Titan Company Q2 FY27 Results: Consolidated Net Profit ₹2,393 Crore on Total Income of ₹21,430 Crore
- Earnings
- Jewellery and watches
Reviewed byKeshav SehgalBlacklitt Research
Titan Company (NSE: TITAN) said in a filing on 5 Nov 2026 that consolidated total income was ₹21,430 crore and consolidated net profit ₹2,393 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹17,945 crore and standalone net profit ₹1,572 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹21,430 crore, up 13.8% YoY and down 0.3% QoQ
- Net profit: ₹2,393 crore, up 113.7% YoY and 34.7% QoQ
- EPS, basic: ₹26.96, up 113.5% YoY
- Put option line: ₹671 crore, a separate line for the fair value change of the NCI put option liability, printed between other income and total income
Standalone
The company on its own, without its subsidiaries
- Total income: ₹17,945 crore, up 7.8% YoY and down 1.6% QoQ
- Net profit: ₹1,572 crore, up 56.3% YoY and down 7.5% QoQ
- EPS, basic: ₹17.71, up 56.2% YoY
- Finance costs: ₹451 crore, up 103.2% YoY and 68.9% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 21,430 | 18,837 | +13.8% | 21,502 | -0.3% | |
| Other income | 145 | 112 | +29.5% | 146 | -0.7% |
| 2,393 | 1,120 | +113.7% | 1,777 | +34.7% | |
| Profit before tax | 3,000 | 1,522 | +97.1% | 2,429 | +23.5% |
| Finance costs | 536 | 277 | +93.5% | 353 | +51.8% |
| Depreciation | 263 | 189 | +39.2% | 256 | +2.7% |
| Tax expense | 607 | 402 | +51.0% | 652 | -6.9% |
| Net profit margin | 11.17% | 5.95% | +5.22 pp | 8.26% | +2.90 pp |
| EPS, basic (₹) | 26.96 | 12.63 | +113.5% | 20.03 | +34.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 113.7% from ₹1,120 crore a year earlier, to ₹2,393 crore, while total income rose 13.8% to ₹21,430 crore from ₹18,837 crore. The statement prints total income as I + II + III, and line III is a separate fair value change of put option liability over NCI of ₹671 crore for the quarter. Note 9 says the Group holds a call option to acquire the remaining 33% equity interest, with minority shareholders holding a corresponding put option exercisable on 31 Dec 2029. During the quarter the NCI put option liability was remeasured, a decrease of ₹671 crore in the liability, and the corresponding gain was recognised in the statement of profit and loss under that line.
The press release gives profit before tax as about ₹2,329 crore, up 53%, at an 11.3% margin, and says this representation excludes the non-operational Ind-AS credit of ₹671 crore in both total income and profits. It also says that, adjusting for the impact of the custom duty increase in gold for the quarter, profit before tax was about ₹1,793 crore at an 8.7% margin, up 18%. The press release says the reported consolidated profits include custom duty gains of ₹536 crore for Q2 FY27.
In the press release's segment figures, the Jewellery portfolio grew 24% to about ₹17,495 crore, with the India business up 21% to about ₹16,343 crore and the International business up 105% to about ₹1,152 crore. Jewellery EBIT was about ₹2,300 crore at a 13.1% margin. Watches grew 27% to about ₹1,881 crore, with EBIT of about ₹412 crore at a 21.9% margin. The press release says the Damas business recorded a loss of about ₹24 crore.
Finance costs were ₹536 crore, against ₹277 crore a year earlier and ₹353 crore in Q1 FY27. The consolidated results present an impact of ₹101 crore from the four Labour Codes as an exceptional item in the year ended 31 Mar 2026. Damas LLC, in which Titan Holding International FZCO acquired a 67% equity interest for about ₹1,190 crore, is consolidated from 1 Jan 2026.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 17,945 | 16,643 | +7.8% | 18,242 | -1.6% | |
| Other income | 115 | 109 | +5.5% | 141 | -18.4% |
| 1,572 | 1,006 | +56.3% | 1,699 | -7.5% | |
| Profit before tax | 2,123 | 1,361 | +56.0% | 2,281 | -6.9% |
| Finance costs | 451 | 222 | +103.2% | 267 | +68.9% |
| Depreciation | 167 | 146 | +14.4% | 157 | +6.4% |
| Tax expense | 551 | 355 | +55.2% | 582 | -5.3% |
| Net profit margin | 8.76% | 6.04% | +2.72 pp | 9.31% | -0.55 pp |
| EPS, basic (₹) | 17.71 | 11.34 | +56.2% | 19.15 | -7.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income was ₹17,945 crore, up 7.8% from ₹16,643 crore a year earlier and down 1.6% from ₹18,242 crore in Q1 FY27. Standalone net profit rose 56.3% from ₹1,006 crore a year earlier to ₹1,572 crore, but fell 7.5% from ₹1,699 crore in Q1 FY27. Standalone profit before tax was ₹2,123 crore, against ₹1,361 crore a year earlier.
Standalone finance costs were ₹451 crore, against ₹222 crore a year earlier and ₹267 crore in Q1 FY27, and standalone tax expense was ₹551 crore, against ₹355 crore. The standalone segment table shows Jewellery profit before finance costs, exceptional item and tax of ₹2,178 crore, against ₹1,381 crore a year earlier and ₹2,247 crore in Q1 FY27. The standalone results present an impact of ₹89 crore from the four Labour Codes as an exceptional item in the year ended 31 Mar 2026, and the company says it continues to monitor the finalisation of the Central and State Rules.
Inference
The Board approved raising up to ₹2,500 crore through rated, listed, redeemable, unsecured Non-Convertible Debentures on a private placement basis, and authorised a Committee of the Board to finalise the terms of issuance and allotment. The consolidated cash flow statement shows dividends paid of ₹1,331 crore in the six months ended 30 Sep 2026.
Noel N. Tata will retire as Vice Chairman and Director with effect from 12 Nov 2026, in accordance with the Tata Group Governance Guidelines. The Board approved Price Waterhouse Chartered Accountants LLP as statutory auditors for five years from the 43rd Annual General Meeting in 2027, subject to shareholders' approval, and B S R & Co. LLP issued unmodified limited review reports on both sets of results.
The company also said in a filing on 28 Oct 2026 that it had incorporated a wholly owned subsidiary, Titan Company Canada Inc. What a reader would most want, and the filing leaves open, is the reason for the remeasurement of the put option liability and the plan for the ₹2,500 crore NCDs.
Filed with BSE on . Reference: Original filing (PDF)
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