Titan Q2 profit up 59 pc to Rs 1,120 cr

New Delhi, Nov 3 (PTI) Leading jewellery and watchmaker Titan on Monday reported an increase of 59 per cent in consolidated net profit at Rs 1,120 crore for the September quarter of FY26.

The company posted a net profit of Rs 704 crore in the July-September quarter a year ago, according to a regulatory filing from Titan.

Its sales were up 22.17 per cent to Rs 16,461 crore in the September quarter of FY26. It was Rs 13,473 crore for the corresponding quarter.

Total expenses of Titan increased 26.3 per cent to Rs 17,316 crore in the September quarter.

Titan's total income, which includes other income, was at Rs 18,837 crore, up 28.5 per cent during the September quarter.

During the quarter, Titan's jewellery business increased 29.3 per cent to Rs 16,522 crore.

In the jewellery business, Titan's domestic business, which includes Tanishq, Mia and Zoya, grew 18 per cent to Rs 12,460 crore.

CaratLane's domestic business posted 32 per cent growth, reaching Rs 1,072 crore, over Q2, FY25, respectively. Its targeted coins promotion offer drove traffic and conversions helping deliver a strong growth for the quarter, it added.

"The domestic business saw strong pick-up in consumer momentum in the festive period during Navratri," Titan said in its earning statement.

Tanishq's attractive gold exchange offer also supported sales despite high gold prices.

"The overall growth was led by ticket size improvements with buyers witnessing marginal decline compared to Q2FY25," it said.

While "international jewellery business nearly doubled to Rs 561 crore in the quarter, demonstrating strong growth momentum in the UAE and North America," it said.

During the quarter, Titan added 34 new stores in India in the jewellery business, of which six were Tanishq, 18 Mia, and 10 stores CaratLane. It also opened a new store in Virginia, USA, under Tanishq brand.

Similarly, revenue from watches and wearables was up 13.26 per cent to Rs 1,477 crore.

"The analog segment expanded 17 per cent, driven by double-digit volume increases and higher average prices. The premiumisation journey is steadily progressing across Titan, Fastrack, and Sonata brands. Retail formats saw consistent double-digit same-store sales growth," said Titan.

The division added 15 new storesconsisting of five stores in Titan World, six in Helios, one in Helios Luxe, and three in Fastrack.

Its eyecare segment revenue was up 8.9 per cent at Rs 220 crore.

"Growth was led by sunglasses outperforming other eyewear categories among both house and international brands. Division added five 'Runway' stores during the quarter," it said.

Revenue from other segments, which includes its emerging business as fragrance, wallets, Indian dress wear (Taneria), etc, was at Rs 557 crore, up 85 per cent in the September quarter.

"Total income for emerging businesses (Taneira, fragrances, women's bags) grew 34 per cent to Rs 142 crore compared to Q2FY25. The combined losses reduced to 24 crore (from 29 crore in the same period last year)," it said.

In the segment, women's bags experienced strong momentum, with 90 per cent growth led by e-commerce. Fragrances grew 47 per cent, driven by volume expansion across Skinn and Fastrack perfumes.

Its ethnic wear chain Taneira delivered double-digit secondary growth from increased volume and higher same-store sales, the statement said.

Titan is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO).

Shares of the company on Monday settled at Rs 3,727.80 a scrip on the BSE, down 0.46 per cent from the previous close. PTI KRH TRB