Newsletter
Titan delivered a sparkling Q4, led by booming jewellery sales and strong consumer demand, even as gold prices remained sky-high.
Quick snapshot: the Tata Group company beat revenue expectations, sending the stock nearly 5% higher, though margins and EBITDA missed estimates.
Net profit: up 29.2% YoY at ₹1,124 cr vs ₹870 cr
Revenue: up 77.6% YoY at ₹23,934 cr vs ₹13,477 cr
EBITDA: up 19.3% YoY at ₹1,715 cr vs ₹1,438 cr
Margin: at 7.2% vs 10.7% (YoY)
What worked: Jewellery remained the star performer, with the segment growing 50% to around ₹18,195 crore.
Titan’s key brands, Tanishq, Mia and Zoya, together clocked 48% growth at ₹16,047 crore. Gold ingot sales also added a massive ₹6,144 crore to the topline.
The watches business saw mixed trends. Analog watches grew 15%, while smartwatch sales plunged 50% as demand in the segment cooled off a bit.
But despite the strong sales momentum, profitability took a hit. Gross margins fell to 20.3% from 23.2%, while adjusted jewellery margins slipped to 10.5% from 11.9% last year.
Management also flagged concerns around global uncertainty and geopolitical tensions.
