Titan shares in focus after strong Q3; margins beat Street estimates

Shares of Tata group company Titan are expected to open higher on Wednesday, February 11, after the company reported a strong and largely in-line set of December quarter results.

On a year-on-year basis, Titan's Q3 revenue rose 40%, while EBITDA grew 55%. Profit after tax increased 48%, and operating margins expanded by 100 basis points.

What's good

EBITDA came in at ₹2,336 crore, ahead of the Street estimate of ₹2,280 crore. Margins stood at 10.4% compared to expectations of 10.1%.

Jewellery EBIT margins improved to 10.6% from 9.5% a year ago, although it is worth noting that EBIT in Q3FY25 had benefited by around ₹253 crore due to a reduction in gold customs duty.

Several metrics were broadly in-line with estimates. Revenue stood at ₹22,522 crore versus a poll estimate of ₹22,500 crore, while PAT came in at ₹1,470 crore compared to the Street's ₹1,490 crore.

The company also reported an exceptional loss of ₹138 crore, largely on account of the new labour code.

Key internals

The studded ratio declined to 26% from 28% last year, while the share of new buyers contributed 45% to overall revenue.

CaratLane continued to post strong growth, with revenue up 42.3% to ₹1,537 crore and EBIT rising 57% to ₹200 crore.

Titan currently commands close to an 8% share of the Indian jewellery market.

Titan Company Ltd. shares ended 0.85% higher on Tuesday at ₹4,293.80. The stock is up 6% so far in 2026.