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Revenue
₹14,164 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Titan reported a strong Q3 FY24, driven by jewelry (17% secondary growth) and watches, while EyeCare and ethnic wear lagged. Jewelry EBIT margin at 12.2% was within the 12-13% guided range despite a lower studded mix and tactical competitive investments. Management expressed high confidence in FY25-26, citing tailwinds from income pyramid growth, low market share, and formalization. Key risks include sustained softness in sub-100K jewelry demand and competitive intensity from rising gold prices. The company reiterated its 20% jewelry CAGR aspiration and expects Q4 to rebound from December's gold-price blip.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated confidence in sustaining jewelry EBIT margins in the 12-13% range despite competitive pressures.
- Management confirmed the FY27 jewelry revenue CAGR target of 20% remains unchanged, with YTD growth already in that range.
- Watches division aims for 15-16% margin in the next couple of years, down from earlier 18% aspiration due to wearables mix.
- EyeCare plans to focus expansion on top 25 cities in early FY25, after a consolidation year.
Risks flagged
- Management noted sluggishness in sub-100K segment, especially new customers, due to economic challenges and share-of-wallet shifts.
- Higher gold prices led to increased competitive offers and marketing spends, pressuring margins in Q3.
- EyeCare and ethnic wear saw muted like-to-like growth due to industry-wide headwinds, with no clear near-term recovery visibility.
- Growing wearables salience with lower ASPs is expected to keep watches division margins at 11-12% for a couple of quarters.
Key quotes
- Our overall confidence is very high, and we continue to be bullish on the prospects for all the businesses.
- We are still confident of the 12%-13% range.
- Our FY 2027 guidance, which we presented in our Investor Day, remains same. We are not at all worried about that.
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