Jewelry margin guidance of 12-13% for FY24
Management reaffirmed the full-year jewelry EBITDA margin guidance of 12-13%, despite Q1 margin being lower due to planned investments.
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International store count target of 24-25 by FY24 end
Titan plans to add 5 more stores in the US and 13 in GCC, reaching 24-25 stores by year-end.
Revenue growth to outpace earnings growth in FY24
Management indicated that revenue growth will likely be higher than earnings growth this year due to margin normalization.
Jewelry store expansion target: 40-50 Tanishq, 70-80 Mia, similar CaratLane
Management plans to open 40-50 Tanishq stores, 70-80 Mia stores, and a substantial number of CaratLane stores, plus 20-30 store transformations.
One-time inventory loss of INR 500-550 crore from customs duty cut
The customs duty reduction will result in a maximum one-time P&L impact of INR 500-550 crore over the next six months, depending on gold prices and discounts.
No change to margin guidance despite Q1 cost controls
Management sees no reason to alter margin guidance after normalizing for the customs duty impact, though competitive pressures may require tactical marketing investments.
Jewelry EBITDA margin guidance maintained at 11%-11.5%
Management reiterated the 11%-11.5% EBITDA margin band for the jewelry division, despite one-time benefits in Q1 that will reverse.
Watches EBIT margin expected to be mid-teens on a normalized basis
After adjusting for a one-time 4% benefit, watches EBIT margin is expected to settle in the mid-teens (14-16%) for the full year.
Store expansion plans remain strong, back-ended in H1
Q1 store openings were lower than planned, but management expects to catch up in Q2 ahead of the festive season, with full-year plans unchanged.
International jewelry business to grow, GCC expansion underway
International jewelry (US, GCC) is becoming a larger share; GCC entry via new investment will scale up, targeting ~6% of company sales.
Jewellery EBIT margin guidance of 12%-13% for FY24
Management reiterated the full-year margin band for the jewellery division, expecting 12%-13% despite potential diamond price headwinds.
Zoya store count to reach ~15 by next Diwali
Zoya currently has 8 stores; management expects to add 6-7 more standalone stores before next Diwali, reaching about 15.
CaratLane EBIT margins to improve over 2-3 quarters
Management expects CaratLane's margins to recover as growth normalizes and fixed cost leverage improves.
FY25 Jewelry EBIT Margin Guidance Revised to 11-11.5%
Management revised FY25 consolidated jewelry EBIT margin guidance to 11-11.5% from earlier 11.5-12.5%, citing H1 performance and gold mix trends.
Tanishq Store Additions: 40-50 in FY25
Tanishq added 22 stores in Q2 and 10-11 in October; target of 40-50 net additions for the full year.
CaratLane Store Additions: ~20 More by March 2025
CaratLane currently at 301 stores; plans to add another 20 stores by end of FY25.
Mia Store Count Target: 250 by FY25 End
Mia is on track to reach 250 stores by the end of the fiscal year.
Jewellery EBIT margin to remain in 11% band
Management aims to keep jewellery EBIT margin within the previously guided range, though gold price volatility poses headwinds.
Tanishq store openings target of 35-40 for FY26
Tanishq plans to open 35-40 new stores in FY26, with 9 added YTD and 8 in October.
Eyecare division targets 13-14% growth for FY26
Eyecare division expects to close FY26 with 13-14% revenue growth, driven by omnichannel and brand investments.
Watches margin to revert to 15-16% in 1-2 years
Watches division aims for mid-teen EBIT margins (15-16%) over a 1-2 year timeframe, supported by operating leverage.
Jewelry EBIT margin maintained at 12-13%
Management reiterated confidence in sustaining jewelry EBIT margins in the 12-13% range despite competitive pressures.
Jewelry 20% CAGR aspiration intact
Management confirmed the FY27 jewelry revenue CAGR target of 20% remains unchanged, with YTD growth already in that range.
Watches margin target of 15-16% in 2 years
Watches division aims for 15-16% margin in the next couple of years, down from earlier 18% aspiration due to wearables mix.
EyeCare to resume expansion in top 25 cities
EyeCare plans to focus expansion on top 25 cities in early FY25, after a consolidation year.
Jewelry EBIT margin guidance of 11%-11.5% annually
Management expects jewelry EBIT margins to remain in the 11%-11.5% range on an annualized basis, with a floor of 11%.
CaratLane margin improvement trajectory
CaratLane aims to keep EBIT percentage rising, though Q3 was a one-off phenomenon; focus on quarter-by-quarter improvement.
Wearables strategy to show results in 6-18 months
Titan is relooking at wearables strategy, focusing on consumer centricity, design, and higher price points; green shoots expected in 6-18 months.
CaratLane EBIT margin to sustain at low double-digits
CaratLane has reached double-digit EBIT margin earlier than expected and is expected to stay at low double-digit levels going forward.
International jewelry margins gradually improving to Indian levels
International operations (excluding one-offs) are at 5-6% margins and expected to gradually improve to reflect Indian jewelry margin profile.
Damas consolidation from Q4 FY26
Damas acquisition (67% stake) consolidation will start from January 1, 2026, impacting Q4 results.
Jewelry EBIT margin target of 12-13% maintained
Management reiterated the 12-13% EBIT margin range for jewelry, despite near-term pressures from gold price volatility and competitive intensity.
Aggressive growth target for jewelry in FY25
Management aims for aggressive growth in jewelry, though declined to specify a number; 20% growth was implied as a benchmark.
Wearables pricing pressure expected to ease by H2 FY25
Suparna Mitra expects excess inventory-driven discounting in wearables to settle in 3-4 months, with new launches from May onwards supporting pricing.
International store count to reach ~30 in FY25
Management plans to expand international jewelry stores from 16 to around 30 across North America and GCC.
Healthy double-digit jewelry revenue growth in FY26
Management targets high double-digit growth, driven by ticket size or buyer growth, with positive tailwinds from wedding season, tax benefits, and infrastructure spending.
Domestic jewelry EBITDA margin guidance of 11%-11.5%
Despite Q4 margin of 11.6%, management maintains 11%-11.5% margin guidance for FY26, citing uncertainties in gold prices and competitive intensity.
Tanishq store expansion: 40-50 new stores in FY26
Plus 50-60 store renovations/relocations to drive growth in existing catchments.
Medium-term revenue growth of 15-20% CAGR
Management reiterated 15-20% revenue growth for jewelry over a 3-5 year horizon, driven by formalization and brand strength.
Investor Day in June first week
Management plans to provide more detailed margin and growth guidance at the investor day scheduled for June first week.
Beyond LGD expansion to 10-12 stores
Beyond (lab-grown diamonds) to scale from 2 stores to 10-12 stores in 2-3 cities, with Q1 FY27 openings planned.