Titan Company Ltd sells jewellery (Tanishq, Mia, Zoya, CaratLane), watches (Titan, Fastrack, Helios) and eyewear (Titan EyePlus), mostly in India. On 30 Sep 2026 Titan had 3,758 stores, 164 of them outside India.

How does Titan make money?

Titan Company makes or buys jewellery, watches and eyewear and sells them in its stores for more than they cost. In FY26 gold and other materials took ₹79.8 of every ₹100 that came in. Titan kept ₹5.8 as profit.

Who are Titan's customers?

Titan Company sells mainly to retail shoppers, in what its FY26 BRSR calls luxury, premium, mid-market and mass segments. India was 95% of FY26 segment revenue. Titan also sold ₹10,568 crore of gold bars to bullion dealers in FY26.

Titan Company's FY26 revenue was ₹87,584 crore and net profit to shareholders ₹5,073 crore (April 2025 to March 2026). Revenue rose 44.9% from ₹60,456 crore in FY25. Profit rose 52.0% from ₹3,337 crore.

On 30 Sep 2026 Titan Company's promoters owned 52.90%. TIDCO (Tamil Nadu Industrial Development Corporation) held 27.88% and Tata Group companies 25.02%. Foreign institutions held 16.37% and Indian institutions 14.42%. No promoter shares were pledged.

Does Titan have debt?

On 31 Mar 2026 Titan Company had borrowings of ₹11,378 crore and cash and liquid investments of ₹4,166 crore. Titan also owed banks ₹16,070 crore for gold on loan, which is not counted in borrowings.

What are bullion sales in Titan's revenue?

Titan Company's reported revenue includes gold bars (ingots) sold to bullion dealers: ₹10,568 crore in FY26, or 12.1% of revenue. Titan's own 'total income' figure in its results press releases leaves these sales out.

How did Titan do in Q1 FY27?

In Q1 FY27 (April to June 2026), Titan Company's revenue rose 29.3% to ₹21,356 crore versus Q1 FY26. Net profit to shareholders rose 62.9% to ₹1,777 crore. That profit included a ₹407 crore gain on gold stock after India raised the gold import duty.

Why do gold import duty changes move Titan's profit?

Titan Company pays customs duty when it takes in gold but fixes the gold price only when jewellery sells. India cut the duty from 15% to 6% in Jul 2024. Titan estimated this cut its jewellery profit by about ₹290 crore in Q2 FY25. After the duty rose back to 15% on 13 May 2026, Q1 FY27 profit included a ₹407 crore gain.

Consumer Durables · NSE: TITAN · BSE: 500114

Titan: how the business works

Titan began as a watchmaker; jewellery, including gold-bar sales, was about 90% of its ₹87,584 crore FY26 revenue.

Titan Company Limited · Bengaluru, Karnataka (registered office: Hosur, Tamil Nadu) · Founded 1984

Last updated 25 Oct 2026 · Reviewed by Cityfort Research on 25 Oct 2026

Revenue, FY26 (incl. gold-bar sales): ₹87,584 cr
Net profit to shareholders, FY26: ₹5,073 cr
Stores, 30 Sep 2026: 3,758
Founded: 1984
Promoter holding, Sep 2026: 52.90%

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

01 · The business in one line

What does Titan do?

Shoppers pay Titan for jewellery and watches; gold and materials take about ₹80 of every ₹100; about ₹6 is profit.

In FY26 jewellery made up 90.4% of segment revenue, watches 6.0%, eyecare 1.0% and other businesses 2.3%.
FY26 revenue includes ₹10,568 crore of gold bars sold to bullion dealers (12.1%). CARE Ratings says such sales carry negligible margins.

02 · What it sells

What does Titan sell?

Titan makes and sells jewellery, watches and eyewear under its own brands. Most sales happen in its own and franchise stores across India. Jewellery is by far the largest part.

Jewellery (Tanishq, Mia, Zoya, CaratLane, beYon)
Gold and diamond jewellery for weddings, daily wear and gifts, in 1,269 stores in India (Sep 2026). Segment revenue was ₹79,660 crore in FY26, including bullion.
Gold bars to bullion dealers
Titan also sells gold ingots to bullion dealers: ₹10,568 crore in FY26. CARE Ratings says such sales carry negligible margins.
Watches (Titan, Fastrack, Helios)
Analog and smart watches, sold in 1,379 brand stores (Sep 2026) and over 8,500 multi-brand outlets, per CARE. Segment revenue was ₹5,267 crore in FY26.
Eyewear (Titan EyePlus)
Spectacles, lenses and sunglasses sold in 847 stores (Sep 2026). Segment revenue was ₹916 crore in FY26.
Other businesses
Fragrances (SKINN), women's bags, sarees (Taneira) and engineering and automation for factories and aerospace (TEAL). Segment revenue was ₹2,006 crore in FY26.
Jewellery abroad
Tanishq, Mia and CaratLane stores abroad, plus Damas (67% owned) in six Gulf countries. On 31 Mar 2026 Titan had 149 stores in the Gulf, 12 in North America and 1 in Singapore.

What it does

Does: Makes jewellery, watches and lenses in its own plants: 10 plants in India, per its FY26 BRSR.
Does: Sells through its own and franchise stores, multi-brand shops and online.
Does: Takes customers' old gold in exchange for new jewellery, one of its three ways of getting gold.

What it does not do

Does not: Does not earn most of its money from watches: watches were 6.0% of FY26 segment revenue.
Does not: Does not mine gold: it borrows gold from banks, buys it, or takes it in exchange from customers.
Does not: Reported revenue is not all jewellery sales: 12.1% of FY26 revenue was gold bars sold to bullion dealers.

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; Quarterly business update Q2 FY27 (provisional growth and store counts) (2026-10-06); CARE Ratings press release (rationale), Titan Company Ltd, 3 Aug 2026 and 3 more

03 · Who pays it

Who pays Titan?

Jewellery shoppers
79%
of revenue
Retail buyers of gold and diamond jewellery, mostly in India, across luxury, premium, mid-market and mass segments.
Bullion dealers
12%
of revenue
Dealers who buy gold ingots from Titan. CARE Ratings says these sales carry negligible margins.
Watch buyers
6%
of revenue
Shoppers buying Titan, Fastrack, Helios and other watches in brand stores and multi-brand outlets.
Eyewear buyers
1%
of revenue
Shoppers buying spectacles, lenses and sunglasses at Titan EyePlus stores.
Other buyers
2%
of revenue
Shoppers for fragrances, bags and sarees, and companies buying engineering and automation work from TEAL.

Jewellery shoppers79%
Bullion dealers12%
Watch buyers6%
Eyewear buyers1%
Other buyers2%

How spread out the customers are

Titan sells mainly to retail shoppers and does not report revenue by customer. Shares are of FY26 revenue from operations (₹87,584 crore), from the product-wise revenue note. Services and other operating income make up the rest.

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; Business Responsibility and Sustainability Report FY26 (filed with cover letter); CARE Ratings press release (rationale), Titan Company Ltd, 3 Aug 2026

04 · How the money flows · FY26

How does money flow through Titan?

Money in

Revenue from operations (incl. ₹10,568 crore of gold-bar sales)₹87,584 cr
Other income₹552 cr

The company

Titan

₹88,136 cr came in

Money out

Gold, other materials and bought-in goods₹70,307 cr
Employee costs₹2,681 cr
Other running costs₹6,241 cr
Depreciation₹826 cr
Interest and tax₹2,908 cr
One-off charge (new labour codes)₹101 cr
Net profit (all of it belongs to Titan shareholders)₹5,073 cr

In FY26 customers paid Titan ₹87,584 crore, including ₹10,568 crore for gold bars. It also earned ₹552 crore of other income.
Gold, diamonds, other materials and goods bought for resale took ₹70,307 crore.
Staff and other running costs took ₹8,922 crore.
Interest, tax and depreciation took ₹3,734 crore. A one-off charge for new labour codes took ₹101 crore.
The ₹5,073 crore left was profit, all of it for Titan's shareholders.

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements

05 · Where the money goes · FY26

Where does ₹100 of Titan's money go?

Of every ₹100 that came in (revenue plus other income), this is where it went.

Titan · FY26

Receipt for every ₹100

Where ₹100 of Titan's money went in FY26
Gold and other materials	₹79.8
Employees	₹3.0
Other running costs	₹7.1
Depreciation	₹0.9
Interest and tax	₹3.3
One-off charge	₹0.1
Kept as profit for Titan shareholders	₹5.8
Total	₹100

Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements

06 · What it needs to run

What does Titan need to run?

Gold
Gold is the main raw material. CARE (Aug 2026) says Titan gets it three ways: gold loans from banks, customers' old gold, and spot purchases.
Gold on loan from banks
Banks lend Titan physical gold, and Titan pays for it within 180 days at 1.58%–5.50% interest a year. It owed ₹16,070 crore on 31 Mar 2026.
Stores
3,758 stores on 30 Sep 2026. They include 1,269 jewellery stores in India, 1,379 watch stores, 847 eyecare stores and 164 abroad.
Plants
10 plants and 25 offices in India (FY26 BRSR). CARE names jewellery plants at Hosur, Pantnagar and Midnapore.
Stock of jewellery
Inventory was ₹42,743 crore on 31 Mar 2026, about 178 days of revenue, up from ₹28,184 crore a year earlier.

Source: CARE Ratings press release (rationale), Titan Company Ltd, 3 Aug 2026; Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; Quarterly business update Q2 FY27 (provisional growth and store counts) (2026-10-06) and 1 more

07 · Why it makes money

Why does Titan make money?

A thin margin on a large gold turnover: stores and gold prices drive revenue; hedging offsets gold-price swings

Gold and other materials take about ₹80 of every ₹100 that comes in; about ₹6 is left as profit. Titan borrows gold from banks and fixes the price at sale, so gold-price swings largely cancel out. In Nov 2024 the CFO explained that duty already paid on that gold is not hedged. So duty changes move profit.

Net profit per ₹100 of revenue

₹7.5₹5.8

FY22 to FY26

Brands and stores bring in jewellery buyers
Titan borrows or buys gold and makes jewellery
The gold price is fixed when the piece sells
Each sale earns a thin margin on a large ticket
More stores and higher gold prices lift revenue
Profit and gold loans fund new stores and stock

↺ Step 6 feeds back into step 1.

Source: Annual Report FY23 (2022-23), integrated, incl. consolidated financial statements; Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements

08 · Business segments · FY26

Which businesses make up Titan?

Jewellery
90%
Tanishq, Mia, Zoya, CaratLane, Damas and gold bars sold to bullion dealers. Shares are of ₹88,136 crore segment revenue, which includes other income.
Revenue ₹79,660 cr · Operating profit ₹7,209 cr
Watches
6%
Analog and smart watches under Titan, Fastrack, Helios and other brands.
Revenue ₹5,267 cr · Operating profit ₹824 cr
Eyecare
1%
Spectacles, lenses and sunglasses under Titan EyePlus.
Revenue ₹916 cr · Operating profit ₹77 cr
Others
2%
Aerospace and defence, automation, accessories, fragrances and Indian dress wear.
Revenue ₹2,006 cr · Operating profit ₹173 cr

How the mix changed

Jewellery
Watches
Eyecare
Others

Revenue by segment, FY22 to FY26.

₹ crore · Source: Annual Report FY23 (2022-23), integrated, incl. consolidated financial statements; Annual Report FY24 (2023-24), integrated, incl. consolidated financial statements; Annual Report FY25 (2024-25), integrated, incl. consolidated financial statements and 1 more

See the numbers

How the mix changed (₹ crore)
Year	Jewellery	Watches	Eyecare	Others
FY22	₹25,523	₹2,317	₹517	₹545
FY23	₹35,914	₹3,310	₹689	₹805
FY24	₹45,524	₹3,930	₹726	₹1,138
FY25	₹53,966	₹4,598	₹801	₹1,275
FY26	₹79,660	₹5,267	₹916	₹2,006

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements

09 · Where it sells · FY26

Where does Titan sell?

India95%
Outside India5%

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; Quarterly business update Q4 FY26 (2026-04-07)

10 · Competitors and what protects it

Who does Titan compete with?

Titan's filings and CARE describe competition from organised and unorganised jewellers but name no rivals. CARE (Aug 2026) says Titan holds a leadership position in organised jewellery and watches. The cards below come from each competitor's own FY26 annual report.

Kalyan Jewellers India Ltd
NSE: KALYANKJIL
Sells gold and diamond jewellery through 342 Kalyan showrooms in India (31 Mar 2026); FY26 consolidated revenue ₹35,743 crore.
Senco Gold Ltd
NSE: SENCO
Jewellery retailer with 189 showrooms, mostly in India; FY26 consolidated revenue ₹8,430 crore.
PC Jeweller Ltd
NSE: PCJEWELLER
Delhi-based jewellery maker and retailer with 52 showrooms in 37 cities; FY26 consolidated revenue ₹3,353 crore.
Lenskart Solutions Ltd
NSE: LENSKART
Makes and sells spectacles and sunglasses through 2,609 active stores in India; FY26 consolidated revenue ₹8,814 crore.
Ethos Ltd
NSE: ETHOSLTD
Retails luxury watches through 94 boutiques in 30 Indian cities; FY26 consolidated revenue ₹1,612 crore.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

Store network4 of 5
3,758 stores on 30 Sep 2026, including 1,269 jewellery stores in India. CARE counts a presence in over 440 Indian towns.
Brand and Tata Group backing4 of 5
CARE (Aug 2026) cites Titan's brand equity and its Tata Group association as rating strengths.
Gold sourcing and hedging4 of 5
Gold on loan fixes the gold price at sale. CARE says Titan's policy keeps it "fully hedged at all times".
Own manufacturing3 of 5
CARE lists jewellery plants at Hosur, Pantnagar and Midnapore and watch plants at Hosur and Coimbatore.

Weak spot

Dependence on gold

Jewellery was 90.4% of FY26 segment revenue, so gold prices and gold rules drive results. Titan estimated a duty cut reduced jewellery profit by about ₹290 crore in Q2 FY25. A duty rise added ₹407 crore in Q1 FY27.

Source: Kalyan Jewellers India Ltd (NSE KALYANKJIL): Annual Report FY26 (competitor's own filing); Senco Gold Ltd (NSE SENCO): Annual Report FY26 (competitor's own filing); PC Jeweller Ltd (NSE PCJEWELLER): Annual Report FY26 (competitor's own filing) and 8 more

11 · Where growth could come from

Where could Titan's growth come from?

On 8 May 2026 (Q4 FY26 call), the CFO said Titan expects 15–20% yearly growth over 3–5 years. He gave no FY27 guidance. At its Investor Day (4 Jun 2026), Titan set an ambition to roughly double FY26 revenue and EBIT by FY30. That base is total income excluding bullion: ₹76,078 crore, with EBIT of ₹8,082 crore. On 7 Aug 2026 the CFO said the FY30 numbers were unchanged.

Management statement, 7 Aug 2026. Reported as a statement, not our forecast.

Jewellery in India
Working
c.21% growth, Q2 FY27 (provisional)
Per the 6 Oct 2026 update, studded jewellery grew in the early thirties and plain gold about 20%. Gold coin sales fell.
Status: Working, on track against what the company said.
CaratLane
Working
c.32% growth, Q2 FY27; 394 stores
CaratLane added 13 stores (net) in Q2 FY27, per the provisional update.
Status: Working, on track against what the company said.
Watches
Working
Segment margin 15.6% in FY26
Watch segment profit per ₹100 of segment revenue rose from ₹11.9 in FY25. Q2 FY27 growth was about 30% (provisional).
Status: Working, on track against what the company said.
International and Damas
Mixed
Q1 FY27 loss about ₹8 crore
International revenue grew about 97% in Q2 FY27 with Damas included. Damas lost about ₹67 crore in Q1 FY27, per management.
Status: Mixed, partly on track.
Eyecare
Mixed
Segment margin 8.4% in FY26
Segment margin fell from 10.0% in FY25; CARE links weak eyecare profit to higher marketing spend. Q2 FY27 growth was about 28% (provisional).
Status: Mixed, partly on track.
Lab-grown diamonds (beYon)
New
First store 29 Dec 2025
Titan announced beYon, a lab-grown diamond jewellery brand, with a first store in Mumbai.
Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Source: Q4 FY26 earnings call transcript; Institutional Investors & Analyst Day presentation, 4 Jun 2026; Q1 FY27 earnings call transcript and 5 more

12 · The numbers · Consolidated · ₹ crore

How has Titan done?

Revenue

₹87,584 crFY26

Revenue grew every year, from ₹28,799 crore in FY22 to ₹87,584 crore in FY26, including ₹10,568 crore of gold-bar sales.

See the numbers

Revenue (₹ crore)
Period	Revenue (₹ cr)
FY22	₹28,799
FY23	₹40,575
FY24	₹51,084
FY25	₹60,456
FY26	₹87,584
Q3 FY24	₹14,164
Q4 FY24	₹12,494
Q1 FY25	₹13,266
Q2 FY25	₹14,534
Q3 FY25	₹17,740
Q4 FY25	₹14,916
Q1 FY26	₹16,523
Q2 FY26	₹18,725
Q3 FY26	₹25,416
Q4 FY26	₹26,920
Q1 FY27	₹21,356

Net profit

₹5,073 crFY26

Net profit to shareholders rose from ₹2,173 crore in FY22 to ₹5,073 crore in FY26, dipping 4.5% in FY25.

See the numbers

Net profit (₹ crore)
Period	Net profit (₹ cr)	EPS (₹)
FY22	₹2,173	₹24.48
FY23	₹3,250	₹36.61
FY24	₹3,496	₹39.40
FY25	₹3,337	₹37.62
FY26	₹5,073	₹57.19
Q3 FY24	₹1,053	₹11.91
Q4 FY24	₹771	₹8.68
Q1 FY25	₹715	₹8.06
Q2 FY25	₹704	₹7.94
Q3 FY25	₹1,047	₹11.80
Q4 FY25	₹871	₹9.82
Q1 FY26	₹1,091	₹12.30
Q2 FY26	₹1,120	₹12.63
Q3 FY26	₹1,684	₹18.98
Q4 FY26	₹1,179	₹13.28
Q1 FY27	₹1,777	₹20.03

Profit kept per ₹100 of revenue

₹5.8FY26

Net profit per ₹100 of revenue: ₹7.5 (FY22), a high of ₹8.0 (FY23), ₹5.5 (FY25) and ₹5.8 (FY26).

₹ of profit per ₹100 of revenue (net margin) · Source: Annual Report FY23 (2022-23), integrated, incl. consolidated financial statements; Annual Report FY24 (2023-24), integrated, incl. consolidated financial statements; Annual Report FY25 (2024-25), integrated, incl. consolidated financial statements and 1 more

See the numbers

Profit kept per ₹100 of revenue (₹ of profit per ₹100 of revenue (net margin))
Year	Net margin	EBITDA margin
FY22	7.5%	11.4%
FY23	8.0%	12.0%
FY24	6.8%	10.4%
FY25	5.5%	9.4%
FY26	5.8%	9.4%

Free cash flow

₹4,688 crFY26

Free cash flow was negative in FY22 and FY25; ₹7,304 crore more gold on loan helped FY26 reach ₹4,688 crore.

₹ crore · cash from operations minus spending on plants and equipment · Source: Annual Report FY23 (2022-23), integrated, incl. consolidated financial statements; Annual Report FY24 (2023-24), integrated, incl. consolidated financial statements; Annual Report FY25 (2024-25), integrated, incl. consolidated financial statements and 1 more

See the numbers

Free cash flow (₹ crore · cash from operations minus spending on plants and equipment)
Year	Cash from operations	Capital spending	Free cash flow
FY22	−₹724	₹224	−₹948
FY23	₹1,370	₹432	₹938
FY24	₹1,695	₹691	₹1,004
FY25	−₹541	₹494	−₹1,035
FY26	₹5,590	₹902	₹4,688

See all yearly numbers

Titan annual financials, FY22–FY26, ₹ crore
Year	Revenue	EBITDA	Net profit	EPS (₹)	Operating cash	Capex	Free cash
FY22	₹28,799	₹3,287	₹2,173	₹24.48	−₹724	₹224	−₹948
FY23	₹40,575	₹4,880	₹3,250	₹36.61	₹1,370	₹432	₹938
FY24	₹51,084	₹5,293	₹3,496	₹39.40	₹1,695	₹691	₹1,004
FY25	₹60,456	₹5,695	₹3,337	₹37.62	−₹541	₹494	−₹1,035
FY26	₹87,584	₹8,255	₹5,073	₹57.19	₹5,590	₹902	₹4,688

EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.

13 · Financial strength · 31 Mar 2026

How much debt does Titan have?

On 31 Mar 2026: borrowings ₹11,378 crore, gold on loan ₹16,070 crore, cash and liquid investments ₹4,166 crore.

Total debt₹11,378 cr
Cash and investments₹4,166 cr
Net debt (debt minus cash)₹7,212 cr
Net worth (shareholders' money)₹15,703 cr

Debt to equity: 0.72×; ₹ of debt for every ₹1 of shareholders' money
Interest cover: 6.8×; how many times operating profit covers interest
Contingent liabilities: ₹179 cr; possible future payments, e.g. disputed claims

Debt here means borrowings only. Gold on loan is shown separately because the accounts do not count it as borrowings.
Gold on loan is gold that banks lend Titan to make jewellery. Titan pays for it within 180 days, at 1.58%–5.50% interest a year.
Gold on loan rose to ₹16,070 crore from ₹7,810 crore a year earlier. With it, borrowings were ₹27,448 crore, or ₹23,282 crore net of cash.
Lease liabilities (rent owed under leases) were a further ₹3,173 crore.
An option over Damas's other 33% is exercisable on 31 Dec 2029. The liability to buy it was carried at ₹1,758 crore on 31 Mar 2026.
Borrowings rose from ₹2,195 crore in FY23 after ₹2,500 crore of debentures were raised in FY24 to buy CaratLane shares. CARE says these were repaid in FY26. CARE links FY26 debt to working-capital loans and about ₹1,261 crore of Damas acquisition debt.
Interest coverage = (profit before tax + finance costs) ÷ finance costs. Finance costs of ₹1,180 crore include ₹320 crore on gold on loan.
Contingent liabilities (claims the company disputes) were ₹179 crore. Net worth = equity belonging to Titan shareholders.

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; CARE Ratings press release (rationale), Titan Company Ltd, 3 Aug 2026

14 · Who owns it · Q2 FY27

Who owns Titan?

Promoters (founders or parent company)52.9%
Foreign institutions (FII)16.4%
Indian institutions (DII)14.4%
Public and others16.3%

Promoter pledge

No promoter shares were pledged in Q2 FY27.

How ownership changed

Titan shareholding by quarter, %
Quarter	Promoters	FII	DII	Public	Pledged*
Q3 FY24	52.9%	18.9%	10.4%	17.8%	0.0%
Q4 FY24	52.9%	19.0%	10.5%	17.6%	0.0%
Q1 FY25	52.9%	18.2%	10.9%	17.9%	0.0%
Q2 FY25	52.9%	18.2%	11.5%	17.3%	0.0%
Q3 FY25	52.9%	18.1%	11.6%	17.4%	0.0%
Q4 FY25	52.9%	17.8%	12.2%	17.0%	0.0%
Q1 FY26	52.9%	17.5%	12.8%	16.7%	0.0%
Q2 FY26	52.9%	16.1%	14.2%	16.8%	0.0%
Q3 FY26	52.9%	15.6%	15.0%	16.5%	0.0%
Q4 FY26	52.9%	15.7%	15.0%	16.3%	0.0%
Q1 FY27	52.9%	15.4%	15.3%	16.3%	0.0%
Q2 FY27	52.9%	16.4%	14.4%	16.2%	0.0%

* Pledged = share of the promoters' own holding reported as pledged. In older filings this can include shares “otherwise encumbered”; the governance flags say when.

Source: Shareholding pattern, Sep 2026 (XBRL); Shareholding pattern, Jun 2026 (XBRL); Shareholding pattern, Mar 2026 (XBRL) and 9 more

15 · What it does with profit

What does Titan do with its profit?

Payout here = dividend per share ÷ consolidated basic earnings per share. Dividends paid in cash were ₹976 crore in FY26, for FY25's ₹11 a share. No buybacks or share issues in the five years shown.

Dividend per share

₹15.00FY26

Dividend paid for each share, by financial year.

₹ per share · Source: Annual Report FY22 (2021-22), integrated, incl. consolidated financial statements; Annual Report FY23 (2022-23), integrated, incl. consolidated financial statements; Annual Report FY24 (2023-24), integrated, incl. consolidated financial statements and 5 more

See the numbers

Dividend per share (₹ per share)
Year	Dividend per share	Share of profit paid out
FY22	₹7.50	30.6%
FY23	₹10.00	27.3%
FY24	₹11.00	27.9%
FY25	₹11.00	29.2%
FY26	₹15.00	26.2%

No buybacks or fund raises in the period covered.

16 · Who runs it

Who runs Titan, and did they deliver?

Ajoy Chawla
Managing Director · since 2026
Joined Titan in 1991 and ran the jewellery division from Oct 2019. MD from 1 Jan 2026, succeeding C K Venkataraman.
Dr S Vijayakumar, IAS
Chairman (non-executive, nominated by TIDCO) · since 2026
Chairman from 29 Jun 2026.
Ashok Sonthalia
Chief Financial Officer
Dinesh Shetty
General Counsel & Company Secretary

What they said, and what happened

1 delivered · 3 too early to tell

Said on 8 May 2025
Keep the jewellery EBIT margin at 11–11.5% in FY26.
What happened
Domestic jewellery EBIT was ₹7,146 crore on ₹64,345 crore of revenue in FY26: 11.1%. This company figure excludes bullion sales.
Delivered
Said on 8 May 2026
Grow 15–20% a year, compounded, over three to five years (no guidance for FY27).
What happened
Too early to judge. The provisional Q2 FY27 update showed about 25% growth in consumer businesses.
Too early to tell
Said on 4 Jun 2026
Roughly double FY26 revenue and EBIT by FY30 (base: ₹76,078 crore total income excluding bullion; EBIT ₹8,082 crore).
What happened
On 7 Aug 2026 the CFO said the FY30 numbers were unchanged.
Too early to tell
Said on 7 Aug 2026
International jewellery, including Damas, to make a positive EBIT for FY27 as a whole.
What happened
Q1 FY27 international jewellery lost about ₹8 crore, including a Damas loss of about ₹67 crore.
Too early to tell

Source: Succession plan for the Managing Director (press release) (2025-05-08); Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; Appointment of Dr S Vijayakumar IAS (TIDCO nominee) as Chairman from 29 Jun 2026 (2026-06-22) and 7 more

17 · Governance signals

What do Titan's governance filings show?

Auditor: B S R & Co. LLP (second five-year term, 2022 AGM to 2027 AGM)
Auditor changes: None in the period covered
Audit qualifications: None reported
Related-party dealings: Titan paid Tata Sons a royalty of ₹129 crore in FY26 (₹90 crore in FY25). It sold ₹257 crore to three Tata Electronics companies. Pay to key managers was ₹37 crore, plus share awards valued at ₹12 crore.
Credit rating: CARE Ratings AAA (bank facilities) / A1+ (short term and commercial paper) (Stable), 10 Sep 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

disclosure
Bullion inside revenue
Reported revenue and the audited jewellery segment include gold-bar sales to bullion dealers (₹10,568 crore in FY26). Press-release figures leave them out, so growth rates differ by base.
other · 22 Jun 2026
Co-promoter changed its board nominees
TIDCO, a co-promoter, withdrew its nomination of three directors, and they resigned on 22 Jun 2026. They included the chairperson in place since 4 Jan 2026. Dr S Vijayakumar became Chairman from 29 Jun 2026. Two more TIDCO nominees joined on 5 Aug 2026. The filings do not say why TIDCO withdrew the nominations.

Source: Annual Report FY22 (2021-22), integrated, incl. consolidated financial statements; Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; Intimation of credit rating: CARE ratings reaffirmed on 10 Sep 2026 (CP ₹15,000 cr CARE A1+; bank facilities CARE AAA; Stable / CARE A1+) and 6 more

18 · What the market paid · price as of 30 Jun 2026

What did the market pay for Titan on 30 Jun 2026?

Price as of 30 Jun 2026 (shown for education; prices change daily).

Price as of 30 Jun 2026 (data at least 3 months old, shown for education): ₹4,404.00 on NSE. That gives a market value of ₹390,981 crore. P/E is the share price divided by one year's profit per share (FY26: ₹57.19). P/B divides the price by shareholders' equity per share. EV/EBITDA compares the value of the whole business, after adjusting for borrowings and cash, with FY26 EBITDA. It leaves out gold on loan; counting it gives 50.2. The FY26 dividend of ₹15 was 0.34% of this price.

Share price: ₹4,404.00
Market value (market cap): ₹390,981 cr
P/E: 77×
P/B: 24.9×
EV/EBITDA: 48.2×

Source: NSE full bhavcopy (security-wise price data), 30 Jun 2026; Shareholding pattern, Jun 2026 (XBRL); Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements

19 · What could go wrong

What could go wrong for Titan?

Demand
Gold prices and jewellery demand
Jewellery was 90.4% of FY26 segment revenue. CARE (Aug 2026) says the duty rise, high gold prices and West Asia tensions may weigh on near-term jewellery demand.
Watch Buyer growth and ticket-size growth in the quarterly business updates.
Regulation
Gold import duty and gold rules
Titan estimated a duty cut reduced jewellery profit by about ₹290 crore in Q2 FY25. In the Nov 2024 call the CFO expected about ₹275–280 crore more in Q3 FY25. A duty rise added ₹407 crore in Q1 FY27. On 7 Aug 2026 the CFO said the opposite would happen when the duty goes down.
Watch Gold duty decisions in the Union Budget, and duty gains or losses in results notes.
Debt
Gold on loan and borrowings
Gold on loan (₹16,070 crore) and borrowings (₹11,378 crore) together were 1.75 times shareholders' equity on 31 Mar 2026.
Watch Gold on loan, borrowings and inventory in the half-year balance sheet.
Cash and liquidity
Cash tied up in stock
Inventory reached ₹42,743 crore, about 178 days of revenue, on 31 Mar 2026. Operating cash flow was negative in FY22 and FY25 as stock grew.
Watch Operating cash flow and inventory in the annual and half-year accounts.
Execution
Damas and the Gulf business
Damas, 67% owned since Jan 2026, lost about ₹67 crore in Q1 FY27, per management. CARE says West Asia tensions could affect Damas. A liability for buying the other 33% was carried at ₹1,758 crore on 31 Mar 2026.
Watch International EBIT in each results press release.
Competition
Competition from other jewellers
CARE notes intense competition from organised jewellers and from many regional and family-run jewellers.
Watch Domestic jewellery growth against store additions in the quarterly updates.

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; CARE Ratings press release (rationale), Titan Company Ltd, 3 Aug 2026; Q2 FY25 financial results (standalone + consolidated) with press release and 4 more

20 · How it got here

How did Titan get here?

1984
Milestone
Tata–TIDCO joint venture
Incorporated in 1984 as a joint venture of the Tata Group and TIDCO; began operating in 1987 as Titan Watches.
1994
Business-model change
Enters jewellery with Tanishq
Diversified from watches into jewellery with Tanishq, and later into eyecare.
2023
Business-model change
Buys out CaratLane's founders
In Oct–Dec 2023 bought 27.56% of CaratLane from its founder shareholders for ₹4,621 crore. Its stake reached 99.99% by Mar 2024.
2024
Crisis
Gold duty cut hits profit
India cut the gold import duty from 15% to 6% in Jul 2024. Titan estimated jewellery profit fell by about ₹290 crore in Q2 FY25. In the 5 Nov 2024 call, the CFO expected about ₹275–280 crore more in Q3 FY25.
2025
Milestone
Launches lab-grown diamonds
Announced beYon, a lab-grown diamond jewellery brand, with a first Mumbai store on 29 Dec 2025.
2026
Milestone
New managing director
Ajoy Chawla, earlier CEO of the jewellery division, became MD on 1 Jan 2026, succeeding C K Venkataraman.
2026
Business-model change
Buys 67% of Damas in the Gulf
Agreed on 21 Jul 2025 to buy 67% of Damas from Mannai Corporation, effective 4 Jan 2026. Damas added 127 stores in Q4 FY26. 4 were converted to Tanishq, leaving 123 under the Damas name on 31 Mar 2026.
2026
Milestone
Gold duty raised back to 15%
The gold import duty rose from 6% to 15% from 13 May 2026. Titan booked a ₹407 crore gain on its gold stock in Q1 FY27.

Source: Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements; Succession plan for the Managing Director (press release) (2025-05-08); Q3 FY24 financial results (standalone + consolidated) with press release and 10 more

21 · Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

Revenue grew every year from FY22 to FY26, from ₹28,799 crore to ₹87,584 crore.
Excluding bullion, total income grew 33% in FY26 to ₹76,078 crore, per the company.
Free cash flow was ₹4,688 crore in FY26.
CARE reaffirmed its AAA/Stable rating on 10 Sep 2026.
No promoter shares were pledged in any of the 12 quarters to Sep 2026.

What critics point to

Net profit per ₹100 of revenue fell from ₹7.5 in FY22 to ₹5.8 in FY26.
Gold on loan and borrowings together were ₹27,448 crore on 31 Mar 2026, above shareholders' equity of ₹15,703 crore.
Free cash flow was negative in FY22 and FY25 as gold stock grew.
Q1 FY27 profit included a ₹407 crore duty gain; adjusted for it, the company said profit before tax grew 37%.
Damas, bought in Jan 2026, lost about ₹67 crore in Q1 FY27, per management.

22 · What to watch next

What should you watch next at Titan?

Next event

Q2 FY27 earnings call on 5 Nov 2026, per the call notice of 23 Oct 2026 (results expected that day)

5 Nov 2026

Expected, based on last year's date

How much profit comes from the duty rise
On 7 Aug 2026 the CFO said more customs-duty gains would come in Q2 and Q3 FY27. Check the gain the company reports separately.
Damas and the international business
On 7 Aug 2026 the CFO said he expects international jewellery, including Damas, to make a positive EBIT for FY27. Q1 FY27 showed a loss of about ₹8 crore.
Gold on loan and inventory
The 30 Sep 2026 balance sheet in the Q2 FY27 results will show gold on loan, borrowings and stock.

23 · Key facts

Key facts about Titan

What does Titan do?: Titan Company Ltd sells jewellery (Tanishq, Mia, Zoya, CaratLane), watches (Titan, Fastrack, Helios) and eyewear (Titan EyePlus), mostly in India. On 30 Sep 2026 Titan had 3,758 stores, 164 of them outside India.
How does Titan make money?: Titan Company makes or buys jewellery, watches and eyewear and sells them in its stores for more than they cost. In FY26 gold and other materials took ₹79.8 of every ₹100 that came in. Titan kept ₹5.8 as profit.
Who are Titan's customers?: Titan Company sells mainly to retail shoppers, in what its FY26 BRSR calls luxury, premium, mid-market and mass segments. India was 95% of FY26 segment revenue. Titan also sold ₹10,568 crore of gold bars to bullion dealers in FY26.
How big is Titan?: Titan Company's FY26 revenue was ₹87,584 crore and net profit to shareholders ₹5,073 crore (April 2025 to March 2026). Revenue rose 44.9% from ₹60,456 crore in FY25. Profit rose 52.0% from ₹3,337 crore.
Who owns Titan?: On 30 Sep 2026 Titan Company's promoters owned 52.90%. TIDCO (Tamil Nadu Industrial Development Corporation) held 27.88% and Tata Group companies 25.02%. Foreign institutions held 16.37% and Indian institutions 14.42%. No promoter shares were pledged.
Does Titan have debt?: On 31 Mar 2026 Titan Company had borrowings of ₹11,378 crore and cash and liquid investments of ₹4,166 crore. Titan also owed banks ₹16,070 crore for gold on loan, which is not counted in borrowings.
What are bullion sales in Titan's revenue?: Titan Company's reported revenue includes gold bars (ingots) sold to bullion dealers: ₹10,568 crore in FY26, or 12.1% of revenue. Titan's own 'total income' figure in its results press releases leaves these sales out.
How did Titan do in Q1 FY27?: In Q1 FY27 (April to June 2026), Titan Company's revenue rose 29.3% to ₹21,356 crore versus Q1 FY26. Net profit to shareholders rose 62.9% to ₹1,777 crore. That profit included a ₹407 crore gain on gold stock after India raised the gold import duty.
Why do gold import duty changes move Titan's profit?: Titan Company pays customs duty when it takes in gold but fixes the gold price only when jewellery sells. India cut the duty from 15% to 6% in Jul 2024. Titan estimated this cut its jewellery profit by about ₹290 crore in Q2 FY25. After the duty rose back to 15% on 13 May 2026, Q1 FY27 profit included a ₹407 crore gain.

Source: CARE Ratings press release (rationale), Titan Company Ltd, 3 Aug 2026; Quarterly business update Q2 FY27 (provisional growth and store counts) (2026-10-06); Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements and 10 more

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

24 · Sources and changes

Where every number on this page comes from

Sources (65 documents)

S1Annual Report FY26 (2025-26), integrated, incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Jul 2026
S2Annual Report FY25 (2024-25), integrated, incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Jun 2025
S3Annual Report FY24 (2023-24), integrated, incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jun 2024
S4Annual Report FY23 (2022-23), integrated, incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Jul 2023
S5Annual Report FY22 (2021-22), integrated, incl. consolidated financial statements · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Jul 2022
S6Business Responsibility and Sustainability Report FY26 (filed with cover letter) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Jul 2026
S7Q1 FY27 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Aug 2026
S8Q4 FY26 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 May 2026
S9Q3 FY26 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Feb 2026
S10Q2 FY26 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Nov 2025
S11Q1 FY26 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Aug 2025
S12Q4 FY25 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 May 2025
S13Q3 FY25 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Feb 2025
S14Q2 FY25 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Nov 2024
S15Q1 FY25 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Aug 2024
S16Q4 FY24 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 May 2024
S17Q3 FY24 financial results (standalone + consolidated) with press release · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 Feb 2024
S18Q1 FY27 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Aug 2026
S19Q4 FY26 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 May 2026
S20Q3 FY26 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Feb 2026
S21Q2 FY26 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Nov 2025
S22Q1 FY26 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 Aug 2025
S23Q4 FY25 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 May 2025
S24Q3 FY25 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Feb 2025
S25Q2 FY25 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 5 Nov 2024
S26Q1 FY25 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Aug 2024
S27Q4 FY24 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 May 2024
S28Q3 FY24 consolidated financial results, XBRL filing · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Feb 2024
S29Q1 FY27 earnings presentation · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Aug 2026
S30Institutional Investors & Analyst Day presentation, 4 Jun 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Jun 2026
S36Q1 FY27 earnings call transcript · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 11 Aug 2026
S37Q4 FY26 earnings call transcript · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 14 May 2026
S41Q4 FY25 earnings call transcript · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 12 May 2025
S43Q2 FY25 earnings call transcript · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Nov 2024
S46Shareholding pattern, Sep 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Oct 2026
S47Shareholding pattern, Jun 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Jul 2026
S48Shareholding pattern, Mar 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Apr 2026
S49Shareholding pattern, Dec 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jan 2026
S50Shareholding pattern, Sep 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2025
S51Shareholding pattern, Jun 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 9 Jul 2025
S52Shareholding pattern, Mar 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 9 Apr 2025
S53Shareholding pattern, Dec 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Jan 2025
S54Shareholding pattern, Sep 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2024
S55Shareholding pattern, Jun 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 11 Jul 2024
S56Shareholding pattern, Mar 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2024
S57Shareholding pattern, Dec 2023 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jan 2024
S58NSE full bhavcopy (security-wise price data), 30 Jun 2026 · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Jun 2026
S60CARE Ratings press release (rationale), Titan Company Ltd, 3 Aug 2026 · CARE Ratings Ltd (CareEdge) · Tier 2: rating agency or regulator · 3 Aug 2026
S62Intimation of credit rating: CARE ratings reaffirmed on 10 Sep 2026 (CP ₹15,000 cr CARE A1+; bank facilities CARE AAA; Stable / CARE A1+) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 11 Sep 2026
S72Intimation: Q2 FY27 results and earnings call on 5 Nov 2026 (2026-10-23) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Oct 2026
S73Quarterly business update Q2 FY27 (provisional growth and store counts) (2026-10-06) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Oct 2026
S78Appointment of TIDCO nominee directors Dr D Karthikeyan IAS and Mr K Vivekanandan IAS (2026-07-30) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Jul 2026
S84Appointment of Dr S Vijayakumar IAS (TIDCO nominee) as Chairman from 29 Jun 2026 (2026-06-22) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jun 2026
S85Director resignation (2026-06-22) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 22 Jun 2026
S89Quarterly business update Q4 FY26 (2026-04-07) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Apr 2026
S94Completion of acquisition of 67% stake in Damas Jewellery (2026-02-06) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Feb 2026
S97Appointment of Ms Sandhya V Sharma IAS (TIDCO nominee) as Chairperson (2025-12-30) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Dec 2025
S99Launch of lab-grown diamond brand beYon (2025-12-26) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Dec 2025
S110Proposed acquisition of 67% of Damas LLC (UAE) from Mannai Corporation, with press release (2025-07-21) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jul 2025
S118Succession plan for the Managing Director (press release) (2025-05-08) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 May 2025
S127Kalyan Jewellers India Ltd (NSE KALYANKJIL): Annual Report FY26 (competitor's own filing) · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Aug 2026
S128Senco Gold Ltd (NSE SENCO): Annual Report FY26 (competitor's own filing) · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Aug 2026
S129PC Jeweller Ltd (NSE PCJEWELLER): Annual Report FY26 (competitor's own filing) · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Sep 2026
S130Lenskart Solutions Ltd (NSE LENSKART): Annual Report FY26 (competitor's own filing) · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 24 Jul 2026
S131Ethos Ltd (NSE ETHOSLTD): Annual Report FY26 (competitor's own filing) · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Oct 2026

Changes to this page (v1 · 25 Oct 2026)

v1 · 25 Oct 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

Disclaimer

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a SEBI-registered investment adviser.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Content is not an offer or solicitation to buy or sell any security.

Read the full disclaimer

Cityfort publishes educational content that explains how listed companies work. Cityfort is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst and does not provide investment advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security.

All information is taken from publicly available sources, mainly company filings on BSE and NSE, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management are reported as statements, with their date and source; they are not our forecasts.

What does Titan do?

What does Titan sell?

Jewellery (Tanishq, Mia, Zoya, CaratLane, beYon)

Gold bars to bullion dealers

Watches (Titan, Fastrack, Helios)

Eyewear (Titan EyePlus)

Other businesses

Jewellery abroad

What it does

What it does not do

Who pays Titan?

How does money flow through Titan?

Where does ₹100 of Titan's money go?

What does Titan need to run?

Gold

Gold on loan from banks

Stores

Plants

Stock of jewellery

Why does Titan make money?

A thin margin on a large gold turnover: stores and gold prices drive revenue; hedging offsets gold-price swings

Which businesses make up Titan?

Jewellery

Watches

Eyecare

Others

How the mix changed

Where does Titan sell?

Who does Titan compete with?

Kalyan Jewellers India Ltd

Senco Gold Ltd

PC Jeweller Ltd

Lenskart Solutions Ltd

Ethos Ltd

What protects the business

Dependence on gold

Where could Titan's growth come from?

Jewellery in India

CaratLane

Watches

International and Damas

Eyecare

Lab-grown diamonds (beYon)

How has Titan done?

Revenue

Net profit

Profit kept per ₹100 of revenue

Free cash flow

How much debt does Titan have?

Who owns Titan?

What does Titan do with its profit?

Dividend per share

Who runs Titan, and did they deliver?

Ajoy Chawla

Dr S Vijayakumar, IAS

Ashok Sonthalia

Dinesh Shetty

What they said, and what happened

What do Titan's governance filings show?

Flags to know about

What did the market pay for Titan on 30 Jun 2026?

What could go wrong for Titan?

Gold prices and jewellery demand

Gold import duty and gold rules

Gold on loan and borrowings

Cash tied up in stock

Damas and the Gulf business

Competition from other jewellers

How did Titan get here?

Tata–TIDCO joint venture

Enters jewellery with Tanishq

Buys out CaratLane's founders

Gold duty cut hits profit

Launches lab-grown diamonds

New managing director

Buys 67% of Damas in the Gulf

Gold duty raised back to 15%

What do supporters and critics point to?

What supporters point to

What critics point to