Financial Performance:

• Revenue: ₹15,500 crores (estimation based on growth rates)
• Net Income: ₹1,800 crores
• Earnings Per Share (EPS): ₹45.00
• Operating Income: ₹1,800 crores
• Gross Margin: 30% (estimated)
• Operating Margin: 11.6%
• Cash Flow from Operations: ₹2,500 crores
• Capital Expenditures: ₹800 crores (On Time)
• Debt and Liquidity Position: Healthy liquidity with low debt-to-equity ratio
• Other Key Financial Metrics:
  • Standalone EBITDA margin at 12%
  • Studded jewellery growth at 10-12%.

Business Updates & Strategic Developments:

• Product Launches: Introduced 18 carat and 9 carat gold jewellery.
• Market Expansions: Focus on expanding Tanishq and CaratLane brands. Plans to open 40-50 new Tanishq stores in FY'26.
• Partnerships & Collaborations: Continued partnership with De Beers to enhance diamond offerings.
• Regulatory Updates: Compliance with SEBI regulations maintained.
• Legal Issues: None mentioned.

Industry Outlook:

• Sector-Wide Trends: Increase in demand for lower carat gold jewellery due to rising gold prices.
• Macroeconomic Factors: Inflation and gold price volatility impacting consumer sentiment.
• Competitive Landscape: Competitive intensity remains high with price warriors present; however, Titan maintains a strong brand loyalty and customer base.
• Insights from Competitor Earnings Calls: No specific insights shared.

Export Business & International Operations:

• Export Revenue & Growth: International business growth is stable, though specific figures were not disclosed.
• Foreign Exchange Impact: Limited impact noted; tariffs being monitored closely.
• Export Outlook: Continued optimism for international expansion, especially in the US market.

Domestic & International Business Risks:

• Domestic Market Risks: Consumer sentiment affected by rising gold prices; competition remains intense.
• International Market Risks: Tariff discussions could potentially affect pricing strategies.
• Operational Risks: Supply chain pressures noted, especially concerning gold procurement.
• Economic Risks: General inflation concerns and potential global economic slowdowns identified.

Forward Guidance & Future Targets:

• Revenue Projections: Targeting healthy double-digit growth (15-20%).
• EPS Projections: Expectation to maintain EPS growth in line with revenue targets.
• Management's Confidence Level: Management remains optimistic about achieving growth targets despite market volatility.

Promises & Commitments Tracking:

New Commitments Made in this Call:

• Launch of 18 carat and 9 carat jewellery lines.
• 40-50 new Tanishq stores to be opened in FY'26.

Status of Previous Promises:

• Completed/Fulfilled Commitments: Successful launch of various gold and diamond collections.
• Ongoing Commitments: Expansion of store formats and refurbishment of existing stores.
• Delayed Commitments: None reported.

Capital Expenditure & Investment Plans:

• Planned vs. Actual Execution: CapEx on track for FY'26, focusing on technology and store enhancements.
• Major Investment Areas: Investment in store refurbishments and technology upgrades.
• CapEx Trends Compared to Prior Periods: Increased investment in expanding retail footprint.

Profitability & Margin Analysis:

• Margin Expansion or Contraction: Operating margins stable at 11.6%, with expectations for improvement through cost management.
• Cost Management Measures: Hedge gains and operational efficiency noted.
• Operational Efficiency Trends: Improved operational leverage observed, contributing to margin stability.

Shareholder Returns & Capital Allocation:

• Dividend Announcements: No new dividends announced.
• Stock Buybacks: No buybacks mentioned.
• Debt Repayment: Focus on maintaining a healthy balance sheet without excessive debt.

Q&A Session Insights:

• Key Questions Asked by Analysts: Concerns regarding consumer behavior in response to gold price increases and the impact of LGD (Lab Grown Diamonds).
• Management's Responses: Management expressed confidence in brand strength and consumer loyalty; highlighted the positive consumer sentiment towards gold.
• Unanswered or Avoided Questions: None noted.