TITAN MARKET BRIEF: Q3 FY26 PERFORMANCE Titan Company continues to exhibit exceptional momentum, reporting a substantial 40% year-on-year growth across its consumer businesses for the third quarter of fiscal 2026. This performance was largely propelled by a vibrant festive season and an extended wedding cycle, which sustained demand even as gold prices reached historic highs. The jewellery division remains the primary engine of growth, recording a 41% revenue surge. While buyer additions remained relatively flat due to price sensitivity, the average selling price (ASP) increased significantly. Strategic initiatives, such as Tanishq’s gold exchange programs, were instrumental in maintaining consumer engagement. Notably, gold coin sales nearly doubled, highlighting a strong shift toward gold as a safe-haven investment. Segment Highlights: - Plain gold jewellery grew in the high-thirties. - Studded jewellery delivered its best showing of the fiscal year with mid-twenties growth. - Watches and Wearables rose 13%, led by a 17% jump in analog models. - EyeCare grew 16%, supported by premium international brands and e-commerce. - Women’s bags saw explosive 111% growth, driven by the Fastrack and Irth brands. Titan has aggressively expanded its physical presence, adding 56 net new stores during the quarter to reach a total network of 3,433 outlets. The jewellery segment alone saw 47 new store openings. On the international front, the business surged 81% year-on-year, with new Tanishq locations launching in Boston and Orlando to capture the North American market. Market Data & Valuation: As of February 9, 2026, Titan’s stock (TITAN) is trading near 4,229 INR, reflecting a daily gain of approximately 7%. The stock recently touched a 52-week high of 4,312 INR. With a market capitalization exceeding 3.7 trillion INR and a Price-to-Earnings (P/E) ratio near 90, the company continues to command a premium valuation. While revenue growth remains robust, margins are facing selective pressure. Elevated gold prices and a shift toward lower-margin gold coins versus high-margin studded jewellery have slightly compressed EBIT margins. However, the launch of "beYon"—a new lab-grown diamond brand—indicates a strategic pivot to capture the high-margin, everyday fashion diamond segment. Looking ahead, the outlook for the remainder of FY26 remains positive. The organized jewellery sector is benefiting from a structural shift in consumer trust and transparent pricing, positioning Titan to maintain its market leadership despite commodity price volatility.