Titan shines 5% on Q4 earnings surprise; should you buy, hold or sell?

Share price of Titan Company today

 

Shares of Titan Company rallied 5 per cent to ₹ 3,515.75 on the BSE in Friday’s intra-day trade after the company surprised positively by delivering better profitability in jewellery business in March 2025 quarter (Q4FY25) despite inflated gold prices.

 

The stock now trades at its highest level since February 2, 2025. In comparison, the BSE Sensex was down 0.5 per cent at 79,947 at 09:21 am.  READ STOCK MARKET LIVE UPDATES HERE

 

Titan Q4 results 2025

 

Titan Company, a jewellery-to-watch conglomerate, reported a better than expected 12.9 per cent year-on-year (YoY) jump in its net profit at ₹ 871 crore for the fourth quarter of fiscal year 2024-25, against net profit of ₹ 771 crore in Q4FY24. Analysts expected net profit of ₹ 830 crore for Q4FY25.

 

 

Titan’s consolidated revenue (excluding bullion sales) grew by 24 per cent YoY to ₹ 13,897 crore. This was driven by 25 per cent growth in standalone jewellery business, 23 per cent growth in the Caratlane business and 20 per cent growth in the watches and wearable business. Gross margins improved by 50 bps YoY to 22.8 per cent. Earnings before interest, taxes, depreciation, and amortization (EBIDTA) margins improved by 77 bps YoY to 10.3 per cent. Analysts expected EBIDTA margins of 9.5-9.9 per cent. 

 

Management commentary

 

Despite a steep increase in gold prices, the studded and gold coin segments saw buyer growths. Solitaires likewise witnessed a good rebound on the back of good buyer growth, albeit on the lower carat weights. The high gold prices, however, are continuing to weigh on consumer sentiment in the near term.

 

The EyeCare business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26.  ALSO READ | India VIX spikes 8%; rises to highest since April 8 as tensions mount

 

“As we look forward to FY26, all businesses of Titan Company are focusing on market share expansion in their respective categories and catering to the changing needs of our consumers,” the management said.

 

Brokerage view – ICICI Securities

 

Titan’s resilient performance was in the backdrop of inflated gold price environment with margin improvement in domestic jewellery and Caratlane business in Q4FY25. The strong growth in the jewellery business was driven by higher ticket sizes while studded growth was lower at 12 per cent. 

 

Though gold prices have remained high management has maintained its guidance of 15-20 per cent growth in the jewellery business in the near term. This will be driven by higher demand to value offerings (light weight gold jewellery or lower carat jewellery) in its product portfolio in the inflated gold price scenario, while any correction or stability in the gold prices will lead increase in the footfalls and higher volume growth. Jewellery business EBIT margins to remain at 11-11.5 per cent. Caratlane is also expected to witness consistent growth with improved studded mix.

 

Brokerage view – Motilal Oswal Financial Services

 

With the jewellery industry seeing faster formalization, analysts at Motilal Oswal Financial Services said they continue to believe Titan will keep leveraging the same, driven by store additions, multi-format presence, better designs, customer understanding, and a strong recall of trust. Jewellery EBIT margin has been under pressure, but the beat in Q4 margin renders better margin visibility for FY26.

 

Titan, with its superior competitive positioning (in sourcing, studded ratio, youth-centric focus, and reinvestment strategy), continues to outperform other branded players. The brand recall and business moat are not easily replicable; therefore, Tanishq’s competitive edge will remain strong in the category. The store count reached 3,312 as of Mar’25, and the expansion story remains intact. The non-jewelry business is also scaling up well and will contribute to growth in the medium term. The brokerage firm reiterated its BUY rating on Titan with a target price of ₹ 4,000.  ALSO READ | Bharat Dynamics, HAL, GRSE spike up to 4% amid Indo-Pak border tensions

 

About Titan

 

Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches Limited.

 

In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare. Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira) and thoughtfully designed Women Bags (IRTH). Titan is widely known for transforming the watch and jewellery industry in India and for shaping India's retail market by pioneering experiential retail.