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Revenue
₹17,740 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
Where this quarter sits.
Quarter read
What the record says.
Titan delivered a strong Q3 FY25 with broad-based growth across jewelry, watches, and emerging businesses. Jewelry saw 22% same-store growth and robust buyer acquisition (48% new buyers), driven by wedding demand and high-value studded sales. Watches grew 33% in Fastrack and 24% in Sonata, with premium brands surging over 50%. Management guided jewelry EBIT margins at 11%-11.5% annually, prioritizing absolute profit growth over margin percentage amid gold price volatility. CaratLane posted 16% like-to-like growth. Risks include unpredictable gold price swings, potential gold lease rate increases, and competitive intensity from LGD players. Overall, Titan's focus on premium segments, customer relationships, and market share gains supports a bullish outlook.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects jewelry EBIT margins to remain in the 11%-11.5% range on an annualized basis, with a floor of 11%.
- CaratLane aims to keep EBIT percentage rising, though Q3 was a one-off phenomenon; focus on quarter-by-quarter improvement.
- Titan is relooking at wearables strategy, focusing on consumer centricity, design, and higher price points; green shoots expected in 6-18 months.
Risks flagged
- Unprecedented gold price swings (25% YoY) could further dilute studded margins and make margin guidance challenging.
- Initial indications show gold on lease rates could rise due to supply disruptions from US tariff policies, impacting hedging costs.
- New LGD stores opening near Tanishq/CaratLane in markets like Borivali could pressure studded sales, though management hasn't seen impact yet.
- Price wars on gold rates remain dynamic; management notes no stability in competitive pricing, requiring constant agility.
Key quotes
- We can expect to be anchored around the current levels of EBIT margins, and for an annualized basis between 11% - 11.5% is what I think we are likely to realistically achieve.
- In our premium brands like Edge, Nebula, Xylys, we have seen more than 50% growth. But I'm also happy to note that we are seeing very good growth in brands like Fastrack and Sonata, which are in the more affordable space.
- To me, 11 is a little bit of a threshold that is going below 11 would not feel right to me unless it's very extreme situations.
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