Titan Company, India's largest watch and jewellery retailer (Tanishq, CaratLane), reported a 114% jump in consolidated net profit to Rs 2,393 crore for the quarter ended September 30, 2026 (Q2 FY27), from Rs 1,120 crore in the same period last year, the company announced on Thursday, November 5. Total income came in at Rs 20,533 crore, up 25% for the quarter, Upstox reported from the company's results.
Source: Upstox (Titan results)
The headline profit, however, includes a one-time gain of Rs 671 crore from revaluing a financial liability (a fair-value gain on the put option liability over non-controlling interests). Excluding that gain, profit rose 54% year on year to Rs 1,722 crore — still ahead of the Rs 1,473 crore average analyst estimate cited by Reuters, Bold Voices reported from Reuters and the company's results.
Source: Bold Voices (Reuters / Titan results)
By segment, the jewellery portfolio grew 24% to Rs 17,495 crore (excluding bullion and digi-gold sales), powered by the 'Festival of Diamonds' and brand promotions that drove studded jewellery growth in the early thirties, the company said. The watches portfolio grew 27% to Rs 1,881 crore — one of its strongest quarters, on premiumisation and demand for analogue timepieces — and EyeCare grew 28% to Rs 281 crore, Upstox reported. Reuters, via Bold Voices, noted jewellery sales growth of 21% on a sales basis and a 14% operating margin for the Indian jewellery business.
Source: Upstox (Titan results)
"Q2 FY27 was a quarter of healthy, broad-based growth for Titan, with our businesses registering about 25% consolidated operating growth year on year. A strong base quarter and a notable shift in the festive calendar into Q3 FY27 notwithstanding, consumer demand held up well for most of the period," Managing Director Ajoy Chawla said, as quoted by Upstox. Alongside the results, the board approved issuing rated, listed, redeemable, unsecured non-convertible debentures on a private placement basis for up to Rs 2,500 crore, and authorised a committee to finalise the terms.
Source: Upstox (Titan results)
Titan shares had closed at Rs 4,834.60 on the NSE on Thursday, up 1.69%, before the after-market-hours results. What happens next: the festive quarter (Q3) — into which part of this year's festive calendar has shifted — will show whether the underlying 54% profit growth pace holds without one-time gains.