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The jewellery business emerged as the standout performer, delivering around 46% YoY growth. Secondary (consumer) sales rose about 52%, led by strong traction in Tanishq and supported by Mia. Despite a sharp rise in gold prices, the business recorded high single-digit buyer growth during the quarter, recovering from nearly flat trends seen in the previous three quarters of FY26. Higher average ticket sizes further boosted overall revenue.
Category-wise, studded jewellery posted growth in the early thirties, plain gold jewellery expanded in the mid-thirties, while coin sales nearly tripled compared to Q4 FY25. Like-to-like secondary sales across jewellery formats rose 48% YoY.
Titan added 27 jewellery stores in India during the quarter, including 8 Tanishq stores, 14 Mia outlets and 5 CaratLane stores.
The watches division reported about 7% YoY growth, supported by a 16% rise in analog watches, even as the smartwatches segment declined sharply by 53%. Premiumisation trends continued to drive higher ticket sizes. The division added 30 stores during the quarter, including Titan World, Fastrack, Helios and Helios Luxe outlets.
The eyewear business grew about 16% YoY, aided by strong demand for international brands across sunglasses, lenses and frames. The company continued to optimise its retail footprint by renovating 37 stores, closing 32 and adding 12 new outlets.
Among emerging businesses, fragrances grew around 30% YoY, driven by strong volume growth in Fastrack and Skinn. Women’s bags recorded a sharp 47% growth, supported by store expansion and healthy demand across Irth and Fastrack. However, Taneira reported a marginal 1% decline in sales. During the quarter, Irth added six stores while Taneira shut one outlet.
On the international front, Titan’s North America business maintained strong momentum with around 50% YoY growth. Overall international operations, including Damas, surged approximately 156% YoY.
As of March 2026, Titan’s international presence included 149 stores in the GCC region, 12 stores in North America and one store in Singapore. The GCC network comprises 142 jewellery stores across Tanishq, Mia and Damas, along with seven Titan Eye+ stores.
Titan is India's leading lifestyle company. It has established leading positions in the jewellery, watches and eyecare categories. It has also diversified into wearables, indian dress wear and fragrances & fashion accessories.
The company reported 61% increase in consolidated net profit to Rs 1,684 crore on a 40% increase in total income to Rs 24,592 crore in Q3 FY26 over Q3 FY25.
Consumer durables, realty and private bank shares witnessed strong buying interst while oil& gas, pharma and media shares traded lower.
At 13:25 ST, the barometer index, the S&P BSE Sensex, advanced 496.73 points or 0.68% to 73,816.28. The Nifty 50 index rose 158.65 points or 0.70% to 22,871.75.
In the broader market, the BSE 150 MidCap Index advanced 0.81% and the BSE 250 SmallCap Index rose 0.77%.
The market breadth was negative. On the BSE, 3,000 shares rose and 1,204 shares fell. A total of 212 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 0.90% to 25.75.
RBI MPC update:
The Reserve Bank of India’s Monetary Policy Committee (MPC) has begun its first meeting for FY 2026–27, scheduled from April 6 to April 8, with the policy announcement due on the final day.
Economists largely expect the central bank to keep the repo rate unchanged at 5.25%, as inflationary pressures remain a concern. Ongoing geopolitical tensions in West Asia are seen as a key risk to price stability, prompting policymakers to adopt a cautious approach despite earlier rate cuts.
Economy:
India’s services sector saw a slight cooling in momentum in March, with the seasonally adjusted HSBC India Services PMI Business Activity Index easing to 57.5 from 58.1 in February. This marks the slowest pace of expansion in 14 months.
Gainers & Losers:
Trent (up 7.05%), Titan Company (up 3.50%), Axis Bank (up 2.93%) and Shriram Finance (up 2.67%) were the major Nifty50 gainers.
Reliance Industries (down 3.49%), JSW Steel (down 1.89%), Oil & Natural Gas Corporation (ONGC) (down 1.43%), Max Healthcare (down 1.18%) and Dr Reddy’s Laboratories (down 0.84%) were the major Nifty50 losers.
Stocks in Spotlight:
HDFC Bank rose 2.36% after the bank’s average deposits jumped 12.8% to Rs 28,51,100 crore crore in Q4 FY26 compared with Rs 25,28,000 crore in Q4 FY25.
Kotak Mahindra Bank rose 0.29%. The bank’s average total deposits rose 14.9% YoY to Rs 5,38,301 crore as of 31 March 2026, compared with Rs 4,68,486 crore as of 31 March 2025. The bank’s average CASA deposits stood at Rs 2,11,898 crore as of 31 March 2026, registering a 12.7% YoY growth and a 1.9% QoQ rise.
IndusInd Bank rose 0.18%. The bank reported a 2.6% decline in deposits to Rs 4,00,178 crore as of 31 March 2026, compared with Rs 4,10,862 crore as of 31 March 2025. Retail deposits and deposits from small business customers stood at Rs 1,91,276 crore as of 31 March 2026, compared with Rs 1,85,180 crore as of 31 March 2025.
Avenue Supermarts (Dmart) jumped 2.87% after the company reported a 18.96% jump in standalone revenue to Rs 17,204.50 crore in Q4 March 2026 compared with Rs 14,462.39 crore posted in corresponding quarter last year.
Axis Bank rallied 3.20% after the bank reported steady growth in key business metrics for the quarter ended 31 March 2026, driven by continued traction in advances and deposits. Total deposits rose to Rs 13,35,800 crore, up 6.0% QoQ and 13.9% YoY. Gross advances stood at Rs 12,44,200 crore as of 31 March 2026, registering a 6.3% quarter-on-quarter (QoQ) rise and an 18.4% year-on-year (YoY) increase, reflecting sustained credit demand.
L&T Finance jumped 4.85% after the company’s retail disbursement climbed 62% to Rs 24,080 crore in Q4 FY26, compared with Rs 14,899 crore recorded in Q4 FY25.
Senco Gold zoomed 12.45% after the company’s standalone revenue jumped 46% YoY, led by wedding season. On annual basis, the company achieved revenue growth of 35% in FY26 comapred with 21% in FY25.
Vedanta added 0.61%. The company’s aluminium production jumped 2% to 613,000 tonnes in Q4 FY26, compared with 604,000 tonnes posted in Q4 FY25, supported by majorly through operational efficiencies.
Bank of Baroda rose 2.70% after the bank reported a 16.23% increase in global advances to Rs 14,30,204 crore as of 31 March 2026, compared with Rs 12,30,461 crore as of 31 March 2025. Global deposits increased 12.00% YoY to Rs 16,48,650 crore as of 31 March 2026, up from Rs 14,72,035 crore in the same period last year.
Nykaa surged 2.70% after it has reported a strong operational performance for the quarter ended 31 March 2026, with consolidated GMV growth in the high twenties and net sales value (NSV) growth in the low thirties.
Aurobindo Pharma rose 0.09%. The company said its board has approved a share buyback of up to Rs 800 crore at a price of Rs 1,475 per equity share through the tender offer route. The company plans to repurchase up to 54,23,728 fully paid-up equity shares, representing about 0.93% of its total paid-up equity capital. As per the latest available shareholding data, promoters and promoter group entities hold a 51.82% stake in the company.
Global Markets:
European market is closed today on account of Easter Monday.
Japan and South Korean stocks rose Monday, while most Asian markets were closed for holidays, as investors parsed the latest developments in the Middle East conflict over the weekend.
President Donald Trump on Sunday issued a fresh round of threats to attack Iran’s power plants and civilian infrastructure starting Tuesday, if Tehran failed to fully reopen the Strait of Hormuz.
The key oil chokepoint between Iran and the Arabian Peninsula handled about one-fifth of the world’s oil supplies before the war between U.S.-Israel and Iran started on Feb. 28.
In an expletive-laden social media post, Trump vowed to bring 'Hell” to Iran after U.S. forces rescued an American airman in Iran last week.
He later posted about a 'Tuesday 8 P.M. Eastern Time” deadline without elaborating. The White House on Sunday told MS NOW that the date is the new deadline for Iran to reach a deal with the U.S.
Trump said he will hold a press conference 'with the Military” at the Oval Office at 1 p.m. on Monday.
Iran has pushed back against Trump’s ultimatum to reopen the Strait of Hormuz, saying that the critical waterway would only reopen fully after damage from the war is compensated. Tehran has continued strikes on economic and infrastructure targets in the neighboring Gulf region, including Kuwait’s oil headquarters.
Eight members of the Organization of the Petroleum Exporting Countries and allies raised their production quotas on Sunday by 206,000 barrels per day for May, though the move appeared largely symbolic as the war has constrained shipments from several members.
On Thursday, the Dow Jones Industrial Average slipped in volatile trading as oil prices surged following President Donald Trump’s remarks that the Iran war would continue for weeks.
The blue-chip Dow declined 61.07 points, or 0.13%, closing at 46,504.67. The S&P 500 advanced 0.11% to end at 6,582.69, and the Nasdaq Composite gained 0.18% to settle at 21,879.18.
Titan Company Ltd gained 2.26% today to trade at Rs 4363.4. The BSE Consumer Durables index is up 1.06% to quote at 59825.39. The index is down 3.25 % over last one month. Among the other constituents of the index, Voltas Ltd increased 0.54% and Asian Paints Ltd added 0.19% on the day. The BSE Consumer Durables index went up 6.18 % over last one year compared to the 10.55% surge in benchmark SENSEX.
Titan Company Ltd has added 3.12% over last one month compared to 3.25% fall in BSE Consumer Durables index and 0.55% rise in the SENSEX. On the BSE, 13319 shares were traded in the counter so far compared with average daily volumes of 32939 shares in the past one month. The stock hit a record high of Rs 4379.95 on 11 Feb 2026. The stock hit a 52-week low of Rs 2947.55 on 07 Apr 2025.
While EBIT improved by 63% to Rs 2,657 crore, EBIT margin expanded by 155 basis points YoY to 10.8% in Q3 FY26.
Profit before tax in Q3 FY26 stood at Rs 2,375 crore, up by 70% from Rs 1,396 crore recorded in Q3 FY25.
The revenue of the Jewellery Business grew 42% YoY to Rs 22,517 crore. Of this, the India business income was Rs 21,458 crore (up 41% YoY) and that of the International jewellery business was Rs 1,058 crore (up 83% YoY).
Titan stated that the India (Domestic) business has recorded one of its highest ever quarterly growth performance (excluding Covid periods) led by a vibrant festive and backed by visible and evocative campaigns for all brands in the portfolio. The robust growth was supported by a powerful exchange program, wedding sales, festive collections and attractive coin offers driving strong growth momentum throughout the quarter, despite elevated gold prices.
The International Business clocked robust double-digit retail growth during the quarter aided by both store expansion and strong like-to-like growths.
Of the 49 new store additions (net) for Q3FY26, 47 new stores (net) were added in India comprising of 24 in Caratlane, 11 in Mia, 10 in Tanishq, 1 in Zoya and 1 in beYon, respectively. Tanishq added two new stores in USA in Boston and Orlando during the quarter.
The Watches business achieved a total income of Rs 1,295 crore for the quarter, growing 14% in Q3 FY26 over Q3FY25. The business witnessed strong traction in the festive season driven by gifting occasions. Premiumization journey saw steady progress across Titan, Fastrack and Sonata brands, all growing in healthy double-digits compared to Q3 FY25.
The EyeCare business recorded 18% YoY rise in total income to Rs 231 crore in Q3 FY26. The business saw healthy demand in core categories supported by high single-digit volume growth and mid-single digit growth in average selling prices (ASP). Growth was led by lenses and sunglasses, both achieving double-digit growths for the quarter.
Total Income for the Emerging Businesses (women's bags, fragrances and Taneira) grew 15% YoY to Rs 135 crore in Q3 FY26. Compared to same period last year, women's bags experienced strong double-digit growth in both volumes and ASP. The fragrances business grew 24%, driven by strong volume growths in Skinn and Fastrack perfumes. Taneira's consumer business grew 7% led by increase in ASP and same-store-sales growth.
The Titan Engineering & Automation (TEAL') Business recorded a total income of Rs 323 crore in Q3 FY26, growing 67% as compared to Q3FY25. Across its automation solutions and manufacturing services businesses, TEAL is expanding its presence to serve marquee Indian as well as global customers.
A global research house has reportedly reiterated its ‘buy’ rating on the stock, assigning a target price of Rs 4,500 per share, implying an upside of 5.46% from its previous close of Rs 4267.05 recorded on the BSE.
The brokerage reportedly noted that Titan delivered strong consolidated revenue and EBITDA growth of 42% and 41% year-on-year respectively, led by solid sales momentum and healthy margins in the jewellery segment.
It reportedly added that while the watches division maintained strong momentum in analogue products, the wearables category continued to face pressure.
The upbeat quarterly performance comes amid strong festive demand and rising gold prices, which has not significantly dampened consumer appetite for branded jewellery, helping Titan maintain growth momentum across its key consumer businesses, the report stated.
Titan is India's leading lifestyle company. It ha established leading positions in the jewellery, watches and eyecare categories. It has also diversified into wearables, indian dress wear and fragrances & fashion accessories.
The scrip shed 0.30% to currently trade at Rs 4254.10 on the BSE.
Amber Enterprises India Ltd rose 2.63% today to trade at Rs 7228.3. The BSE Consumer Durables index is up 0.68% to quote at 59718.63. The index is down 2.89 % over last one month. Among the other constituents of the index, PG Electroplast Ltd increased 1.64% and Titan Company Ltd added 0.73% on the day. The BSE Consumer Durables index went up 3.84 % over last one year compared to the 8.92% surge in benchmark SENSEX.
Amber Enterprises India Ltd has added 14.17% over last one month compared to 2.89% fall in BSE Consumer Durables index and 0.76% rise in the SENSEX. On the BSE, 4427 shares were traded in the counter so far compared with average daily volumes of 11961 shares in the past one month. The stock hit a record high of Rs 8625 on 29 Oct 2025. The stock hit a 52-week low of Rs 5238.45 on 18 Feb 2025.
Titan stated that the India business has recorded one of its highest ever quarterly growth performance (excluding Covid periods) led by a vibrant festive and backed by visible and evocative campaigns for all brands in the portfolio. The robust growth was supported by a powerful exchange program, wedding sales, festive collections and attractive coin offers driving strong growth momentum throughout the quarter, despite elevated gold prices.
Of the 49 new store additions (net) for Q3 FY26, 47 new stores (net) were added in India comprising of 24 in Caratlane, 11 in Mia, 10 in Tanishq, 1 in Zoya and 1 in beYon, respectively. Tanishq added two new stores in USA in Boston and Orlando during the quarter.
The Watches business achieved a total income of Rs 1,295 crore for the quarter, growing 14% in Q3 FY26 over Q3 FY25. The business witnessed strong traction in the festive season driven by gifting occasions. Premiumization journey saw steady progress across Titan, Fastrack and Sonata brands, all growing in healthy double-digits compared to Q3 FY25.
Total Income for the Emerging Businesses (women's bags, fragrances and Taneira) grew 15% YoY to Rs 135 crore in Q3 FY26.
Compared to same period last year, women's bags experienced strong double-digit growth in both volumes and ASP. The fragrances business grew 24%, driven by strong volume growths in Skinn and Fastrack perfumes. Taneira's consumer business grew 7% led by increase in ASP and same-store-sales growth.
Ajoy Chawla, managing director of the company, stated: “We marked a stellar third quarter of 40% growth characterized by a strong performance across our key businesses.
The festive period spurred broad-based consumer interest across our portfolios, underscoring resilience in premium and accessible segments alike.
The Jewellery business drove strong buyer engagements via attractive exchange programs, exquisite new collections and lucrative bundled offers resulting in one of its best ever growth quarters. Our Watches and EyeCare businesses sustained their growth trajectories clocking valuable gains across key brands in their portfolios. We are encouraged by the consistent performance in our Fragrances business and investing to grow our Women's Bags and Taneira businesses.
Towards the quarter-end, we launched beYon, a lab-grown jewellery line to bolster our multi-brand jewellery portfolio and explore new growth avenues.
We are excited to announce the completion of 67% acquisition of Damas Jewellery after quarter-end, whole heartedly welcoming them to our Titan family. The strategic addition enables us to address evolving consumer preferences across new geographic and demographic markets extending well beyond our traditional Indian diaspora.”
The scrip had gained 0.24% to end at Rs 4267.05 on the BSE today.
Titan Company announced that Titan Holdings International FZCO, UAE (Titan Holdings), a wholly owned subsidiary of the Company, has completed the acquisition of the Damas Jewellery business in the GCC countries through its subsidiary Signature Jewellery Holding (Signature Jewellery).
Consequently, Signature Jewellery has now become the holding company for Damas jewellery business with Titan Holdings' stake at 67% and balance 33% held by MC International Limited (a wholly owned subsidiary of Mannai Corporation QPSC, Qatar).