Titan Company
Titan Company, part of the Tata Group, sells jewellery (Tanishq, CaratLane, Mia, Zoya), watches and eyewear through India's largest organised retail network for these categories.
- P/E ~75-80x
- Gold at record highs
- Q1 FY27 PAT +63%
- CaratLane outgrowing Tanishq
- 14% off Aug peak
Updated on 15 Oct 2026 · Data as of 15 Oct 2026
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Snapshot
- Share price
- ₹4,426.50
- 15 Oct 2026
- 52-week range
- ₹3,537.39 – ₹5,169.20
- All-time peak
- ₹5,169.20
- 28 Aug 2026 · −14.4% from peak
- Dividend yield
- 0.34%
- Price history since
- 1996
- About 30 years of prices
What's happening
Titan released a provisional Q2 FY27 (Jul-Sep 2026) business update on October 6, 2026, showing consumer business growth of 25% YoY and jewellery growth of 21%, but the stock fell about 4% on the news. The full audited P&L for the quarter is not out yet; based on last year's pattern it should land in early November 2026, but this date is Not verified - check on Screener or Titan's investor page. Gold averaged roughly ₹1.51 lakh per 10g in September 2026, a record, and management says festive demand is shifting into Q3 (Oct-Dec) rather than disappearing.
In plain terms
Titan's jewellery arm is growing fast in percentage terms, but a chunk of that growth is gold getting more expensive, not just more customers walking in. Management itself is responding to this by pushing 18-karat gold and lighter diamond pieces because customers are struggling with 22-24K gold at record prices - that is the real tension in this quarter. CaratLane (the online-first jewellery brand) is now growing faster than the older, larger Tanishq brand, which is worth watching rather than celebrating blindly. The stock still trades at a very rich multiple for a business facing an affordability headwind in its core product.
Quarters
Q1 FY27 (Apr-Jun 2026), fully reported: revenue ₹21,356 crore, PAT ₹1,777 crore versus ₹1,091 crore a year earlier (up 62.8%), EBITDA margin 13.53%. Jewellery revenue rose 43% YoY and international jewellery 136%, watches EBIT was ₹295 crore at a 19.1% margin, eyecare revenue grew 21%. Note: revenue growth is cited as both 29% and 40% YoY in different reports - likely because gold's price run-up and bullion/trading sales mix are not strictly comparable across the base period, so treat the top-line growth number with caution and focus on PAT and margin. Q2 FY27 (Jul-Sep 2026) is only a provisional update so far: consumer business +25% YoY, jewellery +21% (CaratLane +32%, Tanishq/Mia/Zoya/beYon combined +20%), 78 net new stores taking the network to 3,758 stores. No EBITDA or PAT figure has been disclosed for Q2 yet.
Performance
Heads-up on splits: Titan Company has split its shares or issued bonus shares before (most recently 10-for-1 on 23 Jun 2011). A sudden price drop around a split date is usually just the price adjusting for the extra shares, not a crash.
Share price
+25.1% over 1 year
Returns by period
| Period | Titan Company | Nifty 50 | Trent |
|---|---|---|---|
| 3 months | −4.3% | −5.0% | +3.3% |
| 1 year | +25.1% | −9.7% | −37.4% |
| 3 years | +35.4% | +15.9% | +40.5% |
| 5 years | +73.8% | +23.7% | +157.1% |
₹100 invested on 18 Oct 2021 became…
- Titan Company₹174
- Nifty 50₹124
- Trent₹257
The only corporate action on record is a 10:1 stock split in 2011, which is far enough in the past that it does not explain any recent price move - there is no demerger or spin-off distorting the current drawdown. The stock is down 14.4% from its August 28, 2026 peak of ₹5,169, but this reads as a normal pullback rather than a crash: Titan is still up 25.1% over one year, comfortably ahead of the Nifty's -9.7%, and far ahead of peer Trent, which has fallen 37.4% over the same year. Zoom out further and the picture flips - over 5 years Titan is up 73.8% against Trent's 157.1%, meaning Trent has been the better long-term compounder despite its recent sharp fall. Dividend yield is negligible at 0.34%, though the payout has risen steadily from ₹4/share in 2019 to ₹15/share in 2026.
Dividend
Paid in the last 12 months
₹15.00 per share
Dividend yield
0.34%
Dividend yield is the last 12 months of dividends divided by today's share price. A 0.3% yield means every ₹100 of Titan Company shares paid about ₹0.3 in dividends over the past year. Past payouts can change.
Recent dividends
| Date | Per share |
|---|---|
| 9 Jul 2026 | ₹15.00 |
| 8 Jul 2025 | ₹11.00 |
| 27 Jun 2024 | ₹11.00 |
| 13 Jul 2023 | ₹10.00 |
| 8 Jul 2022 | ₹7.50 |
| 22 Jul 2021 | ₹4.00 |
| 3 Aug 2020 | ₹4.00 |
| 29 Jul 2019 | ₹5.00 |
Valuation
Titan trades at a trailing P/E in the 75-80x range depending on source - a steep multiple by any market's standards. It is expensive because the market is pricing in years of continued store expansion and premiumisation (CaratLane, international jewellery), not because of any hidden asset value. Whether that multiple is justified depends entirely on whether margins hold up as gold prices squeeze affordability - the current mix shift toward lighter, lower-karat jewellery is a direct management response to that pressure, and if it does not fully offset rising gold costs, the multiple has further to compress.
Growth
Growth so far looks volume-led in store count (78 net additions in the latest quarter alone, network now at 3,758 stores) but the revenue growth headline is partly margin/price-led because gold itself has gotten dramatically more expensive. The real test is whether unit/volume growth in jewellery is holding up as customers trade down to 18K gold and lighter diamond pieces - that data point has not been separately disclosed and is Not verified - check on Screener or the next investor call.
Health
Based on Q1 FY27, PAT growth (62.8%) outpaced revenue growth, which is a reasonable health signal, but EBITDA margin at 13.53% is unremarkable for a business this large, and jewellery margins face direct pressure from record gold prices. One source (Simply Wall St) puts debt-to-equity at roughly 155%, which looks unusually high for Titan's history and may reflect gold-metal-loan or working-capital borrowing being classified as debt rather than a solvency problem - this figure is Not verified against Screener and should be treated cautiously. The more durable risk here is business risk (margin pressure from gold prices and mix shift) rather than balance-sheet risk, though the debt figure deserves independent confirmation before relying on it.
Ownership
Promoters hold roughly 53%, split between Tata Sons (~21%) and Tamil Nadu Industrial Development Corporation/TIDCO (~28%, a state government entity classified as promoter) - no pledging has been reported. FII holding was around 15.4% as of June 2026 and has been edging down slightly; DII holding figures conflict across sources (roughly 6.6% to 15%) and should be checked on Screener directly. Rekha Jhunjhunwala, managing the late Rakesh Jhunjhunwala's estate, remains on the register with about 5.3% of shares as of June 2026 - a well-known holding that has persisted rather than been exited.
The View
The one thing to watch
The full audited Q2 FY27 results (expected early November 2026, date not yet confirmed) - specifically whether jewellery EBIT margin held up despite record gold prices and the shift toward 18K gold and lightweight diamond pieces, which will show whether the mix change is protecting margins or masking a real slowdown.
Strengths
- +PAT grew 62.8% YoY in Q1 FY27 (₹1,777 crore vs ₹1,091 crore), outpacing revenue growth
- +International jewellery revenue grew 136% YoY in Q1 FY27, showing geographic diversification beyond India
- +Store network expanded by 78 net stores in the latest quarter to 3,758 total, underpinning volume growth
- +One-year return of 25.1% has sharply outperformed both the Nifty (-9.7%) and peer Trent (-37.4%)
Watchpoints
- !Gold averaged a record ~₹1.51 lakh per 10g in September 2026, directly pressuring jewellery affordability and margins
- !Stock fell ~4% on the Q2 FY27 update despite 25% reported growth, suggesting the market is pricing in margin or mix concerns the headline number does not show
- !CaratLane (+32% YoY) is now growing faster than the combined Tanishq/Mia/Zoya/beYon stable (+20%), a shift in growth engine worth tracking
- !Trailing P/E of roughly 75-80x leaves little room for error if jewellery volume growth slows as customers trade down to lighter/lower-karat gold
How sure are we about the data? · Moderate
Q1 FY27 PAT and EBITDA margin figures are cross-checked across Business Standard and Sahi and are consistent. Q2 FY27 figures are only a provisional business update - no EBITDA/PAT yet, flagged clearly. Revenue growth for Q1 FY27 is cited inconsistently (29% vs 40% YoY) across sources, likely due to a non-comparable base affected by gold price moves - not resolved, should be checked on Screener. ROE is cited as both ~24.8% and 31-37% across sources - unresolved discrepancy. Debt-to-equity (~155% per Simply Wall St) looks high relative to Titan's history and is unverified - check on Screener. DII shareholding percentage conflicts across sources (6.6%-15%). Promoter holding, Rekha Jhunjhunwala's stake, and the absence of pledging are reasonably well corroborated.
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Ticker Tales is not a SEBI-registered investment adviser or research analyst. This report is for learning only and is not investment advice. Data as of 15 Oct 2026.