The company's core jewellery operations are set to lead the second-quarter expansion, supported by solid double-digit increases in watches, eyewear, and emerging segments. Motilal Oswal Financial Services projects standalone jewellery revenue to climb 28%, propelled by a 23% like-to-like growth figure for the Tanishq brand. Operating margins are also slated to improve, with Citi forecasting earnings before interest, taxes, depreciation, and amortisation to expand 23% to Rs 1,990.9 crore. Auxiliary units like CaratLane are forecast to see revenue grow 28%, even as its EBIT margin potentially contracts by 20 basis points.
Key points
Core jewellery operations and brand segments like Tanishq continue to serve as the primar…: Core jewellery operations and brand segments like Tanishq continue to serve as the primary growth drivers for overall company revenue.
Consolidated operating earnings are projected to outpace top-line growth due to widesprea…: Consolidated operating earnings are projected to outpace top-line growth due to widespread EBITDA margin expansion across the business.
Market participants will closely track management commentary regarding forward jewellery…: Market participants will closely track management commentary regarding forward jewellery demand, margin trajectories, and ancillary brand trends.
Sources checked by our analysis pipeline: 1
Brokerage estimates indicate that revenue could range between Rs 18,444.6 crore and Rs 22,243.8 crore, while PAT estimates range from Rs 1,274.4 crore to Rs 1,419.2 crore. Citi expects PAT to increase 27% YoY, while Motilal Oswal Financial Services (MOFSL) projects adjusted PAT growth of 26.8%.
Jewellery revenue growth, Tanishq's like-to-like (LTL) growth, segment margins, CaratLane's performance and growth in watches and eyewear are likely to remain key monitorables.
Revenue growth expectations remain healthy
Brokerages expect Titan to report continued revenue growth in Q2FY27, supported by its jewellery business and growth across other segments.Citi estimates revenue at Rs 18,444.6 crore, compared with Rs 16,534 crore in the year-ago quarter, translating into 12% YoY growth.
MOFSL projects consolidated net sales at Rs 22,243.8 crore, up 18.8% YoY from Rs 18,725 crore in Q2FY26. MOFSL's estimates indicate that revenue could grow 20.6% to Rs 1,05,627.3 crore in FY27, compared with Rs 87,584 crore in FY26.
Jewellery business growth and margins in focus
The jewellery business is likely to remain a key contributor to Titan's performance, with brokerage estimates pointing to strong revenue…
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