Titan Company Ltd.

Titan Company delivered an exceptional Q3 FY26 performance with jewellery division revenue surging 40% year-on-year on a high base, driven by strong festive and wedding season demand.

Average transaction value reached an all-time high of ₹1.9 lakh, with plain gold ticket size growing 44% and studded jewellery up 15%. Management attributed the robust performance to fear-of-missing-out driven demand as customers accepted rising gold prices rather than waiting for corrections. However, jewellery EBITDA margins faced 50 basis points pressure due to gold inflation impacting studded jewellery profitability and increased gold coin salience.

CFO emphasized that while margin percentages are under pressure, absolute EBIT and PBT continue growing healthily. The company completed 67% acquisition of Damas, which will consolidate from Q4 FY26. CaratLane achieved low double-digit EBIT margins ahead of expectations. Buyer growth remained flat, though new buyer contribution improved sequentially to 45%. January showed good momentum, though gold volatility creates uncertainty for the remaining quarter. Management remains confident in their multi-brand portfolio strategy to capture the sub-₹1 lakh customer segment.