00 and a low of ₹4,071.25. The net turnover for the day was ₹4,13,49,366.00, reflecting healthy investor interest. The company's long-term performance remains strong, with a 10-year annualized return of 28.05%.

Conclusion and Outlook

Titan's Q3 FY26 results highlight the success of its multi-pronged strategy focusing on premiumization, leveraging festive demand, and aggressive expansion both domestically and internationally. The company's ability to navigate high gold prices while maintaining growth momentum in its core jewellery business is particularly noteworthy. The launch of 'beYon' signals a forward-looking approach to capture emerging consumer trends. While challenges remain in specific sub-segments like smartwatches and Taneira, the overall outlook for Titan remains positive, supported by its strong brand equity and resilient business model.