1. Opening Hook
While everyone’s crying over gold prices hitting moonshot levels, Titan seems to have turned it into a marketing blockbuster. The company’s “Unlock Your Locker” campaign made even Sachin the brand’s moral spokesperson for Atmanirbhar jewellery. 💍 Because who needs imports when aunties’ old bangles can fund the new Diwali sparkle?
Titan’s quarter wasn’t just about bling — it was about bending macros. Buyer growth may be sluggish, but ticket sizes fattened, exchange schemes glittered, and CFOs pretended margin headwinds were just “gentle breezes.”
Keep reading — this call had everything: emotional patriotism, studded optimism, and a goodbye from the MD after 60 quarters of keeping India’s wrists, necks, and noses shiny.
2. At a Glance
- Revenue up 21% YoY:Gold’s gone wild, and Titan just rode the comet.
- Jewellery EBIT up 19%:Exchange gold became their goldmine.
- Watch Division +16%:Time reallyismoney.
- EyeCare +8%:Still trying to make peopleseevalue.
- CaratLane margin hit 10%:Online bling finally pays bills.
- Inventory +₹9,500 cr:Thanks, gold inflation. CFO says, “All under control.”
- Net Profit up 15%:Consumers traded lockers for Tanishq receipts.
3. Management’s Key Commentary
“Consumers accepted higher gold prices once they realized it’s not coming down.”(Translation: denial lasted till Dhanteras, then wallets opened anyway. 😏)
“Our exchange offer with Sachin was a game-changer.”(A classic move — emotional marketing meets melting metal.)
“Margins may face small implications, but it’s good for the country.”(A rare moment where patriotism offsets accounting pain.)
“Store openings were delayed, but we’ll hit 40 new Tanishqs this year.”(Translation: permits move slower than festive shoppers.)
“We’re seeing studded buyer growth better than gold buyer growth.”(Bling over bullion — finally, the diamond’s having its day.)
“We are vertically integrated in eyewear.”(They make the lensesandthe excuses for slow growth.)
“No synergy between TEAL and consumer businesses.”(So that’s corporate code for: “We just like owning it.”)
“Gold coin demand continues unabated.”(Basically, India’s version of dollar savings — but shinier.)
4. Numbers Decoded
| Segment | YoY Growth | Key Highlight |
|---|---|---|
| Jewellery Revenue | +21% | Festive + exchange = jackpot |
| Jewellery EBIT Margin | ~11-12% | Stable… until gold spikes again |
| Watches & Wearables | +16% | Premium Titan, Fastrack rising |
| EyeCare | +8% | Slow but steady sight gain |
| CaratLane (Online) | +28% | Margin hit double digits |
| TEAL (Automation) | +9% | No synergy, still shining |
| Consolidated Inventory | ₹9,500 cr↑ | Mostly gold revaluation |
| Coins & Bullion Sales | 🚀 | Outpaced everything else |
Margins refused to move up despite gold’s magic — because making charges can’t defy gravity forever. Still, absolute profit sparkled brighter than last quarter.
5. Analyst Questions
- On studded vs gold:“Studded growth +3%, gold -11%.” (Translation: Bling is the new base metal.)
- On store expansions:“Execution delays, but 40 stores on track.” (CFO: “We’ll get there before the next gold rally.”)
- On exchange margins:“Some hit, but patriotic.” (Apparently GDP > Gross Margin.)
- On eyewear:“7–8% industry growth; Titan slightly better.” (The market squints, Titan adjusts lenses.)
- On LGD diamonds:“Consumers not asking yet.” (They will, once TikTok teaches them.)
6. Guidance & Outlook
Titan expects growth to remain strong — assuming gold prices stop playing kangaroo. Management says margins should “remain consistent,” which in CFO-speak means “pray to Lakshmi, not LIFO.”
Store expansion: 35–40 new Tanishqs, 70–80 renovations — Titan’s idea of renovation is probably a marble facelift.Festive
