Titan hits lifetime high after Q4 beat; jewellery surge, Damas deal and FY26 profit jump fire up Street

Titan Company shares surged nearly 7% on Friday to an all-time high of ₹4,605 apiece on the NSE after the Tata group retailer delivered a March-quarter performance that reinforced both its near-term earnings strength and its longer-term growth narrative.

Strong quarter, stronger signal

The immediate trigger was the strength of the quarterly numbers. Titan reported consolidated net profit of ₹1,179 crore for Q4, up 35.36% from ₹871 crore a year ago. Consolidated revenue rose 80.5% to ₹26,920 crore from ₹14,916 crore, while EBITDA increased 26% to ₹1,937 crore from ₹1,537 crore. EBITDA margin came in at 7.20%, compared with 10.30% in the year-ago quarter.

That headline mix was enough to excite the Street because it showed Titan still delivering sharp profit growth even in a quarter where margins were under pressure. The market reaction also suggested investors were willing to reward scale, growth visibility and category leadership more than a one-quarter margin dip.

Jewellery remains the key driver

Jewellery once again did the heavy lifting for sentiment. Titan said its jewellery business grew 50% in Q4 to ₹18,195 crore excluding bullion and digi-gold sales, with domestic income rising 46% to ₹17,114 crore. Within that, the core Tanishq, Mia and Zoya portfolio grew 48% to ₹16,047 crore, while CaratLane posted 22% growth to ₹1,066 crore.

The company also highlighted robust underlying demand despite elevated gold prices. Titan said secondary sales for Tanishq, Mia and Zoya rose 54%, buyer growth was 8%, and average ticket sizes increased by around 40%, indicating that consumers continued to spend aggressively even in a high-gold-price environment. That resilience appears to have reassured investors that the company’s core franchise remains intact.

Damas adds a fresh global angle

Another big factor behind the rally was the Damas acquisition. Titan completed its 67% acquisition of Damas, the Middle East heritage jewellery brand, during the quarter, adding a 123-store network and deepening its international jewellery play. The company said international jewellery revenue grew 174% to ₹1,081 crore in Q4, while the Damas brand itself clocked ₹519 crore in revenue for the quarter.

Management commentary also added to the positive tone. Managing director Ajoy Chawla called FY26 “a landmark year for Titan” and said, “The next ₹25,000 crores has been remarkably achieved in a single year of FY26.” With watches staying resilient, TEAL posting strong growth, and the board recommending a ₹15-per-share dividend, the Street had enough reasons to push Titan into record-high territory.