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Informist, Friday, Oct. 24, 2025

 

By Avishek Rakshit

 

KOLKATA – Growth in domestic jewellery sales, coupled with a healthy double-digit on-year rise in sales of watches, eyewear, and other products, is likely to help Titan Co. Ltd. report strong earnings for the September quarter, according to analysts tracking the company. However, the Tata group company is expected to report flat margins due to higher gold procurement costs.

 

The company is expected to report a 17% on-year jump in its consolidated revenue for the September quarter to INR 154.8 billion and a 52% on-year rise in net profit to INR 10.7 billion, according to the average of estimates from nine brokerages. On a trailing basis, net profit is likely to rise by nearly 4%, and revenue is expected to increase by more than 6%. Titan will declare its results for the September quarter on Nov. 3.

 

The highest estimate for the company's net profit is INR 11.5 billion by Motilal Oswal Financial Services Ltd. and the lowest is INR 9.5 billion by Nuvama Wealth Management Ltd. The highest estimate for revenue is INR 169.1 billion from Sharekhan Ltd. and the lowest is INR 139.4 billion from JM Financial Institutional Securities Pvt. Ltd.

 

In its quarterly update earlier this month, the world's fifth-largest watch manufacturer said its domestic jewellery sales – which usually account for 80% of its annual revenue - grew 19% on year in the September quarter, in which the company added 34 stores.

 

The festive season in September boosted the jewellery vertical, along with significant investments in consumer promotions. The marginal on-year fall in buyer count was offset by the surge in gold prices, which also led to a sharp rise in its ticket size, the company said.

 

The Tanishq, Mia, and Zoya jewellery brands together posted sales growth of 18% on year and 24 net stores were added under these brands, the company said. The company also added 10 CaratLane stores, with sales growing 30% on year.

 

Titan's domestic watches business grew 12% on year in the September quarter, led by a 17% rise in the analogue watch segment, and the eyecare business grew 9% on year. Healthy performance from international brands and sunglasses, along with growth in the e-commerce channel, drove growth in the eyecare business, sector analysts said. 

 

The company's emerging businesses in India rose 37% on year in the September quarter, supported by sharp growth in some of its perfumes and bags. Higher-value brands such as Fastrack and Skinn led to 48% on-year growth in the fragrance segment. A 13% on-year sales growth in the ethnic wear brand 'Taneira' and a 90% rise in the women's bags category also drove the growth in the overall domestic emerging business. It also opened two stores in Delhi and Kolkata under its women's bag brand 'Irth'.

 

The company's international operations grew 86% on year, led by Tanishq, which is expanding its business in the US, and the company achieved strong double-digit growth in the Gulf Cooperation Council region.

 

Titan is expected to report consolidated earnings before interest, tax, depreciation, and amortisation of INR 17.2 billion in the September quarter, according to the average of estimates from eight brokerages. Motilal Oswal's EBITDA estimate is the highest at INR 18.3 billion and Nuvama's is the lowest at INR 15.5 billion.

 

Kotak Securities Ltd., JM Financial, and Nuvama estimate Titan's adjusted EBIT margins for the jewellery division to be around 11% given the low productivity in the September quarter. Higher gold costs may, however, offset gains from the studded jewellery segment.

 

Friday, Titan shares closed 1.5% lower at INR 3,714.90 on the National Stock Exchange. The shares have risen by more than 7% since the company announced its June-quarter earnings in August.

 

Of the 15 research reports on the company available with Informist, 12 have a 'buy' rating on the stock at an average target price of INR 4,033 and three brokerages have a 'sell' rating at an average target price of INR 3,308.

 

The following are the Jul-Sept earnings estimates for Titan from nine brokerages in descending order of the estimate of net profit in INR million:

 

Broker Name	Net Sales (in INR million)	Net Profit (in INR million)	EBITDA (in INR million)
Motilal Oswal Financial Services Ltd	163,633	11,505	18,306
Prabhudas Lilladher Pvt Ltd	151,973	11,164	17,442
Sharekhan Ltd	169,080	11,150
Emkay Global Financial Services Ltd	157,484	11,037	18,105
Elara Securities (India) Pvt Ltd	168,642	10,646	17,844
Kotak Securities Ltd	141,870	10,570	16,630
Nomura Equity Research	151,647	10,447	17,373
JM Financial Institutional Securities Pvt Ltd	139,446	10,308	16,151
Nuvama Wealth Management Ltd	149,264	9,461	15,519
Average	154,782	10,699	17,171

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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