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Revenue
₹25,416 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 FY26, driven by 40% jewelry revenue growth despite a high base and volatile gold prices. The festive and wedding season saw robust demand, with 45% new buyer contribution (up from 42% QoQ) and average ticket size rising to INR 1.9 lakh. Management highlighted successful product innovations (Mriganka collection, lightweight gold, lower carat studded) and gold exchange programs (over 50% of sales involve exchange) as key drivers. However, gross margin faced ~200bps pressure due to mix shift towards gold coins and plain gold, partially offset by operating leverage. Guidance remains cautiously optimistic: January started well but gold volatility makes the rest of Q4 uncertain. Risk: sustained gold price inflation could further compress margins if consumer down-trading accelerates.
Colored figures show movement against the previous available record.
Guidance to track
- CaratLane has reached double-digit EBIT margin earlier than expected and is expected to stay at low double-digit levels going forward.
- International operations (excluding one-offs) are at 5-6% margins and expected to gradually improve to reflect Indian jewelry margin profile.
- Damas acquisition (67% stake) consolidation will start from January 1, 2026, impacting Q4 results.
Risks flagged
- Continued rise in gold prices may keep gross margins under pressure due to mix shift towards gold coins and plain gold, and lower studded margins.
- Sub-INR 1 lakh segment remains under pressure in both gold and studded, with management noting it will take significant effort to win back these customers.
- January saw good demand but gold rate volatility (bidirectional movement) makes the rest of Q4 uncertain, with potential for customers to pause purchases.
Key quotes
- It's been a great quarter. Certainly a festive quarter on a high base. We are delighted to have seen this kind of uptick in demand.
- The real difference, what we have seen in January versus the months leading up, is that the gold rate has been volatile. ... It's too early to call out or give you a guidance.
- I urge you to start looking at consolidated performance as well, because that's going to be increasingly important.
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