Titan Company Q3 results: Jhunjhuwala stock in focus today; here're earnings estimates  

Titan Company Ltd is likely to report a muted growth in profit for the December quarter on a double digit growth in sales. The Tata group firm reported nearly 26 per cent ex-bullion growth in the jewellery business for the quarter, on account of high-single-digit buyer growth and double-digit ticket size growth during the festive and wedding season.

IIFL Securities expects Titan's profit to rise 6.5 per cent YoY to Rs 1,121 crore on 18.6 per cent YoY rise in sales at Rs 16,793 crore. Jewellery Ebit margin (ex-bullion) is expected to be at 11.5 per cent, the brokerage said.

Stock brokerages noted that average gold prices were up nearly 30 per cent YoY in rupee terms and that jewellers carried out their guided store additions and were mostly ahead of the same. The one-off impact of inventory losses on the back of basic custom duty cuts may optically weigh down margins.

Titan shares are up 10 per cent in 2025 so far against a 2 per cent drop in the BSE Sensex. The Jhunjhunwala family held 5.14 per cent stake in the jewellery maker as on December 31, 2024.

InCred Equities sees Titan's Q3 profit at Rs 1,111 crore, up 5 per cent YoY. It sees revenue climbing 23.8 per cent to Rs 17,530 crore. Ebitda is seen jumping 12 per cent to Rs 1,753 crore.

Nuvama Institutional Equities sees standalone Q3 profit for Titan falling 2 per cent YoY to Rs 1,023 crore on 24 per cent YoY rise in sales at Rs 16,168 crore. Ebitda margin is seen contracting 110 basis points to 10 per cent from 11.2 per cent YoY.

Titan's strong growth in domestic jewellery business in Q3 was similar to 26 per cent growth in Q2, driven by strong LFL growth of 22 per cent. Growth in other businesses was also strong, Nuvama said.

"Growth in studded segment picked up this quarter with the segment reporting 22% growth driven by high value studded segment. We build in 12 per cent margin for the jewellery segment margins before adjusting for inventory losses on custom duty cuts, given the focus on market share gains. We expect Ebitda margins at 10 per cent and Ebitda at Rs 1,620 crore, up 11 per cent YoY," it said.