Jhunjhunwala's Rs 20,000 crore stock bet gains ahead of Q3 results today; earnings preview
Jhunjhunwala’s 5.31 per cent stake in Titan Company as of December 31, 2025, was worth Rs 20,195 crore based on Tuesday’s stock price of Rs 4,284.05, as the share rose 0.64 per cent in trade.
- Feb 10, 2026,
- Updated Feb 10, 2026 12:50 PM IST
Titan Company Ltd, Rekha Jhunjhunwala's biggest stock bet at about Rs 20,000 crore, is all set to report its December quarter results today. Titan had earlier reported standalone jewellery growth of 41 per cent year-on-year (YoY), despite a high base, reflecting sustained festive and wedding-led demand.
Jhunjhunwala’s 5.31 per cent stake in Titan as of December 31, 2025, was worth Rs 20,195 crore based on Tuesday’s stock price of Rs 4,284.05, as the share rose 0.64 per cent in trade. Systematix Institutional Equities said it expects jewellery margins to compress sequentially, driven by continued investments and a higher contribution from the coins segment.
For the quarter average gold prices increased 65 per cent YoY in rupee terms. Demand was further supported by higher old-gold exchange-led purchases and attractive promotional offers.
Nuvama sees core profit for Titan to grow 54 per cent YoY to Rs 1,529 crore on 49.80 per cent YoY rise in sales at Rs 24,120 crore. Ebitda margin is seen coming in at 9.6 per cent in Q3 against 9.8 per cent in Q2 and 9.4 per cent in the year-ago quarter.
"We estimate adjusted EBIT margins for the jewellery division to compress to 10.5 per cent, primarily given the continued investments in growth and higher growth in coins segment," it said.
JM Financial sees standalone revenue to grow at 38 per cent YoY, led by 40 per cent YoY growth in jewellery business (ex-bullion). It sees jewellery EBIT margin at 10.8 per cent (ex-bullion sales), down 40 basis points YoY adjusted for custom duty losses in the base). Overall, it sees standalone profit at Rs 1,622 crore and sales at Rs 22,215 crore.
Kotak Institutional Equities said it expects Titan’s domestic standalone jewellery sales to grow 34 per cent YoY, accelerating from 18.8 per cent in 2QFY26, driven by 27 per cent like-for-like growth. The growth is seen supported by a strong festive season, sustained post-festive wedding momentum, and over 65 per cent YoY rise in gold prices in Q3.
It anticipate the studded jewelry share (excluding CaratLane) to decline 200 bps YoY, implying 22 per cent growth in studded jewelry versus 16 per cent in Q2. Gold coins are expected to grow 90 per cent, with their share rising 500 bps to 16–17 per cent.
For other segments, Kotak expects ~17 per cent YoY growth in watches, led by robust analog demand (13.1 per cent in 2QFY26), and ~10 per cent YoY growth in eyewear (versus 8.5 per cent in 2QFY26).
On margins, like-for-like recurring standalone jewelry EBIT is estimated to grow 23 per cent YoY, with margins down 90 bps to 10.3 per cent, due to a weaker mix (higher gold coin sales), elevated gold prices, and marketing investments. They project EBIT margins of ~12.5 per cent (+270 bps YoY) for watches and ~8 per cent (-280 bps YoY) for eyewear. Overall, recurring PAT is expected to rise ~22 per cent YoY, factoring in higher depreciation and finance costs.
Titan Company Ltd, Rekha Jhunjhunwala's biggest stock bet at about Rs 20,000 crore, is all set to report its December quarter results today. Titan had earlier reported standalone jewellery growth of 41 per cent year-on-year (YoY), despite a high base, reflecting sustained festive and wedding-led demand.
Jhunjhunwala’s 5.31 per cent stake in Titan as of December 31, 2025, was worth Rs 20,195 crore based on Tuesday’s stock price of Rs 4,284.05, as the share rose 0.64 per cent in trade. Systematix Institutional Equities said it expects jewellery margins to compress sequentially, driven by continued investments and a higher contribution from the coins segment.
For the quarter average gold prices increased 65 per cent YoY in rupee terms. Demand was further supported by higher old-gold exchange-led purchases and attractive promotional offers.
Nuvama sees core profit for Titan to grow 54 per cent YoY to Rs 1,529 crore on 49.80 per cent YoY rise in sales at Rs 24,120 crore. Ebitda margin is seen coming in at 9.6 per cent in Q3 against 9.8 per cent in Q2 and 9.4 per cent in the year-ago quarter.
"We estimate adjusted EBIT margins for the jewellery division to compress to 10.5 per cent, primarily given the continued investments in growth and higher growth in coins segment," it said.
JM Financial sees standalone revenue to grow at 38 per cent YoY, led by 40 per cent YoY growth in jewellery business (ex-bullion). It sees jewellery EBIT margin at 10.8 per cent (ex-bullion sales), down 40 basis points YoY adjusted for custom duty losses in the base). Overall, it sees standalone profit at Rs 1,622 crore and sales at Rs 22,215 crore.
Kotak Institutional Equities said it expects Titan’s domestic standalone jewellery sales to grow 34 per cent YoY, accelerating from 18.8 per cent in 2QFY26, driven by 27 per cent like-for-like growth. The growth is seen supported by a strong festive season, sustained post-festive wedding momentum, and over 65 per cent YoY rise in gold prices in Q3.
It anticipate the studded jewelry share (excluding CaratLane) to decline 200 bps YoY, implying 22 per cent growth in studded jewelry versus 16 per cent in Q2. Gold coins are expected to grow 90 per cent, with their share rising 500 bps to 16–17 per cent.
For other segments, Kotak expects ~17 per cent YoY growth in watches, led by robust analog demand (13.1 per cent in 2QFY26), and ~10 per cent YoY growth in eyewear (versus 8.5 per cent in 2QFY26).
On margins, like-for-like recurring standalone jewelry EBIT is estimated to grow 23 per cent YoY, with margins down 90 bps to 10.3 per cent, due to a weaker mix (higher gold coin sales), elevated gold prices, and marketing investments. They project EBIT margins of ~12.5 per cent (+270 bps YoY) for watches and ~8 per cent (-280 bps YoY) for eyewear. Overall, recurring PAT is expected to rise ~22 per cent YoY, factoring in higher depreciation and finance costs.