# Titan share price today (Titan Company Ltd, NSE: TITAN)

> Titan share price today: ₹4,754.40 at the NSE close on 4 November 2026, up 26.2% in a year. Titan Company (NSE: TITAN) is worth ₹4,22,136 crore, trades at a P/E of 72.3 and has closed between ₹3,768.80 and ₹5,165.00 over the past 52 weeks. > Titan Company Ltd's earnings have grown faster than its share price. Earnings per share grew +52.0% in a year while the price moved +26.2%. TITAN · Diamond, Gems & Jewellery · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/titan-company-ltd

Titan is one of the companies compared in a full read in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/why-jewellery-stocks-are-beating?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹4,754.40 (+26.2% in a year)
- P/E: 72.3× (lower than 64% of the last 11 years)
- Revenue (Jun 2026): ₹21,356 Cr (+29.3% on a year ago)
- Profit (Jun 2026): ₹1,777 Cr (+62.9% on a year ago)
- Operating margin: 14.0% (+3.0 points on a year ago)
- ROCE: 21%, FY26
- ROIC: 14.9%, against a 12.0% cost of capital: +2.9 points

The main question: profits are rising, but only 57% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Titan share price today? Titan Company Ltd's share price was ₹4,754.40 at the close on 4 November 2026. It has been rising for 74 weeks. That is 7.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹3,769 and ₹5,165, and at that close it sat 71% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 11 years the share price moved +1,338% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Titan this quarter? 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹21,356 crore, +29.3% on a year earlier. Why: Sales rose because every brand, business and subsidiary grew. Next results: check whether jewellery sales grow at the healthy double-digit pace management promised. From the earnings call on 7 Aug 2026. 2. Best operating margin in 15 quarters Operating margin was 14% in the June 2026 quarter, against 11% a year earlier. Why: Margins rose because jewellery profit got a customs duty payment and a gain from revaluing gold stock. From the earnings call on 7 Aug 2026. ## What are Titan's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Titan reported revenue of ₹21,356 crore, up 29.3% from ₹16,523 crore a year earlier, and a profit of ₹1,777 crore, up 62.9% from ₹1,091 crore. ### Titan results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹21,356 crore | ₹16,523 crore | +29.3% |
| Profit | ₹1,777 crore | ₹1,091 crore | +62.9% |
| Earnings per share | ₹20.02 | ₹12.29 | +62.9% |
| Operating margin | 14.0% | 11.0% | +3.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Titan's management discussed these results on a call held on 7 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Titan share price history? Titan closed at ₹4,754.40 on 4 November 2026, up 26.2% from ₹3,768.80 a year earlier (7 November 2025) and up 95.5% over five years. Its highest weekly close since February 2016 was ₹5,165.00 on 28 August 2026. ### Titan share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹4,448.00 | +6.9% |
| 1 month ago · 1 Oct 2026 | ₹4,535.00 | +4.8% |
| 6 months ago · 8 May 2026 | ₹4,513.40 | +5.3% |
| 1 year ago · 7 Nov 2025 | ₹3,768.80 | +26.2% |
| 3 years ago · 3 Nov 2023 | ₹3,272.55 | +45.3% |
| 5 years ago · 4 Nov 2021 | ₹2,432.45 | +95.5% |
| 10 years ago · 4 Nov 2016 | ₹368.50 | +1,190.2% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹330.60 | +1,338.1% |
| Highest weekly close since February 2016, also the 52-week high · 28 Aug 2026 | ₹5,165.00 | −7.9% |
| Lowest weekly close since February 2016 · 18 Nov 2016 | ₹303.05 | +1,468.9% |
| 52-week low (weekly close) · 7 Nov 2025 | ₹3,768.80 | +26.2% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 26 February 2016 to 4 November 2026.)

## What is the latest news on Titan? 4 Nov 2026: Titan closed at ₹4,754.40, up 6.9% on the week and up 4.8% on the month. 7 Aug 2026: Titan held its results call for April to June 2026. Management guided: Jewellery EBIT margin around 11% as full-year centre of gravity; studded mix, lower caratage, VCM and sourcing expected to support H2. ### Earlier

- 9 Jul 2026: ex-date for a dividend of ₹15 a share. - Results for April to June 2026: Revenue up 29.3% and profit up 62.9% on a year earlier. ## What dividend does Titan pay? Titan paid ₹15 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.32% at the ₹4,754.40 close on 4 November 2026. The last was a dividend of ₹15 a share, ex-date 9 July 2026. ### Titan dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 9 Jul 2026 | ₹15 | Dividend |
| 8 Jul 2025 | ₹11 | Dividend |
| 27 Jun 2024 | ₹11 | Dividend |
| 13 Jul 2023 | ₹10 | Dividend |
| 8 Jul 2022 | ₹7.50 | Dividend |
| 22 Jul 2021 | ₹4 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Titan Company Ltd paid out 26% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Titan management say on the latest results call? On the call for April to June 2026, held on 7 August 2026, Titan's management guided: Jewellery EBIT margin around 11% as full-year centre of gravity; studded mix, lower caratage, VCM and sourcing expected to support H2. > “I think overall we are committed to, I'm just reiterating, we're committed to a double-digit healthy growth in value in the jewelry business because that's the only way we'll get to our committed FY27 goals that we've set.”
> Ajay Chawla, closing comments, on the call for April to June 2026

### What management guided

- Customs-duty and inventory MTM gains expected to reverse over 2-3 quarters. - Jewellery value growth planned at healthy double-digit levels to reach FY27 goals. - June recovery viewed as fully offsetting May deferment with no Q2 spillover; gold coin growth expected to moderate. - Overall international jewellery portfolio expected to be EBIT-positive for the full year despite Damas. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/81/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 7 August 2026.)

## What is the future of Titan? What is changing in the business? What is changing at Titan, from the latest results and calls: organized sector formalization & market share gains, gold exchange & accessibility architecture and international expansion & damas integration. - Organized Sector Formalization & Market Share Gains. Accelerating market share gains (50-60 basis points in FY26) as elevated gold prices drive consumer preference toward trusted national brands. ⚠ estimate
- Gold Exchange & Accessibility Architecture. Old gold exchange contributions (40-50% of sales) and lightweight/lower-caratage innovations buffer consumer affordability against gold spikes. ⚠ estimate
- International Expansion & Damas Integration. Damas 67% stake acquisition and international store rollouts expand retail footprint across GCC and North American markets. ⚠ estimate
- Subsidiary Engines Scaling, CaratLane & TEAL. CaratLane 22-23% revenue growth with 10-11% goal operating margin alongside TEAL aerospace and defense manufacturing expansion. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What could change the Titan story? What are the risks? Jewellery customer volume growth turning negative for two consecutive quarters alongside sustained Tanishq domestic EBIT margins falling below 9.5%, indicating that gold inflation has permanently broken consumer accessibility and halted formalization market share gains. ### Each change stops working if

- Organized Sector Formalization & Market Share Gains: Regional competitors match national brand trust through widespread hallmarking compliance and aggressive price discounting. - Gold Exchange & Accessibility Architecture: Consumers pause gold recycling or gold price volatility triggers sharp margin compression in exchange transactions. - International Expansion & Damas Integration: Prolonged geopolitical conflict in the GCC permanently impairs tourist footfalls and retail sentiment across Dubai and Saudi Arabia. - Subsidiary Engines Scaling, CaratLane & TEAL: CaratLane fails to stabilize operating margins above 10% or TEAL experiences execution delays in aerospace component supply. ### The main risks

- Gold Price Trajectory & Product Mix Margin Compression: Surging gold prices push consumer mix toward lower-margin bullion coins and lightweight pieces over higher-margin studded jewellery. ✓ fact
- Management Guidance Consistency & Margin Floor Retreats: Management retreated from the 11-11.5% jewellery EBIT margin floor commitment in May 2026, creating margin predictability uncertainty. ✓ fact
- International GCC & Damas Disruption Continuity: April to June 2026 Damas operations turned loss-making due to regional Middle East conflict reducing retail footfall and ticket sizes. ✓ fact
- Customer Volume Growth Deceleration: Customer volume growth slowed to 5% in April to June 2026 after 8% in January to March 2026 following a 9-month flat patch under high gold prices. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in Titan's next results? When Titan reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Jewellery value growth and customer acquisition after late-July plain-gold softness - check delivery against the stated growth objective. - What to check (from the call)
- Jewellery value growth and customer acquisition after late-July plain-gold softness - check delivery against the stated growth objective. - Jewellery EBIT margin after temporary duty and MTM support fades - check movement toward the full-year margin framework. - Damas profitability as war-hit footfall and ticket size recover - check whether international Jewellery sustains positive EBIT. - Gold coin growth moderation and studded mix - check whether product mix supports gross-margin improvement. ## Which stock lists is Titan on? Titan is on 2 of our India lists: Nifty 50 companies and Gold & silver stocks. - [Nifty 50 companies](https://www.sectoralpha.in/nifty-50-stocks-list)
- [Gold & silver stocks Group on the list: Jewellery makers and shops](https://www.sectoralpha.in/gold-stocks-india)

## Is Titan profitable? Titan Company Ltd earned ₹1,777 Cr of net profit in the Jun 2026 quarter, +62.9% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹5,073 Cr. Over 10 years profit has grown 22.3% a year on average. That is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹1,091 Cr. For the full year, FY26 profit was ₹5,073 Cr (+52.0% on the year before). Why profit moved: revenue changed +29.3% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +54.6% and revenue +45.5%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY26-Q4. revenue ₹26,920 Cr and profit ₹1,179 Cr as reported. FY27-Q1. revenue ₹21,356 Cr and profit ₹1,777 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Titan make, and is it growing? Titan Company Ltd reported ₹21,356 Cr of revenue in the Jun 2026 quarter, +29.3% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 22.8% a year on average. The last full year, FY26, came in at ₹87,584 Cr. The last four reported quarters add to ₹92,417 Cr. FY26 revenue was ₹87,584 Cr, +44.9% on the year before. Recent pace: the last four quarters grew +45.5% on average, against 22.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +45.1%, against +32.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +55.1%, against +29.1% a year (accelerating). FY26-Q4. revenue ₹26,920 Cr and profit ₹1,179 Cr as reported. FY27-Q1. revenue ₹21,356 Cr and profit ₹1,777 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Titan keep? Titan Company Ltd's operating margin was 14.0% in the Jun 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 8.0% and 12.0%. The latest quarter is above every full year in that period. Why this happened. Titan gained 50-60 basis points of market share in FY26 as higher gold prices accelerated consumer migration from regional/unorganized jewelers toward hallmarked, trusted brands like Tanishq. Customer preference for verifiable purity and transparent exchange programs provides a multi-year tailwind for organized retail consolidation. Why the margin moved: operating margin changed +2.4 percentage points on the year while gross margin changed +2.9 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY26-Q4. revenue ₹26,920 Cr and profit ₹1,179 Cr as reported. FY27-Q1. revenue ₹21,356 Cr and profit ₹1,777 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Titan's profit turning into cash? Over the last 3 years, 57% of Titan Company Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹5,590 Cr of operating cash against ₹5,073 Cr of profit. After ₹3,700 Cr of spending on assets, ₹1,890 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 57% of profit came in as cash: the cash cycle got 35 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 35 days longer. The next section looks at where the cash is stuck. ## Where does Titan's cash go? Titan Company Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 211 days in FY26, up from 176 days in FY21. It spent ₹6,002 Cr on assets over the last 3 years. Customers take 4 days to pay, and stock sits for 222 days on average. At FY26 sales of ₹87,584 Cr, each day of that cycle ties up about ₹240 Cr, so roughly ₹50,631 Cr is tied up in the business at any time. FY26: customers took 4 days to pay and stock sat for 222 days, about 7.3 months of sales sitting as stock, for a full cycle of 211 days, longer than FY21's 176. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 222 days. Customers pay about 4 days after that. Suppliers are paid at 15 days. Together that makes the 211-day cycle. Spending on assets: ₹6,002 Cr over the last 3 years, against ₹2,103 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹163 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is Titan's P/E ratio, and how does it compare with its own history? Titan Company Ltd's P/E is 72.3×, in the middle of its own history: higher than 36% of past readings. Its usual P/E (the middle reading) is 78.0×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why this happened. CaratLane delivers omnichannel jewellery expansion aiming for younger demographics, with full-year margins near 10% and long-term EBITDA goals of 10-11%. Concurrently, TEAL precision engineering benefits from aerospace, defense, and China-plus-one manufacturing tailwinds, aiming for mid-to-long term normalized EBIT margins of 12-16%. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹64.89. Why the multiple is where it is: over the past year earnings per share moved +52.0% while the price moved +26.2%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +14.3% a year; about +27.3% a year came from earnings growth and about −13.0 percentage points from the multiple (the market paying less); over 10 years the price moved +29.1% a year; about +24.0% a year came from earnings growth and about +5.1 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Titan business getting better or worse? Titan Company Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 50.6%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Titan story, and has it been checked? Titan Company Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID CONTRACTION. Our read, 22 August 2026. From the numbers. From the price. Price stage 2, week 74, above its 200-day line, relative strength falling. From the research. Where they disagree. What is proven. What is not proven yet. Jewellery customer volume growth turning negative for two consecutive quarters alongside sustained Tanishq domestic EBIT margins falling below 9.5%, indicating that gold inflation has permanently broken consumer accessibility and halted formalization market share gains. What would change our mind. Jewellery customer volume growth turning negative for two consecutive quarters alongside sustained Tanishq domestic EBIT margins falling below 9.5%, indicating that gold inflation has permanently broken consumer accessibility and halted formalization market share gains. The test written in advance. Jewellery customer volume growth turning negative for two consecutive quarters alongside sustained Tanishq domestic EBIT margins falling below 9.5%, indicating that gold inflation has permanently broken consumer accessibility and halted formalization market share gains. Measured by: the thesis as written as stated by the next result. The test written in advance. Gold Price Trajectory & Product Mix Margin Compression. Measured by: Gold Price Trajectory & Product Mix Margin Compression Quarterly jewellery segment EBIT margin prints and gold coin contribution to product mix. by the next result. The test written in advance. Management Guidance Consistency & Margin Floor Retreats. Measured by: Management Guidance Consistency & Margin Floor Retreats Jewellery EBIT margin delivery in Q2 FY27 against the stated 11% full-year centre of gravity. by the next result. What the company does. Q1 FY27 delivered revenue +29.2% YoY (Rs 21,356 Cr) and PAT +62.9% YoY (Rs 1,777 Cr) with OPM expanding to 14%, though Rs 407 Cr customs duty realization and inventory MTM supported reported numbers. Management execution delivered 50-60 bps annual market share gains, but the abandonment of the 11-11.5% jewellery margin floor in May 2026 highlights margin sensitivity to gold price spikes. What the surface reading misses. The compression is entirely earnings-driven (TTM net profit grew from Rs 974 Cr in FY21 to over Rs 5,700 Cr), reflecting sustained market share gains and 37.7% ROE. Lever 1 · Operating leverage: building. Accelerating market share gains (50-60 bps in FY26) as elevated gold prices drive consumer preference toward trusted national brands. What proves it keeps working: Organized Sector Formalization & Market Share Gains. It stops working if Regional competitors match national brand trust through widespread hallmarking compliance and aggressive price discounting. Lever 3 · Management change: building. Old gold exchange contributions (40-50% of sales) and lightweight/lower-caratage innovations buffer consumer affordability against gold spikes. What proves it keeps working: Gold Exchange & Accessibility Architecture. It stops working if Consumers pause gold recycling or gold price volatility triggers sharp margin compression in exchange transactions. Lever 2 · Value-added mix: building. Damas 67% stake acquisition and international store rollouts expand retail footprint across GCC and North American markets. What proves it keeps working: International Expansion & Damas Integration. It stops working if Prolonged geopolitical conflict in the GCC permanently impairs tourist footfalls and retail sentiment across Dubai and Saudi Arabia. Lever 8 · Demerger or value unlock: building. CaratLane 22-23% revenue growth with 10-11% goal EBITDA margins alongside TEAL aerospace and defense manufacturing expansion. What proves it keeps working: Subsidiary Engines Scaling, CaratLane & TEAL. It stops working if CaratLane fails to stabilize operating margins above 10% or TEAL experiences execution delays in aerospace component supply. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Titan management deliver what it promised? What Titan Company Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Exchange Penetration Estimate Appears Lower · 7 August 2026. In Feb 2026, management said that more than 50% of business had an exchange element. In Aug 2026, management described exchange-related sales as 40-50% of business, without explaining whether the measurement definition had changed; because exchange is presented as a major customer-acquisition and growth driver, the apparent decline should be reconciled. Jewelry EBIT Margin Floor Guidance Abandoned · 8 May 2026. In the Nov 2025 call, management directly defended the 11% jewelry EBIT margin floor when challenged by analysts, stating they were hoping to maintain the range and would remain pretty consistent. By the May 2026 call, management explicitly walked back any margin range assurance, stating it is very difficult to give a specific range and they would not give a firm assurance that this is sustainable. Rising gold prices were already a known and ongoing headwind in Nov 2025 when management defended the floor, making this an unexplained abandonment of a prior stated margin commitment. CaratLane Low Double-Digit Margin Guidance Breached Without Prior Disclosure · 8 May 2026. On the Feb 2026 earnings call, Ashok specifically stated CaratLane had reached double-digit EBIT margins ahead of schedule and would stay there at a low double-digit margin EBIT profile. Crucially, at the time of this guidance, CaratLane's ERP migration to Oracle Fusion was already causing operational disruptions in January 2026, creating a known headwind that was not disclosed to analysts on that call. The May 2026 call reveals Q4 CaratLane EBIT margin fell to 8.4%, below double-digit, with the ERP migration cited only retrospectively. Jewelry Margin Guidance Retreat · 11 February 2026. In the August 2025 and November 2025 calls, management reaffirmed their commitment to an 11-11.5% EBIT margin band for the jewelry division as a sustainable guidance range. However, in the February 2026 call, following a standalone jewelry gross margin dip of 200 basis points, management pivoted away from this commitment, stating that reaching specific percentage goals is now difficult and that absolute EBIT growth is being prioritized over margin thresholds. Later call (Feb 2026): “As absolute EBIT growth becomes more important than percentage margins, reaching specific targets becomes difficult.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Titan management's track record? Formalisation execution is strong, but margin guidance was walked back and Damas is not yet proving the acquisition case under stress. ### Regulatory and governance record

A July 2026 tax penalty of ₹4 crore is under appeal and was disclosed as having no material operating or financial impact; an older insider-trading settlement was company-reported and is not current. 0% Promoter shares pledged

Sources:

- [trendlyne.com](https://trendlyne.com/research-reports/stock/1403/TITAN/titan-company-ltd)
- [thehindubusinessline.com](https://www.thehindubusinessline.com/companies/income-tax-dept-places-4-cr-penalty-on-titan-over-under-reporting-allegations/article71220440.ece)
- [equitymaster.com](https://www.equitymaster.com/stock-research/shareholding-pattern/TITN/TITAN-Shareholding-Pattern)

(Checked 30 August 2026.)

## How much does Titan earn on its capital? Titan Company Ltd earned a ROCE of 21% in FY26. That is up from a low of 13% in FY21. Its return on capital used (ROIC) is 2.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 5.8% net margin and 1.45× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.8% net margin × 1.45× asset turnover × 3.86× leverage (assets divided by equity) ≈ 32.5% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 14.9% − 12.0% = +2.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Titan have too much debt? Titan Company Ltd has total debt of ₹30,621 Cr against shareholder equity of ₹15,703 Cr as of Jun 2026, so its debt is 1.95× its equity. Year by year, that ratio went from 0.78 in FY22 to 1.95 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Titan shareholding pattern? Domestic institutions raised their stake in Titan Company Ltd by 3.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 14.4% of the company. Foreign institutions moved −1.9 points over the same period, to 16.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. To counter high gold prices, Titan scaled its gold exchange program (contributing 40-50% of jewellery sales) and expanded lower-caratage offerings (9K at CaratLane/Mia, 14K at Tanishq). These accessibility levers sustain footfall and acquisition of younger and price-sensitive consumers despite macro price inflation. Over the last two years: Domestic institutions: +3.1 points over 8 quarters, to 14.4%; Foreign institutions: −1.9 points over 8 quarters, to 16.4%; Promoters: +0.0 points over 8 quarters, to 52.9%. Why the owners changed: foreign institutions moved −1.9 points and domestic institutions +3.1 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Titan from balance-sheet trouble? For Titan Company Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Titan rank in its industry? 56.8 out of 100, rank 9 of 28 in Diamond, Gems & Jewellery, with 96% of the evidence available. Titan Company Ltd scores 56.8 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 9. Earnings are strong; relative strength in its sector is -21.5% and the one-year return is 18.8%. The four parts add up to the total exactly: 26 + 14.1 + 9.8 + 6.9 = 56.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Titan compared with? Titan ranks 9 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 56.8 out of 100. 1. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) DPABHUSHAN · leader · Most evidence points up · 96% evidence 72.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 30.8% · Profit 94.3% · Operating margin change 1 points · 88% evidence Capital efficiency 19.0/25 · ROCE 39.6% · Operating margin 11% · 100% evidence Valuation 12.1/20 · P/E 18.5× · PEG 0.74 · 100% evidence Relative strength 17.3/20 · Lead over its industry 14.3% · Lead over NIFTY 500 53.2% · 1 year 37.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.5 + 19 + 12.1 + 17.3 = 72.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) SKYGOLD · leader · Most evidence points up · 100% evidence 71.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 73.1% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.9% · Operating margin 8% · 100% evidence Valuation 6.9/20 · P/E 34.1× · PEG 1.71 · 100% evidence Relative strength 16.3/20 · Lead over its industry 36.4% · Lead over NIFTY 500 76.3% · 1 year 147.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 18.8 + 6.9 + 16.3 = 71.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [PNGS Reva Diamond Jewellery Limited](https://www.sectoralpha.in/stocks/pngs-reva-diamond-jewellery-limited) PNGSREVA · breaking out · Most evidence points up · 63% evidence 70.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 39.2/43.75 · Revenue 100% · Profit 100% · Operating margin change 5 points · 100% evidence Capital efficiency 19.0/31.25 · ROCE 22% · Operating margin 24% · 100% evidence Valuation 12.2/25 · P/E 20.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 39.2 + 19 + 12.2 = 70.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 4. [Shanti Gold International Ltd](https://www.sectoralpha.in/stocks/shanti-gold-international-ltd) SHANTIGOLD · breaking out · Most evidence points up · 71% evidence 67.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 83% evidence Capital efficiency 18.5/25 · ROCE 33.9% · Operating margin 10% · 76% evidence Valuation 10.9/20 · P/E 12.2× · PEG n/a · 15% evidence Relative strength 15.3/20 · Lead over its industry 1.1% · Lead over NIFTY 500 35% · 1 year 24% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.1 + 18.5 + 10.9 + 15.3 = 67.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Tribhovandas Bhimji Zaveri Ltd](https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd) TBZ · leader · Most evidence points up · 100% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 24.1% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.3/25 · ROCE 21.9% · Operating margin 7% · 100% evidence Valuation 10.9/20 · P/E 20.6× · PEG 0.72 · 100% evidence Relative strength 19.5/20 · Lead over its industry 100.6% · Lead over NIFTY 500 148.9% · 1 year 237.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.6 + 15.3 + 10.9 + 19.5 = 67.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Khazanchi Jewellers Ltd](https://www.sectoralpha.in/stocks/khazanchi-jewellers-ltd) KHAZANCHI · breaking out · Most evidence points up · 71% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.5/35 · Revenue 24.4% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.3/25 · ROCE 34.8% · Operating margin 7% · 100% evidence Valuation 13.4/20 · P/E 17.5× · PEG n/a · 50% evidence Relative strength 10.6/20 · Lead over its industry n/a · Lead over NIFTY 500 6.8% · 1 year 7.3% · 25% evidence · 5 of 5 weeks ahead Exact sum: 26.5 + 16.3 + 13.4 + 10.6 = 66.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) PCJEWELLER · breaking out · Evidence leans up · 100% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 29.3% · Profit 45.7% · Operating margin change 7 points · 100% evidence Capital efficiency 10.3/25 · ROCE 9.6% · Operating margin 29% · 100% evidence Valuation 13.2/20 · P/E 16.9× · PEG 0.32 · 100% evidence Relative strength 18.2/20 · Lead over its industry 14.7% · Lead over NIFTY 500 54.2% · 1 year 33.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.9 + 10.3 + 13.2 + 18.2 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [RBZ Jewellers Ltd](https://www.sectoralpha.in/stocks/rbz-jewellers-ltd) RBZJEWEL · breaking out · Evidence leans up · 96% evidence 61.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 30.3% · Profit 54% · Operating margin change -2.3 points · 88% evidence Capital efficiency 14.6/25 · ROCE 22% · Operating margin 14.8% · 100% evidence Valuation 16.4/20 · P/E 12.2× · PEG 0.23 · 100% evidence Relative strength 12.0/20 · Lead over its industry -8.2% · Lead over NIFTY 500 24.1% · 1 year 16.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.7 + 14.6 + 16.4 + 12 = 61.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. Titan Company Ltd this page TITAN · losing its lead · Evidence leans up · 96% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 45% · Profit 55.1% · Operating margin change 3 points · 88% evidence Capital efficiency 14.1/25 · ROCE 20.5% · Operating margin 14% · 100% evidence Valuation 9.8/20 · P/E 67.5× · PEG 1.43 · 100% evidence Relative strength 6.9/20 · Lead over its industry -21.5% · Lead over NIFTY 500 7.2% · 1 year 18.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 26 + 14.1 + 9.8 + 6.9 = 56.8 · What this means: Earnings are strong; relative strength in its sector is -21.5% and the one-year return is 18.8%. 10. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) THANGAMAYL · quiet · Evidence leans up · 96% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 83.2% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 13.6/25 · ROCE 25.5% · Operating margin 5% · 100% evidence Valuation 9.5/20 · P/E 35.3× · PEG 0.78 · 100% evidence Relative strength 6.4/20 · Lead over its industry -20.4% · Lead over NIFTY 500 7% · 1 year 105.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 25.8 + 13.6 + 9.5 + 6.4 = 55.3 · What this means: Earnings are strong; relative strength in its sector is -20.4% and the one-year return is 105.3%. 11. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) SENCO · quiet · Evidence leans up · 96% evidence 53.0 out of 100 Growth Capital Valuation Relative
12. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) SHRINGARMS · breaking out · Evidence leans up · 73% evidence 52.2 out of 100 Growth Capital Valuation Relative
13. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) PNGJL · quiet · Evidence leans up · 93% evidence 52.1 out of 100 Growth Capital Valuation Relative
14. [Kalyan Jewellers India Ltd](https://www.sectoralpha.in/stocks/kalyan-jewellers-india-ltd) KALYANKJIL · losing its lead · Evidence leans down · 96% evidence 49.9 out of 100 Growth Capital Valuation Relative
15. [Motisons Jewellers Ltd](https://www.sectoralpha.in/stocks/motisons-jewellers-ltd) MOTISONS · breaking out · Evidence leans down · 96% evidence 48.0 out of 100 Growth Capital Valuation Relative
16. [PNGS Gargi Fashion Jewellery Ltd](https://www.sectoralpha.in/stocks/pngs-gargi-fashion-jewellery-ltd) basing · Evidence leans down · 72% evidence 48.0 out of 100 Growth Capital Valuation Relative
17. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) BLUESTONE · losing its lead · Too little evidence to rank firmly · 59% evidence 46.9 out of 100 Growth Capital Valuation Relative
18. [Manoj Vaibhav Gems N Jewellers Ltd](https://www.sectoralpha.in/stocks/manoj-vaibhav-gems-n-jewellers-ltd) MVGJL · losing its lead · Evidence leans down · 96% evidence 45.8 out of 100 Growth Capital Valuation Relative
19. [Radhika Jeweltech Ltd](https://www.sectoralpha.in/stocks/radhika-jeweltech-ltd) RADHIKAJWE · quiet · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative
20. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) VAIBHAVGBL · quiet · Evidence leans down · 100% evidence 43.7 out of 100 Growth Capital Valuation Relative
21. [SJ Corporation Ltd](https://www.sectoralpha.in/stocks/sj-corporation-ltd) breaking out · Too little evidence to rank firmly · 57% evidence 42.4 out of 100 Growth Capital Valuation Relative
22. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) RAJESHEXPO · quiet · Evidence leans down · 88% evidence 36.7 out of 100 Growth Capital Valuation Relative
23. [Asian Star Company Ltd](https://www.sectoralpha.in/stocks/asian-star-company-ltd) ASTAR · turning · Most evidence points down · 78% evidence 28.4 out of 100 Growth Capital Valuation Relative
24. [Utssav CZ Gold Jewels Ltd](https://www.sectoralpha.in/stocks/utssav-cz-gold-jewels-ltd) UTSSAV · leader · Too little evidence to rank firmly · 47% evidence 63.7 out of 100 Growth Capital Valuation Relative
25. Uday Jewellery Industries Ltd Too little evidence to rank firmly · 47% evidence 62.2 out of 100 Growth Capital Valuation Relative
26. [Advit Jewels Ltd](https://www.sectoralpha.in/stocks/advit-jewels-ltd) RAMBHAJO · turning · Too little evidence to rank firmly · 45% evidence 58.9 out of 100 Growth Capital Valuation Relative
27. [Grover Jewells Ltd](https://www.sectoralpha.in/stocks/grover-jewells-ltd) GJL · Too little evidence to rank firmly · 34% evidence 52.9 out of 100 Growth Capital Valuation Relative
28. [Golkunda Diamonds & Jewellery Ltd](https://www.sectoralpha.in/stocks/golkunda-diamonds-jewellery-ltd) Too little evidence to rank firmly · 43% evidence 45.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Diamond, Gems & Jewellery](https://www.sectoralpha.in/sectors/diamond-gems-jewellery), all 28 compared on one page. ## Which companies are close to Titan in size? Titan is the largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Kalyan Jewellers India, PC Jeweller, Thangamayil Jewellery, Sky Gold & Diamonds, Bluestone Jewellery & Lifestyle and P N Gadgil Jewellers. ### Diamond, Gems & Jewellery companies close in size

1. Titan Company Ltd ₹3,93,866 crore
2. [Kalyan Jewellers India Ltd](https://www.sectoralpha.in/stocks/kalyan-jewellers-india-ltd) ₹51,431 crore
3. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) ₹15,182 crore
4. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) ₹13,847 crore
5. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) ₹13,678 crore
6. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) ₹10,312 crore
7. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) ₹8,222 crore

[All 27 Diamond, Gems & Jewellery companies, largest first](https://www.sectoralpha.in/sectors/diamond-gems-jewellery#all-companies)

### Companies close in size in other industries

1. [Sun Pharmaceutical Industries Ltd](https://www.sectoralpha.in/stocks/sun-pharmaceutical-industries-ltd) ₹4,26,530 crore · Pharma - Formulators
2. [Adani Ports & Special Economic Zone Ltd](https://www.sectoralpha.in/stocks/adani-ports-special-economic-zone-ltd) ₹4,26,232 crore · Marine Port & Services
3. Titan Company Ltd ₹3,93,866 crore
4. [HCL Technologies Ltd](https://www.sectoralpha.in/stocks/hcl-technologies-ltd) ₹3,87,539 crore · IT - Software
5. [Axis Bank Ltd](https://www.sectoralpha.in/stocks/axis-bank-ltd) ₹3,78,983 crore · Banks - Private

## What else do people ask about Titan? ### What is Titan's share price today? Titan Company Ltd's share price is ₹4,754.40, +26.2% over the past year. The whole company is worth ₹4,22,136 Cr on the market. In the last 52 weeks it traded between ₹3,769 to ₹5,165; today it is 71% of the way up from the low, 7.2% above its 200-day average (as of 4 November 2026). ### What were Titan's latest quarterly results? Titan Company Ltd reported revenue of ₹21,356 Cr and net profit of ₹1,777 Cr for the Jun 2026 quarter. Revenue rose 29.3% and profit rose 62.9% compared with a year earlier. Earnings per share were ₹20.02. The operating margin was 14.0%, 3.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Titan's market cap? Titan Company Ltd's market capitalisation is ₹4,22,136 Cr at a share price of ₹4,754.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Titan performing? Titan Company Ltd's share price has been rising for 74 weeks. In its latest quarter, revenue rose 29.3% and profit rose 62.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will Titan's share price go up? This page does not forecast Titan Company Ltd's share price. What it shows instead: the share price is ₹4,754.40, and it has been rising for 74 weeks. Its P/E of 72.3× is higher than 36% of its own last 11 years (as of 4 November 2026). ### Where is Titan in its business cycle? Titan Company Ltd's FY26 operating margin was 10.0%, against a 13-year range of 8.0% to 12.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Titan story? The main question: profits are rising, but only 57% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Titan a stock worth studying right now? What the numbers show: Titan Company Ltd's earnings have grown faster than its share price. Earnings per share grew +52.0% in a year while the price moved +26.2%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Titan share price forecast for 2026? What management itself guided: Jewellery EBIT margin around 11% as full-year centre of gravity; studded mix, lower caratage, VCM and sourcing expected to support H2. What is changing at Titan, from the latest results and calls: organized sector formalization & market share gains, gold exchange & accessibility architecture and international expansion & damas integration. What would change the story: Jewellery customer volume growth turning negative for two consecutive quarters alongside sustained Tanishq domestic EBIT margins falling below 9.5%, indicating that gold inflation has permanently broken consumer accessibility and halted formalization market share gains. ### Where does this page get Titan's management information? From Titan's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Nifty 50 companies: https://www.sectoralpha.in/nifty-50-stocks-list
- Gold & silver stocks: https://www.sectoralpha.in/gold-stocks-india

This is research, not advice. We’re not SEBI-registered.