Titan hits all-time high following 40% Q3 growth; jewellery sector reports strong festive sales
Strong festive and wedding demand lifts December quarter performance of Titan, Senco Gold and Kalyan Jewellers despite high gold prices.
Titan Company shares hit an all-time high of 4,312.10 on the National Stock Exchange (NSE) on Wednesday, January 7, 2026. This was after a very strong Q3 FY26 business update, in which the company recorded an overall increase in revenue of about 40 percent year-on-year (YoY). Its stock started at 4,225.00 and saw an intraday performance of about 4.87 percent, which elevated the market capitalization of the company to 3.82 lakh crore.
The highest business division in Titan, jewellery, realised a growth of 41% in revenue in the December quarter. The domestic sales increased by 40 per cent, which compared much better than the forecasts made by analysts of 25 per cent. The major drivers of key performance were:
Segment Trends: There was a powerful surge in gold (plain) jewellery and coins, with the coin sales increasing almost twice every year.
Retail Footprint: The Company has had 34 new stores in India (net) and has expanded internationally with five new stores, bringing its total retail outlets to 3,433 stores the world over.
New Ventures: It is at this time that Titan truly entered into the market with lab-grown diamonds under the brand name beYon.
Performance of other large organized industry players in the jewellery industry also showed double-digit growth in the festive quarter:
Kalyan Jewellers: Said it had increased consolidated revenue by 39% per year. The operations in India were increased by 41 percent, and its 24 new showrooms, with support of 24 percent same-store-sales-growth (SSSG), contributed to this.
Senco Gold: Registered its highest Q3 revenue of 2,000 crore, which is 22 per cent higher than the same period of the previous year. The retail growth was 49% and SSSG was 39, which was especially high with a 36% increase in the sales of diamond jewellery.
Titan’s non-jewellery divisions performed well:
Watches and Wearables: The revenue increased 13% with a high growth of 17% in the sale of analog watches. Nevertheless, the wearables (smart watch) category experienced a volume drop of 26%.
Emerging Businesses: Bags by Women (Irth and Fastrack) realized an annual growth of 111% compared to fragrances (22).
EyeCare: The segment recorded a 16 percent rate of yearly growth in revenues.
Although revenues are high, institutional analysts were not optimistic about valuations. Citi was rated Neutral on Titan, with the domestic growth of 40 percent having been impressive, but it was backed by a 55 percent increase in gold prices that can affect margin sustainability in the future. Goldman Sachs noted the rapid increase in the growth of 18% in H1 and 41% in Q3. EBIT margin of Titan in the jewellery segment was reported to be 9.5, which is adjusted to be 11.2, having factored in the recent effects of customs duties.
