TITAN · Consumer Durables · filed 5 Nov 2026
Titan Company Ltd. reported revenue of ₹20,614 cr for July to September 2026, +10.1% on the year and −3.5% on the quarter. That is slower than this quarter has grown in recent years (+22.4% on average). Over the last four quarters revenue comes to ₹94,306 cr, +38.9% on the four before.
Operating profit (EBITDA) was ₹2,984 cr, a margin of 14.5%, +446 bps on the year and +94 bps on the quarter. It is the widest margin of the last 8 quarters (range 7.2% to 14.5%). Operating costs grew +4.6% against revenue growth of +10.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹2,393 cr, +113.7% on the year and +34.7% on the quarter, with earnings per share of ₹26.96. Profit before other income, one-offs and tax grew 54.9%, so 59 points of the headline growth came from outside the core business. The tax rate was 20% against an average of 26% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹7,033 cr, +70.3% on the four before.
Of the 6 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Titan Company Ltd. ranks 6th on revenue growth; the sector median is +34.6%. Its margin moved +446 bps on the year against a sector median of +184 bps.
Titan Company Ltd. is a Nifty 50 company. Of the 29 Nifty 50 companies reported so far, the median profit growth is +20.5%; Titan Company Ltd.'s +113.7% puts it above that.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed.
On earnings per share of ₹79.24 over the last four quarters, the stock at ₹4,462.50 trades at 56.3 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Operating cash flow for the first half −₹11,177 cr against profit of ₹4,170 cr.
Source: Cash flow statement
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +113.7% on the year; profit before other income, exceptional items and tax +54.9%.
Source: Results filing
Inventory is piling up against sales. Slow demand, or stocking ahead?
Inventory at 221 days of sales, against 178 days at the last year end (₹50,861 cr now, ₹42,743 cr then).
Source: Balance sheet
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹536 cr, +93.5% on the year; 18% of EBITDA.
Source: Results filing
An independent director resigned. Did they give a reason?
“Planned retirement of Vice Chairman Mr. Noel N. Tata upon reaching retirement age as per company policy.”
Source: Filing (p. outcome letter p.1)
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,836 cr | ₹916 cr | ▲ 100.4% |
| Inventory | ₹50,861 cr | ₹42,743 cr | ▲ 19.0% |
| Cash | ₹686 cr | ₹873 cr | ▼ 21.4% |
| Bank balances | ₹375 cr | ₹1,044 cr | ▼ 64.1% |
| Long-term borrowings | ₹74.0 cr | ₹93.0 cr | ▼ 20.4% |
| Short-term borrowings | ₹24,191 cr | ₹11,285 cr | ▲ 114.4% |
| Trade payables | ₹3,932 cr | ₹2,864 cr | ▲ 37.3% |
| Net block | ₹2,778 cr | ₹2,684 cr | ▲ 3.5% |
| Capital work in progress | ₹142 cr | ₹135 cr | ▲ 5.2% |
| Equity | ₹18,263 cr | ₹15,703 cr | ▲ 16.3% |
| Total assets | ₹71,806 cr | ₹60,561 cr | ▲ 18.6% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹11,177 cr | ₹3,444 cr |
| Capital expenditure | −₹408 cr | −₹259 cr |
| Investing cash flow | ₹947 cr | −₹1,097 cr |
| Financing cash flow | ₹10,047 cr | −₹2,451 cr |
| Dividends paid | −₹1,331 cr | −₹976 cr |
Operating cash flow was -2.68× profit. Receivables at 8 days of sales (+4 days against the last year end). Inventory at 221 days of sales (+43 days).
No emphasis of matter.
₹2,500 cr still unused. “Board approved fundraising proposal for issuance of unsecured NCDs on private placement basis up to ₹2,500.00 crore.”
Planned retirement of Vice Chairman Mr. Noel N. Tata upon reaching retirement age as per company policy.
Tax: Consolidated tax expense of ₹607.00 crore (current tax ₹639.00 crore, deferred tax credit ₹32.00 crore) on Profit before tax of ₹3,000.00 crore for Q2 FY27. PBT includes non-operational Ind-AS credit of ₹671.00 crore from NCI put option liability remeasurement and custom duty gains of ₹536.00 crore.
| Metric | Q2 FY27 |
|---|---|
| Stores | 3,758 |
| Net store additions | 85 |
| Retail area (lakh sq ft) | 5.6 |
| Same-store sales growth | 18% |
| Inventory days (days) | 221.28 |
Worked out from filed numbers. Inventory Days: Inventory (₹50,861 crore) / (Annualised H1 FY27 Revenue ₹41,970 crore * 2) * 365 = 221.28 days
Jewellery business domestic secondary growth was 24% overall with like-to-like (same store) growth of 18%, confirming that sales expansion is driven predominantly by healthy same-store productivity alongside store additions.
Strong double-digit same-store growth (+18% YoY) indicates healthy underlying consumer demand rather than reliance solely on new store space.
Consolidated inventory rose 19.0% to ₹50,861 crore as of September 30, 2026 (vs ₹42,743 crore as of March 31, 2026), working out to 221.28 inventory days on annualised H1 FY27 revenue, aligning with pre-festive seasonal stocking for Diwali and Dhanteras.
Inventory buildup is aligned with major Q3 festive season demand timing and gold price appreciation.
Read using the Consumer discretionary and retail framework (named in the filing read). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Fundraising Target via Unsecured Non-Convertible Debentures | 2500.00 | FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Watches | ₹1,881 cr | ▲ 27.4% | ₹412 cr | ▲ 73.1% |
| Jewellery | ₹17,721 cr | ▲ 7.3% | ₹2,300 cr | ▲ 52.7% |
| Eyecare | ₹281 cr | ▲ 27.7% | ₹23.0 cr | ▲ 91.7% |
| Others | ₹808 cr | ▲ 45.1% | ₹173 cr | ▲ 147.1% |
| Corporate (unallocated) | ₹739 cr | ▲ 1,111.5% | ₹628 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹14,164 cr | ₹12,494 cr | ₹13,266 cr | ₹14,534 cr | ₹17,740 cr | ₹14,916 cr | ₹16,523 cr | ₹18,725 cr | ₹25,416 cr | ₹26,920 cr | ₹21,356 cr | ₹20,614 cr |
| YoY | — | — | +12% | +16% | +25% | +19% | +25% | +29% | +43% | +80% | +29% | +10% |
| EBITDA margin | 11.0% | 9.5% | 9.4% | 8.5% | 9.4% | 10.3% | 11.1% | 10.0% | 10.7% | 7.2% | 13.5% | 14.5% |
| Other income, % of PBT | 10% | 16% | 12% | 13% | 9% | 10% | 7% | 7% | −0% | 15% | 6% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 22% | 27% | 26% | 25% | 28% | 26% | 26% | 24% | 25% | 27% | 20% |
| Net profit | ₹1,053 cr | ₹771 cr | ₹715 cr | ₹704 cr | ₹1,047 cr | ₹871 cr | ₹1,091 cr | ₹1,120 cr | ₹1,684 cr | ₹1,179 cr | ₹1,777 cr | ₹2,393 cr |
| YoY | — | — | −5% | −23% | −1% | +13% | +53% | +59% | +61% | +35% | +63% | +114% |
| Core profit YoY | — | — | −4% | −27% | +2% | +32% | +61% | +71% | +75% | +22% | +66% | +55% |
| EPS | ₹11.86 | ₹8.68 | ₹8.05 | ₹7.93 | ₹11.79 | ₹9.81 | ₹12.29 | ₹12.63 | ₹18.97 | ₹13.28 | ₹20.03 | ₹26.96 |
| Flags | · | · | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | 5 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Titan Company Ltd. reported revenue of ₹20,614 cr (+10.1% on the year) and net profit of ₹2,393 cr (+113.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +54.9% on the year, against +113.7% for reported profit.
5 checks raised a question: Profit with no operating cash behind it. Where did the cash go?
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