According to reports from The Economic Times, Titan Company is expected to report healthy revenue and profit growth in the September quarter, with brokerage estimates pointing to an 18.8-27% year-on-year increase in revenue and a 26.8-27% rise in profit after tax (PAT). The Tata Group company will announce its financial results for the quarter ended September 30, 2026, on Thursday, November 5, 2026. Citi expects PAT to increase 27% YoY, while Motilal Oswal Financial Services (MOFSL) projects adjusted PAT growth of 26.8%. Citi projects PAT at ₹1,274.4 crore, compared with ₹1,006 crore in Q2FY26, representing growth of 27%. MOFSL expects consolidated adjusted PAT at ₹1,419.2 crore, up 26.8% YoY from ₹1,119 crore in the year-ago quarter.
As reported by The Economic Times, Citi estimates revenue at ₹18,444.6 crore, compared with ₹16,534 crore in the year-ago quarter, translating into 12% YoY growth. MOFSL projects consolidated net sales at ₹22,243.8 crore, up 18.8% YoY from ₹18,725 crore in Q2FY26. MOFSL's estimates indicate that revenue could grow 20.6% to ₹1,05,627.3 crore in FY27, compared with ₹87,584 crore in FY26. Beyond jewellery, MOFSL expects healthy double-digit growth in watches, eyewear and other businesses, with the performance of these segments alongside jewellery and CaratLane providing further insight into the company's overall revenue growth.
According to The Economic Times, Citi models 27% YoY revenue growth in jewellery and expects the segment's EBIT margin, excluding bullion, at 10.7%. MOFSL expects standalone jewellery revenue, excluding bullion, to grow 28% YoY and projects Tanishq's like-to-like growth at 23%. On profitability, MOFSL expects standalone jewellery EBIT margin, excluding bullion and inventory gains following the customs duty increase, to remain flat YoY at 10.9%. The trajectory of jewellery EBIT margins, excluding bullion and inventory gains, will be particularly important to track. The combination of revenue growth and margin movement will be important in assessing the segment's operating performance.
As reported by The Economic Times, Citi expects EBITDA to rise 23% YoY to ₹1,990.9 crore, compared with ₹1,620 crore in Q2FY26, with EBITDA margin at 10.8%, against 9.8% in the year-ago quarter, indicating an expansion of 100 basis points. MOFSL estimates consolidated EBITDA at ₹2,324.7 crore, up 24% YoY from ₹1,875 crore in Q2FY26, with EBITDA margin at 10.5%, compared with 10% in the corresponding quarter last year, translating into an expansion of 50 basis points. MOFSL's full-year estimates indicate EBITDA growth of 25.4% to ₹10,478.1 crore in FY27, compared with ₹8,355 crore in FY26, with EBITDA margin projected to increase to 9.9% from 9.5%. The operating performance and margin trajectory will be key factors to track in the quarterly results.
According to The Economic Times, MOFSL has a Buy rating on Titan with a target price of ₹6,000, against a current market price of ₹4,535, implying an upside of 32%. The brokerage has revised its FY27 earnings per share estimate down by 1.1%, while raising its FY28 estimate by 0.6%. Titan Company shares settled at ₹4,562 on the NSE on November 3, up 2% from the previous close of ₹4,476.30. Year-to-date, the stock has gained nearly 13%, outperforming the benchmark Nifty 50, which has declined nearly 10% over the same period. MOFSL estimated adjusted PAT at ₹6,483.2 crore for FY27, compared with ₹5,151.3 crore in FY26, indicating growth of 25.9%. Its estimates for reported PAT stand at ₹6,788.5 crore for FY27, against ₹5,075.5 crore in FY26.
