Titan Company (TITAN) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated income of ₹76,078 crore in FY26, up 33% year-over-year, with PAT at ₹5,073 crore, up 52%.

• Jewellery led growth with a 34% increase in income; international jewellery revenue up 174% in Q4 due to the Damas acquisition.

• Buyer growth rebounded to 8% in Q4 after a flat nine-month period, driven by pent-up demand and successful campaigns.

• Damas acquisition expanded international presence, adding 123 stores in GCC; Tanishq showcased at Paris Couture Week.

• Recognized for sustainability and governance, ranking 3rd in India's Most Sustainable Companies (Consumer Services, Retail & Entertainment).

Financial highlights

• FY26 consolidated EBIT was ₹8,082 crore, up 47% year-over-year; EBIT margin improved to 10.6%.

• PAT margin at 6.7% (up from 5.8%); dividend payout for FY26 was ₹1,332 crore, with a dividend per share of ₹15.

• International business posted a Q4 loss of INR 82 crore, mainly due to disruptions in the GCC, but was profitable for the full year.

• Analog watches contributed 90% of the watches division revenue, with analog growth at 16% and overall watches growth at 14% for the year.

• CaratLane revenue up 34% to ₹4,702 crore; Q4 margin at 8.4% due to operational challenges.

Outlook and guidance

• Maintains medium-term annual revenue growth guidance of 15%-20% CAGR over the next 3-5 years, regardless of gold price volatility.

• Management remains optimistic for FY27, focusing on agility amid macro volatility and geopolitical uncertainties.

• Margin sustainability depends on gold price trends; stable prices would ease margin pressures.

• Plans to scale up the LGD (beYon) platform to 10-12 stores in 2-3 cities before considering a national launch.