Titan Company Limited has informed the Exchange about Transcript
TITAN · price
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Titan filed the transcript of its May 8, 2025 analyst call discussing Q4 and FY25 results. Q4 domestic jewellery EBITDA margin came in at 11.6% (standalone 11.9%), and management maintained its 11%–11.5% margin guidance, explicitly stating it is not guiding for any upside; the small beat included some operating leverage and a minor contango/hedging gain. The jewellery business delivered around 20% secondary growth in Q4, with studded jewellery secondary growth at 10%–12%, and management is targeting healthy double-digit (15%–20%) growth going forward. For FY26, Titan plans 40–50 new Tanishq stores plus 50–60 existing store renovations/relocations, mostly in L2/L3 franchise formats. High gold prices are pressuring the sub-₹50,000 segment and pushing customers toward 18/14/9 carat options, while Gold on Lease rates have settled at 75–80 bps above historical levels, adding some working capital strain.
Neutral to mildly positive for shareholders—strong Q4 execution and reaffirmed margin band, but management declined to upgrade margin guidance or commit to a higher growth trajectory, which may temper near-term re-rating hopes. Watch working capital and GOL costs as gold price volatility remains the key swing factor for FY26 profitability.