Titan Company (TITAN) Q4 24/25 earnings summary

Executive summary

• Delivered strong performance across segments and geographies, achieving 22% revenue growth in FY25 and surpassing ₹50,000 crore in annual revenues despite challenging gold prices and discretionary consumption pressures.

• Analog Watches and EyeCare returned to double-digit growth; Fragrances and international expansion showed strong momentum.

• Innovation, execution excellence, and partner network contributed to robust results.

• Focus for FY26 is on market share expansion and adapting to evolving consumer needs.

Financial highlights

• FY25 consolidated revenue rose 21.7% YoY to ₹57,818 crore; Q4FY25 revenue up 22.5% YoY to ₹14,049 crore.

• FY25 consolidated EBITDA grew 6.1% YoY to ₹6,180 crore; Q4FY25 EBITDA up 22.4% YoY to ₹1,653 crore.

• FY25 consolidated PAT declined 4.6% YoY to ₹3,337 crore; Q4FY25 PAT up 12.9% YoY to ₹871 crore.

• Dividend per share maintained at ₹11.00 for FY25, with a total payout of ₹977 crore.

• Working capital increased due to higher gold prices and inventory upstocking at year-end.

Outlook and guidance

• Targeting healthy double-digit jewelry growth (15%-20%) for FY26, driven by ticket size, buyer growth, or both.

• All business segments targeting further market share gains in FY26, with EyeCare and Fragrances expected to sustain double-digit growth and international expansion in North America and GCC.

• No upside to 11%-11.5% jewelry margin guidance due to gold price uncertainty.

• Plan to open 40-50 new Tanishq stores and renovate/expand 50-60 existing stores in FY26.