Titan Q2 Results: Profit Rises 54% to ₹1,722 Crore; Noel Tata to Retire

Titan Q2 results showed profit after tax (PAT) up 54% year-on-year at ₹1,722 crore for the September quarter, excluding a one-off accounting gain, the Tata group company said on Thursday.

Net profit, including ₹671 crore of non-operating income, was reported at ₹2,393 crore on a consolidated basis. This is more than double the ₹1,120 crore it posted a year earlier. Total income rose 25% to ₹20,533 crore, excluding bullion and digi-gold sales.

The board has also approved raising up to ₹2,500 crore through rated, listed, unsecured non-convertible debentures on a private placement basis. Further, Noel N. Tata will retire as Vice Chairman and Director of Titan with effect from November 12, 2026, the day he turns 70, in line with the Tata Group Governance Guidelines.

Customs duty gain lifts Titan net profit

Profit before tax (PBT) increased 53% to ₹2,329 crore, and the PBT margin improved to 11.3% from 9.3%, including a one-time benefit of ₹536 crore from the increase in customs duty on gold. Excluding this, PBT stood at ₹1,793 crore, up 18% year-on-year, at an 8.7% margin.

A separate ₹671 crore was booked from the remeasurement of the put option liability for the minority holding in Damas, which was excluded from operating figures. For the first half of FY27, total income stood at ₹41,286 crore, up 32% year-on-year on a like-for-like basis, while PAT rose 58% to ₹3,499 crore.

Tanishq jewellery growth drives Titan Q2 results

Jewellery revenue increased 24% to ₹17,495 crore on the back of the Festival of Diamonds campaign and brand-level offers. India jewellery grew 21% to ₹16,343 crore, with Tanishq, Mia and Zoya together up 20% and CaratLane up 31%.

International jewellery rose 105% to ₹1,152 crore, a figure that includes Damas. Tanishq has seen good traction in North America and growth in the GCC as well. Jewellery EBIT came in at ₹2,300 crore, a 13.1% margin; excluding the customs duty benefit, India jewellery EBIT was ₹1,745 crore.

The watches division grew 27% to ₹1,881 crore in income and posted EBIT of ₹412 crore. The company launched its in-house movement, Vetra, this quarter. EyeCare income was up 28% at ₹281 crore, while the emerging businesses SKINN, IRTH and Taneira generated ₹171 crore in income with a combined loss of ₹6 crore.

Managing Director Ajoy Chawla called it a quarter of “healthy, broad-based growth” for Titan. He said demand held up for most of the period despite a strong base and a shift of festive days into the October–December quarter. The full results are on Titan’s investor relations page.

Chawla took over as Managing Director in January 2026, succeeding C.K. Venkataraman; Titan had announced the succession in July 2025. He now leads the company into its key festive quarter.

What Titan’s numbers mean for investors

For investors, the Titan Q2 results show that jewellery demand held up well, though part of the jump in Titan net profit came from the duty-related gain and an accounting credit. The 18% growth in PBT, excluding the customs duty benefit, offers a cleaner read of how the core business performed.

Noel Tata’s retirement marks a change on the board of one of the Tata group’s largest consumer businesses. He is also stepping down from other Tata company boards, including Tata Steel, Trent and Voltas, on reaching 70. Separately, the board recommended Price Waterhouse Chartered Accountants LLP as statutory auditor for five years, subject to shareholder approval.

Within the group’s consumer portfolio, the results follow Tata Consumer Products’ Q2 results, in which profit rose 16% to ₹470 crore. Elsewhere in consumer goods, HUL’s Q2 profit rose 4% as volumes grew 7%. Titan’s debenture issue adds a debt-funding option to its balance sheet.

Titan shares closed 1.69% higher at ₹4,834.60 on the NSE on Thursday, ahead of the results. The October–December quarter, which now includes the shifted festive days, will be the next key test for demand across jewellery, watches and eyewear. Investors will also track whether the international jewellery business, including Damas, can sustain its growth.