India · Delayed Price · Currency is INR Titan Company Earnings Call Transcripts
Fiscal Year 2026
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Record Q4 top-line growth and strong buyer resurgence drove robust annual results, with jewelry market share up 50-60 bps and international business turning profitable for the year. Margin sustainability hinges on gold prices, while new product launches and store optimizations support future growth.
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Festive quarter delivered strong growth, with jewelry ticket size at a record INR 1.9 lakh and robust performance across segments. Margin pressure from rising gold prices was offset by operating leverage, and Damas consolidation will impact Q4 results.
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beYon is launched to capture the under-penetrated diamond jewelry market in India, targeting younger, fashion-forward consumers with accessible pricing and a distinct brand identity. The initial rollout focuses on learning and market expansion, with quality and customer experience as key differentiators.
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Strong growth across all segments in Q2 FY26, with festive and wedding seasons driving buyer engagement despite high gold prices. Margin guidance remains stable, but volatility in gold prices and competitive intensity continue to pose challenges.
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Strong growth across jewelry, watches, and eyewear, aided by one-time gains, with jewelry margins guided at 11%-11.5% and watches expected to normalize to mid-teen EBIT margins as one-offs reverse. Studded jewelry growth was 11% (ex-CaratLane), and store expansion remains on track.
Fiscal Year 2025
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The acquisition provides a strategic entry into the Arab jewelry market, leveraging Damas' strong brand and network in the GCC. Operational synergies, restructuring, and a focus on premium segments are expected to drive growth, with EPS accretion anticipated from CY 2028.
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Strong performance was achieved across segments despite gold price volatility, with jewelry margins at 11.6%-11.9% and healthy double-digit growth targeted for FY26. Working capital increased due to higher gold prices, while competitive intensity and tariff risks remain manageable.
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Strong double-digit growth was achieved across jewelry, watches, and emerging businesses, with jewelry SSG at 22% and EBIT margins guided at 11%-11.5% annualized. Gold price volatility and competitive intensity remain key risks, but long-term growth outlook is robust.
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Q2 FY25 delivered strong growth in jewelry and analog watches, though jewelry margins declined due to a one-time customs duty loss and product mix changes. FY25 jewelry EBIT margin guidance was revised down to 11%-11.5%, with H2 expected to improve.
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Q1 FY25 saw moderate jewelry growth amid gold price volatility, fewer weddings, and rising competition. Margins improved due to cost control, while a one-off customs duty impact is expected. Store expansion and new buyer acquisition remain key priorities.