Titan Company500114Quarterly results
Q2 results, Noel Tata's retirement, ₹2,500 crore NCDs and a new statutory auditor proposed
Board approved unaudited standalone and consolidated results for Q2 and H1 ended 30 September 2026; B S R & Co. LLP issued an unmodified review opinion.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Total income | 21,430 | 18,837 | +13.8% | 21,502 | −0.3% |
| Profit before tax | 3,000 | 1,522 | +97.1% | 2,429 | +23.5% |
| Profit after tax | 2,393 | 1,120 | +114% | 1,777 | +34.7% |
| Total comprehensive income | 2,388 | 1,054 | +127% | 1,772 | +34.8% |
| Basic EPS | 26.96 | 12.63 | +113% | 20.03 | +34.6% |
- Total income
- Latest 21,430; Year ago 18,837 (+13.8%)
- Profit after tax
- Latest 2,393; Year ago 1,120 (+114%)
- PAT previous quarter
- Prev qtr 1,777 (+34.7%)
- Period
- 3 months ended 30-09-2026 (Unaudited)
Also decided at the meeting
- Mr. Noel N. Tata (DIN: 00024713) to retire as Vice Chairman and Director with effect from 12th November 2026, per Tata Group Governance Guidelines.
- Approved and recommended appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors for five years, from conclusion of 43rd AGM (2027) to 48th AGM, subject to shareholders' approval.
- Approved raising funds via rated, listed, redeemable, unsecured NCDs on private placement basis for an amount up to ₹ 2,500 crore; Board Committee authorised to finalise terms and allotment.
Auditor's review
Conclusion: Unmodified
Notes to the results
- Total income for the quarter ended 30-09-2026 includes fair value change of put option liability over NCI of ₹671 crores (refer note 9), a non-operational Ind-AS credit.
Board meeting outcome: what was decided
The board met on 5th November 2026 and, along with the quarterly numbers, approved four other items.
- Results approved: unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026.
- Auditor's review: B S R & Co. LLP, the statutory auditors, issued the Limited Review Report with an unmodified opinion, meaning the auditors did not flag a qualification on the results they reviewed.
- Leadership change: Mr. Noel N. Tata (DIN 00024713) retires from the office of Vice Chairman and Director with effect from 12th November 2026, in accordance with the Tata Group Governance Guidelines. He has been associated with the company since August 2003, which the board recorded as 23 years of association.
- New statutory auditor proposed: Price Waterhouse Chartered Accountants LLP has been approved and recommended as statutory auditor for a period of five years, subject to shareholders' approval, from the conclusion of the 43rd Annual General Meeting in 2027 until the conclusion of the 48th Annual General Meeting thereafter.
- Fund raising: the board approved a proposal to raise funds by issuing rated, listed, redeemable, unsecured Non-Convertible Debentures (NCDs) on a private placement basis, for an amount up to ₹ 2,500 crore. A committee of the board is authorised to finalise the terms of issue and allotment. The word unsecured matters: these borrowings are not backed by specific assets.
How the quarter looked (consolidated)
- Total Income: ₹20,533 crores, up 25% over the same quarter last year.
- Profit before tax: ₹2,329 crores at an 11.3% margin, up 53%.
- Profit before tax adjusted for the custom duty increase in gold for the quarter: ₹1,793 crores at an 8.7% margin, up 18%.
- Profit after tax: ₹1,722 crores, up 54%.
- Half year: Total Income ₹41,286 crores (up 32%), Profit before tax ₹4,758 crores (up 58%), Profit after tax ₹3,499 crores (up 58%).
The company noted that Total Income in these highlights excludes Bullion sales and Digi-Gold sales in all periods, that the reported consolidated figures include a non-operational Ind-AS credit of ₹671 crores in both Total Income and Profits, and that profits include custom duty gains of ₹536 crores for the quarter and ₹943 crores for the half year.
Business-wise for the quarter
- Jewellery grew 24% to ₹17,495 crores (excluding Bullion and Digi-Gold sales); India Business Income rose 21% to ₹16,343 crores.
- Watches Total Income ₹1,881 crores, up 27%, with EBIT of ₹412 crores at a 21.9% margin.
- EyeCare Total Income ₹281 crores, up 28%, with EBIT of ₹23 crores at an 8.2% margin.
- Titan Engineering & Automation Total Income ₹636 crores, up 53%, with EBIT of ₹178 crores.
- Emerging businesses combined Total Income ₹171 crores, up 21%, recording a loss of ₹6 crores.
What a retail investor should note
- The results are described as unaudited, but they carry a statutory auditor's limited review with an unmodified opinion, so an independent check has been done on the numbers.
- The NCD plan of up to ₹ 2,500 crore is a borrowing decision; because these NCDs are unsecured, they sit as unsecured debt on the company's books.
- The change of statutory auditor is a proposal that goes to shareholders for approval, covering a five-year term starting after the 2027 annual general meeting.
- The retirement of the Vice Chairman is a board-level change effective 12 November 2026.
21,430 (₹ in crores)Total income, latest quarter
Total income, year-ago quarter18,837 (₹ in crores)
Profit after tax, latest quarter2,393 (₹ in crores)
Also from Titan Company
Titan fully redeems commercial paper of ₹ 1600 crore on maturity
5 Nov 2026
Certificate on commercial paper proceeds: Rs. 13,750 crore CPs issued this financial year up to Sep 30, 2026
5 Nov 2026
Titan Q2 FY27: consolidated total income up 13.8% to ₹21,430 crores, PAT up 114%
5 Nov 2026
More numbers
- Unsecured NCDs proposed on private placement basis₹ 2,500 crore
- Consolidated Total Income, Q2FY27₹20,533 crores
- Consolidated Total Income growth YoY25%
- Consolidated Profit before tax, Q2FY27₹2,329 crores
- Consolidated Profit before tax growth YoY53%
- Profit before tax adjusted for gold custom duty, Q2FY27₹1,793 crores
- Consolidated Profit after tax, Q2FY27 (₹ crores)1,722 (₹ crores)
- Consolidated Profit after tax growth YoY54%
- Total income, latest quarter21,430 (₹ in crores)
- Total income, year-ago quarter18,837 (₹ in crores)
- Total income, previous quarter21,502 (₹ in crores)
- Total comprehensive income, latest quarter2,388 (₹ in crores)
- Total comprehensive income, year-ago quarter1,054 (₹ in crores)
- Total comprehensive income, previous quarter1,772 (₹ in crores)
- Profit after tax, latest quarter2,393 (₹ in crores)
- Profit after tax, year-ago quarter1,120 (₹ in crores)
- Profit after tax, previous quarter1,777 (₹ in crores)
- Profit before tax, latest quarter3,000 (₹ in crores)
- Profit before tax, year-ago quarter1,522 (₹ in crores)
- Profit before tax, previous quarter2,429 (₹ in crores)
- NCD issue size (up to)₹ 2,500 crore
Source: BSE · 5 Nov 2026
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