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%.

• Q4FY26 saw record top-line growth, with consolidated income at ₹20,300 crore, up 46% YoY, and PAT at ₹1,179 crore, up 35%.

• Jewellery led growth with a 34% increase in income for FY26 and 50% growth in Q4FY26; international jewellery revenue up 174% in Q4 due to Damas acquisition.

• Damas acquisition expanded international presence, adding 123 stores in GCC and contributing to international jewellery revenue.

• 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% YoY, with EBIT margin at 10.6% and PAT margin at 6.7%.

• Standalone revenue from operations for FY26 was ₹67,384 crore, with net profit at ₹4,630 crore.

• Dividend payout for FY26 was ₹1,332 crore, with a dividend per share of ₹15.

• Unallocated losses rose to INR 140 crore in Q4, mainly due to a special employee reward of INR 120 crore.

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

Outlook and guidance

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

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

• Margin sustainability depends on gold price stability; current levels make margin maintenance easier, but further increases could pressure margins.

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