Titan Management Guidance Tracker
41 forward-looking guidance items tracked across 12 quarters.
Margins
Management reaffirmed the full-year jewelry EBITDA margin guidance of 12-13%, despite Q1 margin being lower due to planned investments.
Q2 FY24Jewellery EBIT margin guidance of 12%-13% for FY24ActiveManagement reiterated the full-year margin band for the jewellery division, expecting 12%-13% despite potential diamond price headwinds.
Q2 FY24CaratLane EBIT margins to improve over 2-3 quartersActiveManagement expects CaratLane's margins to recover as growth normalizes and fixed cost leverage improves.
Q3 FY24Jewelry EBIT margin maintained at 12-13%ActiveManagement reiterated confidence in sustaining jewelry EBIT margins in the 12-13% range despite competitive pressures.
Q3 FY24Watches margin target of 15-16% in 2 yearsTrackedWatches division aims for 15-16% margin in the next couple of years, down from earlier 18% aspiration due to wearables mix.
Q4 FY24Jewelry EBIT margin target of 12-13% maintainedTrackedManagement reiterated the 12-13% EBIT margin range for jewelry, despite near-term pressures from gold price volatility and competitive intensity.
Q1 FY25No change to margin guidance despite Q1 cost controlsActiveManagement sees no reason to alter margin guidance after normalizing for the customs duty impact, though competitive pressures may require tactical marketing investments.
Q2 FY25FY25 Jewelry EBIT Margin Guidance Revised to 11-11.5%ActiveManagement revised FY25 consolidated jewelry EBIT margin guidance to 11-11.5% from earlier 11.5-12.5%, citing H1 performance and gold mix trends.
Q3 FY25Jewelry EBIT margin guidance of 11%-11.5% annuallyTrackedManagement expects jewelry EBIT margins to remain in the 11%-11.5% range on an annualized basis, with a floor of 11%.
Q3 FY25CaratLane margin improvement trajectoryActiveCaratLane aims to keep EBIT percentage rising, though Q3 was a one-off phenomenon; focus on quarter-by-quarter improvement.
Q4 FY25Domestic jewelry EBITDA margin guidance of 11%-11.5%ActiveDespite Q4 margin of 11.6%, management maintains 11%-11.5% margin guidance for FY26, citing uncertainties in gold prices and competitive intensity.
Q1 FY26Jewelry EBITDA margin guidance maintained at 11%-11.5%ActiveManagement reiterated the 11%-11.5% EBITDA margin band for the jewelry division, despite one-time benefits in Q1 that will reverse.
Q1 FY26Watches EBIT margin expected to be mid-teens on a normalized basisActiveAfter adjusting for a one-time 4% benefit, watches EBIT margin is expected to settle in the mid-teens (14-16%) for the full year.
Q2 FY26Jewellery EBIT margin to remain in 11% bandActiveManagement aims to keep jewellery EBIT margin within the previously guided range, though gold price volatility poses headwinds.
Q2 FY26Watches margin to revert to 15-16% in 1-2 yearsTrackedWatches division aims for mid-teen EBIT margins (15-16%) over a 1-2 year timeframe, supported by operating leverage.
Q3 FY26CaratLane EBIT margin to sustain at low double-digitsActiveCaratLane has reached double-digit EBIT margin earlier than expected and is expected to stay at low double-digit levels going forward.
Q3 FY26International jewelry margins gradually improving to Indian levelsTrackedInternational operations (excluding one-offs) are at 5-6% margins and expected to gradually improve to reflect Indian jewelry margin profile.
Expansion
Titan plans to add 5 more stores in the US and 13 in GCC, reaching 24-25 stores by year-end.
Q2 FY24Zoya store count to reach ~15 by next DiwaliTrackedZoya currently has 8 stores; management expects to add 6-7 more standalone stores before next Diwali, reaching about 15.
Q3 FY24EyeCare to resume expansion in top 25 citiesActiveEyeCare plans to focus expansion on top 25 cities in early FY25, after a consolidation year.
Q4 FY24International store count to reach ~30 in FY25TrackedManagement plans to expand international jewelry stores from 16 to around 30 across North America and GCC.
Q1 FY25Jewelry store expansion target: 40-50 Tanishq, 70-80 Mia, similar CaratLaneTrackedManagement plans to open 40-50 Tanishq stores, 70-80 Mia stores, and a substantial number of CaratLane stores, plus 20-30 store transformations.
Q2 FY25Tanishq Store Additions: 40-50 in FY25ActiveTanishq added 22 stores in Q2 and 10-11 in October; target of 40-50 net additions for the full year.
Q2 FY25CaratLane Store Additions: ~20 More by March 2025ActiveCaratLane currently at 301 stores; plans to add another 20 stores by end of FY25.
Q2 FY25Mia Store Count Target: 250 by FY25 EndActiveMia is on track to reach 250 stores by the end of the fiscal year.
Q4 FY25Tanishq store expansion: 40-50 new stores in FY26ActivePlus 50-60 store renovations/relocations to drive growth in existing catchments.
Q1 FY26Store expansion plans remain strong, back-ended in H1ActiveQ1 store openings were lower than planned, but management expects to catch up in Q2 ahead of the festive season, with full-year plans unchanged.
Q2 FY26Tanishq store openings target of 35-40 for FY26ActiveTanishq plans to open 35-40 new stores in FY26, with 9 added YTD and 8 in October.
Q4 FY26Beyond LGD expansion to 10-12 storesActiveBeyond (lab-grown diamonds) to scale from 2 stores to 10-12 stores in 2-3 cities, with Q1 FY27 openings planned.
Growth
Management indicated that revenue growth will likely be higher than earnings growth this year due to margin normalization.
Q4 FY24Aggressive growth target for jewelry in FY25ActiveManagement aims for aggressive growth in jewelry, though declined to specify a number; 20% growth was implied as a benchmark.
Q1 FY26International jewelry business to grow, GCC expansion underwayTrackedInternational jewelry (US, GCC) is becoming a larger share; GCC entry via new investment will scale up, targeting ~6% of company sales.
Q2 FY26Eyecare division targets 13-14% growth for FY26TrackedEyecare division expects to close FY26 with 13-14% revenue growth, driven by omnichannel and brand investments.
Revenue
Management confirmed the FY27 jewelry revenue CAGR target of 20% remains unchanged, with YTD growth already in that range.
Q4 FY24Wearables pricing pressure expected to ease by H2 FY25ActiveSuparna Mitra expects excess inventory-driven discounting in wearables to settle in 3-4 months, with new launches from May onwards supporting pricing.
Q4 FY25Healthy double-digit jewelry revenue growth in FY26ActiveManagement targets high double-digit growth, driven by ticket size or buyer growth, with positive tailwinds from wedding season, tax benefits, and infrastructure spending.
Q4 FY26Medium-term revenue growth of 15-20% CAGRTrackedManagement reiterated 15-20% revenue growth for jewelry over a 3-5 year horizon, driven by formalization and brand strength.
Other
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.
Q3 FY26Damas consolidation from Q4 FY26ActiveDamas acquisition (67% stake) consolidation will start from January 1, 2026, impacting Q4 results.
Q4 FY26Investor Day in June first weekTrackedManagement plans to provide more detailed margin and growth guidance at the investor day scheduled for June first week.