India · Delayed Price · Currency is INR Titan Company Earnings Call Transcripts
Fiscal Year 2026
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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, a new lab-grown diamond brand, targets younger, fashion-forward consumers with accessible pricing and a distinct design language. The brand aims to expand diamond adoption in India, focusing on education, differentiation, and leveraging a strong portfolio strategy.
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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 Q4 and FY25 results driven by higher ticket sizes amid rising gold prices, robust studded jewelry growth, and margin gains from operating leverage and hedging. Outlook remains bullish with double-digit growth targeted, despite gold price volatility and competitive pressures.
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Strong double-digit growth was recorded across jewelry and watches, with gold outpacing studded due to price surges and watches benefiting from both premium and affordable segments. EBIT margin guidance for jewelry remains at 11%-11.5%, with management focused on long-term growth amid gold price volatility.
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Q2 FY25 saw strong growth in jewelry and watches, though jewelry margins declined due to a one-time customs duty loss and a weaker studded mix. Full-year jewelry EBIT margin guidance was revised to 11-11.5%, with H2 expected to improve on festive and wedding demand.
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Q1 FY25 saw resilient sales and margin improvement despite gold price volatility, fewer weddings, and rising competition. Store expansion and cost control remain priorities, while customs duty cuts and leadership changes are expected to shape future performance.