Titan Company Limited — Quarter and year ended 31 March 2026
Optional commentary: Standalone and consolidated results are presented in ₹ crores (except EPS). The quarter columns are 3 months ended 31-03-2026 (audited), 31-12-2025 (unaudited), and 31-03-2025 (audited); year columns are year ended 31-03-2026 (audited) and 31-03-2025 (audited).
| Particulars | 3 months ended 31-03-2026 (Audited)^7 | 3 months ended 31-12-2025 (Unaudited) | 3 months ended 31-03-2025 (Audited)^7 | Year ended 31-03-2026 (Audited) | Year ended 31-03-2025 (Audited) |
|---|---|---|---|---|---|
| I. Revenue from operations | |||||
| – Sale of products/ services | 17,730 | 22,113 | 12,581 | 67,384 | 52,007 |
| – Other operating revenue (refer note 3) | 6,204 | 409 | 896 | 10,170 | 2,835 |
| II. Other income | 152 | 167 | 117 | 535 | 493 |
| III. Total income (I + II) | 24,086 | 22,689 | 13,594 | 78,089 | 55,335 |
| IV. Expenses: | |||||
| Cost of materials and components consumed | 19,894 | 14,588 | 13,220 | 63,256 | 43,905 |
| Purchase of stock-in-trade | 1,890 | 2,539 | 1,642 | 8,334 | 6,372 |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | (1,464) | 1,238 | (4,307) | (8,221) | (6,537) |
| Employee benefits expense | 583 | 506 | 447 | 2,041 | 1,717 |
| Finance costs | 274 | 243 | 204 | 955 | 767 |
| Depreciation and amortisation expense | 156 | 151 | 144 | 596 | 537 |
| Advertising | 296 | 327 | 247 | 1,220 | 979 |
| Other expenses | 1,020 | 988 | 790 | 3,621 | 3,114 |
| IV. Total expenses | 22,649 | 20,580 | 12,387 | 71,802 | 50,854 |
| V. Profit before exceptional item and tax (III – IV) | 1,437 | 2,109 | 1,207 | 6,287 | 4,481 |
| VI. Exceptional item (refer note 5) | (49) | 138 | – | 89 | – |
| VII. Profit before tax (V – VI) | 1,486 | 1,971 | 1,207 | 6,198 | 4,481 |
| VIII. Tax expense: | |||||
| Current tax | 365 | 502 | 304 | 1,572 | 1,117 |
| Deferred tax (credit)/ charge | (3) | (1) | 33 | (4) | 29 |
| VIII. Total tax | 362 | 501 | 337 | 1,568 | 1,146 |
| IX. Profit for the period (VII – VIII) | 1,124 | 1,470 | 870 | 4,630 | 3,335 |
| X. Other comprehensive income | |||||
| (i) Items that will not be reclassified to the statement of profit and loss | |||||
| – Remeasurement of employee defined benefit plan | (25) | 23 | (38) | (74) | (25) |
| – Income-tax on (i) above | 7 | (6) | 9 | 19 | 6 |
| X. Total other comprehensive (loss) / income | (18) | 17 | (29) | (55) | (19) |
| XI. Total comprehensive income (IX + X) | 1,106 | 1,487 | 841 | 4,575 | 3,316 |
| XII. Paid up equity share capital (face value ₹ 1 per share): | 89 | 89 | 89 | 89 | 89 |
| XIII. Other equity: | 20,398 | 16,722 | |||
| XIV. Earnings per equity share of ₹1: (based on net profit for the period (IX)) | |||||
| Basic (not annualised) | 12.68 | 16.57 | 9.81 | 52.20 | 37.60 |
| Diluted (not annualised) | 12.65 | 16.57 | 9.80 | 52.16 | 37.58 |
| Particulars | ₹ in crores | |
|---|---|---|
| As at 31-03-2026 (Audited) | As at 31-03-2025 (Audited) | |
| ASSETS | ||
| (1) Non-current assets | ||
| (a) Property, plant and equipment | 1,688 | 1,474 |
| (b) Capital work-in-progress | 63 | 86 |
| (c) Right-of-use assets | 1,592 | 1,449 |
| (d) Investment property | 1 | 1 |
| (e) Intangible assets | 68 | 95 |
| (f) Intangible assets under development | 26 | 8 |
| (g) Financial assets | ||
| (i) Investments | 6,836 | 6,386 |
| (ii) Loans | 63 | 59 |
| (iii) Other financial assets | 810 | 739 |
| (h) Deferred tax assets (net) | 129 | 125 |
| (i) Income tax assets (net) | 91 | 85 |
| (j) Other non-current assets | 101 | 124 |
| Total Non-current assets | 11,468 | 10,631 |
| (2) Current assets | ||
| (a) Inventories | 34,980 | 24,517 |
| (b) Financial assets | ||
| (i) Investments | 2,196 | 1,337 |
| (ii) Trade receivables | 892 | 984 |
| (iii) Cash and cash equivalents | 156 | 243 |
| (iv) Bank balances other than (iii) above | 694 | 889 |
| (v) Loans | 640 | 340 |
| (vi) Other financial assets | 758 | 509 |
| (c) Other current assets | 1,833 | 1,625 |
| Total Current assets | 42,149 | 30,444 |
| TOTAL ASSETS | 53,617 | 41,075 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 89 | 89 |
| (b) Other equity (refer note 4) | 20,398 | 16,722 |
| TOTAL EQUITY | 20,487 | 16,811 |
| Liabilities | ||
| (1) Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | – | 420 |
| (ii) Lease liabilities | 2,142 | 1,943 |
| (b) Provisions | 213 | 256 |
| Total Non-current liabilities | 2,355 | 2,619 |
| (2) Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 6,239 | 7,483 |
| (ii) Gold on loan | 14,314 | 7,043 |
| (iii) Lease liabilities | 314 | 282 |
| (iv) Trade payables | ||
| – Total outstanding dues of micro and small enterprises | 531 | 158 |
| – Total outstanding dues of creditors other than micro and small enterprises | 1,384 | 1,314 |
| (v) Other financial liabilities | 2,244 | 1,134 |
| (b) Other current liabilities | 5,466 | 4,069 |
| (c) Provisions | 269 | 130 |
| (d) Current tax liabilities (net) | 14 | 32 |
| Total Current liabilities | 30,775 | 21,645 |
| TOTAL EQUITY AND LIABILITIES | 53,617 | 41,075 |
| Particulars | Year ended 31-03-2026 (Audited) | Year ended 31-03-2025 (Audited) |
|---|---|---|
| A. Cash flow from operating activities | ||
| Net profit before tax | 6,198 | 4,481 |
| Adjustments for : | ||
| – Depreciation and amortisation expense | 596 | 537 |
| – Net unrealised exchange (gain) / loss | (16) | 7 |
| – Loss/ (Gain) on sale/ disposal/ scrapping of property, plant and equipment (net)* | 2 | (0) |
| – Provision for doubtful trade receivables (net), trade receivables written off and others | 4 | 9 |
| – Interest income | (282) | (292) |
| – Gain on investments carried at fair value through profit and loss | (140) | (156) |
| – Dividend Income* | (0) | (0) |
| – Gain on pre-closure of lease contracts | (17) | (11) |
| – Rent waiver | (2) | (1) |
| – Share Based Payments to employees | 73 | 17 |
| – Finance costs | 955 | 767 |
| Operating profit before working capital changes | 7,371 | 5,358 |
| Adjustments for : | ||
| – (increase)/ decrease in trade receivables | 106 | (61) |
| – (increase)/ decrease in inventories | (10,463) | (7,643) |
| – (increase)/ decrease in financial assets-loans | (571) | (312) |
| – (increase)/ decrease in other financial assets | (59) | 385 |
| – (increase)/ decrease in other assets | (198) | (335) |
| – increase/ (decrease) in gold on loan | 7,271 | 2,105 |
| – increase/ (decrease) in trade payables | 441 | 539 |
| – increase/ (decrease) in other financial liabilities | 1,125 | 506 |
| – increase/ (decrease) in other current liabilities | 1,397 | 268 |
| – increase/ (decrease) in provisions | 22 | 42 |
| Cash generated from operating activities before taxes | 6,442 | 852 |
| – Direct taxes paid, net | (1,577) | (1,022) |
| Net cash generated from / (used in) operating activities | 4,865 | (170) |
| B. Cash flow from investing activities | ||
| Purchase of property, plant and equipment, intangible assets and investment property | (473) | (382) |
| Proceeds from sale of property, plant and equipment | 5 | 12 |
| Loan given to subsidiaries | 1,552 | – |
| Loan recovered from subsidiaries | (1,284) | – |
| Purchase of investments in subsidiaries and other equity instruments | – | (126) |
| Investment in non convertible debentures | (1,121) | (662) |
| Proceeds from redemption of non convertible debentures, government securities and certificate of deposit | 300 | 325 |
| Inter-corporate deposits placed | (100) | (332) |
| Proceeds from inter-corporate deposits | 100 | 575 |
| Investment in commercial papers | (99) | – |
| Bank deposits placed | (1,521) | (902) |
| Bank deposits matured | 1,493 | 553 |
| Purchase of mutual funds | (20,302) | (13,844) |
| Sale of mutual funds | 20,054 | 14,553 |
| Lease payments received from sub-lease (excluding interest received) | 118 | 103 |
| Interest received | 238 | 267 |
| Net cash (used in) / generated from investing activities | (1,040) | 140 |
| C. Cash flow from financing activities | ||
| Repayment of long term borrowings | (2,640) | – |
| Proceeds from short-term borrowings, net | 1,054 | 2,093 |
| Dividends paid | (976) | (976) |
| Payment of lease liabilities (excluding interest paid) | (517) | (479) |
| Acquisition of treasury shares | – | (6) |
| Finance costs paid | (833) | (631) |
| Net cash (used in) / generated from financing activities | (3,912) | 1 |
| Net decrease in cash and cash equivalents during the year (A+B+C) | (87) | (29) |
| Cash and cash equivalents (opening balance) | 243 | 272 |
| Cash and cash equivalents (closing balance) | 156 | 243 |
| Borrowings | 31-03-2026 | 31-03-2025 |
|---|---|---|
| Opening balance | 7,903 | 5,809 |
| (Repayment)/ proceeds from borrowings, net | (1,586) | 2,093 |
| Interest on non-convertible debentures | (145) | (193) |
| Non-cash changes | 67 | 194 |
| Closing balance | 6,239 | 7,903 |
| Reconciliation of Lease liability | 31-03-2026 | 31-03-2025 |
|---|---|---|
| Opening balance | 2,225 | 1,914 |
| Payments made during the year | (517) | (479) |
| Non-cash changes | 746 | 790 |
| Closing balance | 2,456 | 2,225 |
| Particulars | 3 months ended 31-03-2026 (Audited)^7 | 31-12-2025 (Unaudited) | 31-03-2025 (Audited)^7 | 31-03-2026 (Audited) | 31-03-2025 (Audited) |
|---|---|---|---|---|---|
| Segment revenues and profit and loss | |||||
| a) Revenue (including other income) | |||||
| Watches | 1,214 | 1,284 | 1,126 | 5,233 | 4,576 |
| Jewellery (refer note 3) | 22,437 | 20,927 | 12,096 | 71,108 | 49,227 |
| Eyecare | 224 | 229 | 192 | 907 | 796 |
| Others | 123 | 135 | 102 | 508 | 406 |
| Corporate (unallocated) | 88 | 114 | 78 | 333 | 330 |
| Total | 24,086 | 22,689 | 13,594 | 78,089 | 55,335 |
| b) Profit/(loss) from segments before finance costs, exceptional item and tax | |||||
| Watches | 163 | 154 | 133 | 842 | 553 |
| Jewellery | 1,711 | 2,186 | 1,331 | 6,601 | 4,764 |
| Eyecare | 23 | 28 | 20 | 84 | 85 |
| Others | (50) | (26) | (37) | (114) | (124) |
| Corporate (unallocated) | (136) | 10 | (36) | (171) | (30) |
| Total | 1,711 | 2,352 | 1,411 | 7,242 | 5,248 |
| Finance costs | 274 | 243 | 204 | 955 | 767 |
| Exceptional item (refer note 5) | (49) | 138 | – | 89 | – |
| Profit before tax | 1,486 | 1,971 | 1,207 | 6,198 | 4,481 |
| c) Segment assets and liabilities | |||||
| Segment assets | |||||
| Watches | 4,651 | 4,470 | 4,083 | 4,651 | 4,083 |
| Jewellery | 35,906 | 34,321 | 25,640 | 35,906 | 25,640 |
| Eyecare | 699 | 696 | 647 | 699 | 647 |
| Others | 570 | 595 | 548 | 570 | 548 |
| Corporate (unallocated) | 11,791 | 13,330 | 10,157 | 11,791 | 10,157 |
| Total | 53,617 | 53,412 | 41,075 | 53,617 | 41,075 |
| Segment liabilities |