Titan Company Limited has informed the Exchange about Investor Presentation
SEC 13 / 2025-26
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Maharashtra, India Scrip Code: 500114
Dear Sir/ Madam,
8th May 2025
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai 400 051 Maharashtra Symbol: TITAN
Sub: Fourth Quarter and Annual earnings presentation for FY 2024-25
Further to our communication dated 22nd April 2025, attached herewith a copy of the earnings presentation for the fourth quarter and year ended 31st March 2025 as required under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Yours truly, For TITAN COMPANY LIMITED
Dinesh Shetty General Counsel & Company Secretary
Encl. As stated
Titan Company Limited `INTEGRITY` #193 Veerasandra Electronics City P.O. Off Hosur Main Road, Bangalore 560100 India. Tel: 9180 6704 7000 Fax: 9180 6704 6262 Registered Office 3, Sipcot Industrial Complex Hosur 635 126 TN India. Tel-91 4344 664 199 Fax 91 4344 276037, CIN: L74999TZ1984PLC001456 www.titancompany.in
Titan Company Limited
Earnings Presentation for the Quarter and Financial Year ended March 31, 2025
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Disclaimer
This document, prepared by Titan Company Limited (the “Company”/”we”/”our”/”Titan”), is solely for information purposes and does not constitute any offer, invitation, recommendation, invitation to purchase or subscribe to any of Titan’s securities, and shall not form the basis of or be relied on in connection with any contract or binding commitment whatsoever.
Certain statements are included in this release containing words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and similar expressions or variations of these expressions, that are “forward-looking statements”. Actual results may differ materially from those suggested by these forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for our products, our growth and expansion, the adequacy of our allowance for credit to franchisees, dealers and distributors, technological changes, volatility in income, cash flow projections and our exposure to market and operational risks. By their nature, certain market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated.
In addition, other factors that could cause actual results to differ materially estimates in the forward-looking statements include, but are not limited to, general economic and geo-political conditions in India and the other countries that have an impact on our business activities; inflation, unanticipated variance in interest rates, foreign exchange rates, the prices of raw material including gold and diamonds, or other rates or prices, changes in Indian and foreign laws and regulations, Acts of God, acts of terrorism, acts of war and pandemics, tax and accounting regulations, and changes in competition and the pricing environment in India. The Company may, from time to time make additional written and oral forward-looking statements, including statements contained in the Company’s filings with SEBI and the Stock Exchanges and in our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company, to reflect events or circumstances after the date thereof.
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• The Titan Story • Our Journey So Far • Our Business Segments • •
Titan Brands Titan Company Structure
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
India’s most prestigious lifestyle products company
Our Vision We create elevating experiences for the people we touch and significantly impact the world we work in
Our Mission We will do this through a pioneering spirit and a caring, value-driven culture that fosters innovation, drives performance, and ensures the highest global standards in everything we do
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Our Journey So Far
Company incorporated, JV between the Tata group and Tamilnadu Industrial Development Corporation
State-of-the-art Jewellery making facility inaugrated
1984
1994
Crossed 1 million watches milestone in production and sales
1990
Launch of
Launch of
Launch of
Demerged PED to
and Precision Engineering (PED)
and merged Gold Plus with Tanishq
2005
2011
2017
Launch of
Dissolution of partnership with Timex and launch of
1998
2008
1,000 Exclusive Brand Outlet (EBO) milestone
2015
, 11,048
2022
57,339
FY84 FY85 FY86 FY87 FY88 FY89 FY90 FY91 FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY0 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
1987 Commenced watch production, launch of
and opened 1st showroom in Bengaluru
1992
Joint Venture (JV) with Timex
1996
Launch of
2007
Launch of
2013
Launch of
2009
and Titan E-Commerce
2016
2003
Launch of
and Golden Harvest Scheme
2020
Acqui-hire of HUG Innovations
2025
Crossed ₹50,000+ cr Revenue milestone
Note: 1. Color denotes the following: Company update; Brand / Channel launch; Acquisitions / Joint Venture 2. Graph denotes the Consolidated Total Income excluding Bullion and Digi-gold sales in ₹ crores
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Acquisition
5
Titan Businesses (1/2)
Jewellery: India’s Leading Organised Jewellery Retailer
Manufacturing facilities in Hosur, Pantnagar and Midnapore; Product Development Centre in Mumbai
~8% India Market share1
~20% FY25 Digitally influenced sales
Watches & Wearables: India’s Leading Watches Brand
2 Manufacturing facilities in Hosur and Coimbatore; 3 Assembly facilities in Roorkee, Pantnagar, and Sikkim
~27% Analog India Market share1
10,000+ PAN India Touch Points2
EyeCare: India’s Most Trusted Optical Chain
Manufacturing Chikkaballapur; 2 Lens Lab Noida and Kolkata
facility at
facilities at
Note: 1. All numbers are as on March 31, 2025 ; FY25 Market share based on internal estimates 2. Touch Points include Exclusive Brand Outlets, Multi Brand Outlets, and Large Format Stores
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850+ Exclusive Brand Outlets
6
Titan Businesses (2/2)
Indian Dress Wear: Finest range of pure handcrafted weaves from across the country
towards
Weavershala is an initiative by Taneira supporting weavers with technical expertise their working and conditions
improving
100+ Clusters2
80+ Exclusive Brand Outlets
Fragrances: India’s Leading Fine Fragrances Brand
900+ Titan World and Fastrack Outlets Presence
3,000+ Multi Brand Outlets
1 Exclusive SKINN Outlet
Fashion Accessories: Thoughtfully Designed Bags
130+ Departmental Stores Presence
6 Exclusive IRTH Outlets
Note: 1. All numbers are as on 31 March 2025 2. Clusters represent regions of India with distinct traditional handloom weaving practices
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7
Titan Brands - Segmentation Landscape
Segments
Jewellery
Watches & Wearables
EyeCare
Indian Dress Wear
Fragrances
Fashion Accessories
Luxury
Premium
Mid-Market
Mass Market
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8
Titan Brands - Size of Business
Gross UCP
Jewellery
Watches & Wearables
EyeCare
Indian Dress Wear
Fragrances
Fashion Accessories
₹50,000 cr
₹5,000 cr
₹1,000 cr
₹500 cr
₹100 cr
< ₹100 cr
(Not to scale)
Note: 1. FY25 Gross UCP (Uniform Consumer Price) is used for the above illustration 2. The position of the brands are for representation purposes only in their respective Gross UCP bands and not strictly to scale
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9
Titan Company Structure
Titan Company Limited
100%
100%
100%
100%
100%
Titan Engineering & Automation Limited (TEAL)
100%
TEAL USA Inc.
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CaratLane Trading Private Limited
100%
StudioC Inc., USA
TCL North America Inc
Minority stake
Titan Holdings International FZCO, Dubai
Titan Commodity Trading Limited
CueZen Inc.
100%
100%
100%
Titan Watch Company Limited, Hong Kong
Titan Global Retail LLC, Dubai
Titan International QFZ LLC, Qatar
10
Titan at a Glance
• • Management Commentary • Q4FY25 Standalone Highlights • Q4FY25 Consolidated Highlights
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
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Titan at a Glance
₹573 bn FY25 Total Income (1)
₹2,720 bn Market Capitalization (2)
3,312 Stores
4.70 mn Retail Area sq. ft.
~12.5 k Employees on roll
11 Manufacturing and Assembly Facilities
~40 mn+ Encircle Members
435 Town Presence
Note: 1. Total Income excludes bullion and digi-gold sales 2. Market Capitalization on BSE as March 31, 2025 3. All numbers are on a consolidated basis
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12
Management Commentary
While FY25 was marked by multiple external events that had varying impacts on the businesses in general, Titan’s businesses clocked yet another year of strong 22% revenue growth resulting in the Company crossing the impressive milestone of ₹50,000+ crores of revenues for the full year.
led Our Analog Watch business continued premiumization whilst moving in sync with the rising aspirations of the Indian consumer. The EyeCare business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26. Within Emerging businesses, Fragrances has performed well for FY25 signifying growing acceptance of SKINN brand. Our International Business expansions are progressing well in North America and GCC regions.
its strong growth trajectory by product
innovation
As we look forward to FY26, all businesses of Titan Company are focusing on market share expansion in their respective categories and catering to the changing needs of our consumers.
- Mr. C K Venkataraman, Managing Director
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13
Q4FY25: Standalone Highlights
Jewellery 88
88
+24.8%
11,232
8,998
Watches & Wearables
9
9
EyeCare 2
2
Emerging Businesses
1
1
+19.8%
1,126
940
+15.7%
166
192
+5.2%
97
102
Titan Company +23.8%
12,730
10,280
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
96
94
7
9
1
1
(2)
(3)
+22.2%
1,331
1,089
12.1%
11.9%
+66.3%
133
11.8%
80
8.5%
+150.0%
20
10.4%
8 4.8%
+23.9%
1,411
1,139
11.1%
11.1%
(22.7%)
(22)
(36.3%)
Q4FY24
(37) Q4FY25
e m o c n I
l a t o T
n i g r a M T I B E d n a T I B E
Q4FY24
Q4FY25
Note: 1. Figures in ₹ crores, unless stated otherwise 2. Total Income in Jewellery and Titan Company excludes bullion sales of ₹864 crores in Q4FY25 (₹1,127 crores in Q4FY24) and of ₹ 2,656 crores in FY25 (₹ 3,940 crores in FY24) 3. EBIT includes Other Income 4. Emerging Businesses include Indian Dress Wear, Fragrances & Fashion Accessories 5. Titan Company figures include Corporate segment 6.
International Business Division’s sales to group companies and profits thereof are included in the Total Income and EBIT of the respective Divisions above
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
14
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e m o c n I
l a t o T
n i g r a M T I B E d n a T I B E
Q4FY25: Consolidated Highlights
Jewellery
86
87
+23.7%
12,112
9,792
Watches & Wearables
8
8
EyeCare
1
1
+20.8%
1,134
939
+16.3%
166
193
Other Businesses
Titan Company
4
3
-18.1%
470
385
+21.4%
13,891
11,440
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
92
91
+22.2%
1,333
11.0%
1,091
11.1%
Q4FY24
Q4FY25
6
9
1
1
3
2
+74.7%
133
11.7%
76
8.1%
+175.3%
19
10.0%
7 4.2%
39
8.3%
26
6.8%
+23.4%
1,470
1,192
10.4%
10.6%
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Total Income in Jewellery and Titan Company excludes bullion and digi-gold sales of ₹1,141 crores in Q4FY25 (₹1,213 crores in Q4FY24) and of ₹ 3,603 Crores in FY25 (₹ 4,163 Crores in FY24)
Note: 1. Figures in ₹ crores, unless stated otherwise 2. 3. EBIT includes Other Income 4. Other Businesses include Emerging Businesses (Indian Dress Wear, Fragrances & Fashion Accessories) and the subsidiary TEAL 5. 6.
Titan Company figures include Corporate segment International Business Division’s sales to group companies and profits thereof are included in the Total Income and EBIT of the respective Divisions above
15
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Jewellery
• • Watches and Wearables • • • •
EyeCare Emerging Business International Business TEAL
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
Jewellery (Domestic): Quarterly Performance
Division’s robust growth of c.23% YoY to ₹10,845 crores was underpinned by a strong c.27% YoY growth in Gold (plain) and c.64% growth in Gold coins
Same store retail growths for Q4 came in at 15%
Studded clocked c.12% growth YoY. The high gold prices in the quarter (and for FY25) have continued to impact the overall product mix resulting in c.300 bps lower studded share for the quarter and c.190bps lower share (respectively) for the fiscal
•
•
•
• Q4 Growth in gold jewellery segment came mostly from ticket size growth, while both studded and gold coin segments saw buyer growths. Solitaires likewise saw a good rebound on the back of good buyer growths, albeit on the lower carat weights. New buyers contributed 52% of the total buyers in Q4.
• While the gold prices and consumer preferences during the quarter saw higher coin growth impacting the product mix and the margins, relatively better overheads management helped partly negate this impact thereby enabling the Division to clock an EBIT of ₹1,331 crores, at 11.9% margin
•
During the Quarter, 4 new stores (net) in Tanishq and 12 stores in Mia, were added in India
Note: 1. Total Income excludes bullion sales of ₹864 crores in Q4FY25 (₹1,127 crores in Q4FY24) 2. Video hyperlinks embedded for the above select campaigns and collections
Sensitivity: Internal
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Q4FY24
Q4FY25
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30%
67%
70%
Jewellery Secondary UCP YoY Growth
20% Overall
15% Like to like
17
CaratLane: Quarterly Performance •
Total Income grew c. 23% YoY to ₹883 crores
• Revenue from the Studded category grew c.19% YoY ; Revenue from all other categories (gold jewellery, gold coins etc.) together clocked c.44% YoY growth
• Buyer growth came in at c.5% YoY (partly impacted by high gold prices and consumer preferences for coins); The average bill value was higher by c.18% YoY
• Company clocked an EBIT of ₹70 crores at a margin of 7.9% • CaratLane added 17 new stores (net) in India during the quarter taking the
total store count to 322 stores spread across 139 cities pan-India
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18
Jewellery: Retail Network
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19
Jewellery
• • Watches and Wearables • • • •
EyeCare Emerging Businesses International Business TEAL
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
Watches & Wearables (Domestic): Quarterly Performance
•
•
•
•
Domestic Business clocked a strong growth of c.18% YoY to ₹1,087 cr led by c.18% YoY growth in analog watches
The Helios channel representing premium Titan and international brands continued to clock strong double-digit growth for the quarter.
The quarter saw double digit growth across all brands. Fastrack topped the growth chart clocking c.44% YoY growth followed by Sonata growing by c.25% YoY, signaling a strong performance in affordable fashion segments on the back of recent product offerings.
The healthy Revenue performance resulted in operating leverage benefits of margin expansion by ~330 bps YoY. The Division clocked an EBIT of ₹133 cr recording a margin of 11.8% for Q4FY25.
• Helios is experimenting into a new premium store format, Helios Luxe, for the discerning
customer with the addition 4 stores in India during FY25.
•
For the quarter, 20 new stores (net) were added in Titan World, 10 in Helios and 11 in Fastrack respectively.
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Sensitivity: Internal
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Distribution of Wearables as % of Domestic W&W sales
Wearables
Analog
12%
12%
Q4FY24
Q4FY25
Secondary UCP
Overall YoY
Like to like YoY
Titan World
Helios
Fastrack
LFS
18%
38%
20%
14%
14%
24%
12%
10%
21
Watches & Wearables: Retail Network
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Multi Brand Outlet Presence
8,500+ Multi Brand Retailers (MBR)
2,000+ MBR Town Presence
600+ Large Format Stores (LFS)
180+ LFS Town Presence
Sensitivity: Internal
22
Jewellery
• • Watches and Wearables • • • •
EyeCare Emerging Business International Business TEAL
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
EyeCare (Domestic): Quarterly Performance
•
Revenue from domestic operations grew c.15% YoY to ₹189 cr led by healthy double digit volume growth
• Within product categories, sunglasses sales outpaced others growing by c.52% YoY. The
prescription products of lenses and frames (together) grew in low double-digits International brands registered a strong growth of c.47% YoY; House brands saw c.7% growth in the same period Division clocked an EBIT of ₹20 cr for Q4FY25 at a margin of 10.4%; The healthy YoY margin expansion came from a mix of Revenue led growth and moderately higher gross margins compared to Q4FY24 The Division closed 11 stores (net) in India during the quarter
•
•
•
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10% Overall
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Sensitivity: Internal
24
EyeCare: Retail Network
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25
Jewellery
• • Watches and Wearables • • • •
EyeCare Emerging Business International Business TEAL
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
Emerging Businesses: Quarterly Performance
•
•
•
•
In Emerging Businesses (excluding the discontinued Belts & Wallets business),
o Women's Bags clocked a growth of c.10% YoY led by new store openings o Fragrances recorded a good growth of c.26% YoY primarily led by healthy growth in Fastrack perfumes. The overall volume growth in both SKINN and Fastrack was in high double-digits exhibiting strong consumer preference for the brands
o Taneira sales were lower by c.4% YoY
The EBIT (loss) for the Emerging Businesses was ₹(37) cr for Q4FY25
During the quarter, SKINN piloted its first experiential store in Seawoods, Mumbai
IRTH opened 4 new stores in India while Taneria closed 1 store during Q4FY25
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27
Emerging Business: Retail Network
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28
Jewellery
• • Watches and Wearables • • • •
EyeCare Emerging Business International Business TEAL
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
International Businesses (Consolidated): Quarterly Performance
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Jewellery •
Revenue from International operations of Jewellery business grew c.69% YoY to ₹402 cr
•
•
•
•
The growth was led by new store expansion in both GCC and North America (NA) markets
The GCC region saw new additions with one store in Sharjah taking the region’s presence to 15 stores
Tanishq expanded its NA presence to 7 stores including the newly opened stores in Atlanta and Santa Clara, USA
The Jewellery international footprint (including Singapore) stands at 23 stores comprising of 21 Tanishq stores and 2 Mia stores
Other Businesses •
The Watches business is expanding in the GCC region growing c.198% YoY (off a small base)
•
•
EyeCare and Fashion Accessories (exports) together grew c.114% YoY
Titan Eye+ added 2 new stores in UAE in Sharjah and Dubai taking its GCC presence stands to 6 stores
Note: 1. Total Income in Jewellery and International Business excludes bullion sales of ₹107 crores in Q4FY25 2. Primary sales to Subsidiaries and inter-Subsidiary sales are eliminated while computing the Total Income for
Jewellery segment
3. Others include Revenue for Watches & Wearables (W&W), EyeCare and Emerging businesses 4. W&W Total Income includes direct primary exports from TCL and secondary sales made by the Subsidiaries
Sensitivity: Internal
Titan’s first multi-brand lifestyle destination store at Rolla, Sharjah, UAE
30
Jewellery
• • Watches and Wearables • • • •
EyeCare Emerging Business International Business TEAL
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
TEAL: Quarterly Performance
•
Total Income reduced c.24% YoY to ₹284 Cr, primarily due to timing lags in order inflows
• Within Divisions, Automation Solutions (AS) Revenue declined c.36 % YoY and
Manufacturing Services* (MS) Revenue grew c.15 % YoY
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•
•
•
The AS business received orders of ₹156 Cr during the quarter. The current order book position as of Mar’ 25 is more than ₹335 Cr
In MS business, the aerospace segment recorded healthy double-digit growth rates to clock their highest quarterly dispatches in Q4
EBIT for the quarter came in at ₹63 Cr clocking 22.0 % margin
*Earlier known as Aerospace and Defense division
Sensitivity: Internal
Ball bearing assembly line
32
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
Statement of Profit and Loss Segment Performance
• • • Capital Employed • Financial Trends
Statement of Profit and Loss: Standalone
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Note: 1. Operating Revenue and Total Income excludes bullion sales of ₹864 crores in Q4FY25 and ₹1,127 crores in Q4FY24 respectively (₹ 2,656 crores for FY25 and ₹3,940 crores for FY24) . 2. Profitability and expense percentages are computed on Total Income excluding bullion sales
34
Sensitivity: Internal
Statement of Profit and Loss: Consolidated
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Note: 1. Operating Revenue and Total Income excludes bullion and digi-gold sales of ₹ 1,141 crores in Q4FY25 (₹1,213 crores in Q4FY24) an ₹ 3,603 crores for FY25 and ₹4,163 crores for FY24) . 2. Profitability and expense percentages are computed on Total Income excluding bullion and digi-gold sales
35
Sensitivity: Internal
Segment Performance : Q4FY25
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Note: 1. Emerging Businesses include Indian Dress Wear, Fragrances & Fashion Accessories 2. Others consist of Titan Subsidiaries excluding CaratLane and TEAL 3. Consolidation Adj. consist of elimination adjustments made on account of differences between primary outgoes included in TCL Standalone and International Business (Consolidated) 4. EBIT margin is calculated on Total Income excluding bullion and digi-gold sales 5. Total Income and EBIT from International Business is included in the respective divisions
36
Sensitivity: Internal
Segment Performance: FY25
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Note: 1. Emerging Businesses include Indian Dress Wear, Fragrances & Fashion Accessories 2. Others consist of Titan Subsidiaries excluding CaratLane and TEAL 3. Consolidation Adj. consist of elimination adjustments made on account of differences between primary outgoes included in TCL Standalone and International Business (Consolidated) 4. EBIT margin is calculated on Total Income excluding bullion and digi-gold sales 5. Total Income and EBIT from International Business is included in the respective divisions
37
Sensitivity: Internal
Capital Employed: Standalone
Jewellery
Watches & Wearables
EyeCare
Emerging Businesses
Titan Company
s t e s s A
y t i u q E
s e i t i l i b a i L
25,640
11,488
14,152
18,327
7,632
10,695
3,586
2,605
4,083
2,865
981
1,218
649
261
388
647
256
391
462
245
217
548
262
286
Mar-24
Mar-25
Mar-24
Mar-25
Mar-24
Mar-25
Mar-24
Mar-25
Note: 1. Figures in ₹ crores, unless stated otherwise 2. Emerging Businesses include Indian Dress Wear, Fragrances & Fashion Accessories 3. Titan Company figures include Corporate segment
Sensitivity: Internal
41,075
16,811
32,862
14,457
18,405
24,264
Mar-24
Mar-25
38
Capital Employed: Consolidated
Jewellery
Watches & Wearables
EyeCare
Other Businesses
Titan Company
s t e s s A
y t i u q E
s e i t i l i b a i L
30,219
21,632
11,399
8,583
13,049
18,820
Mar-24
Mar-25
3,651
2,656
4,208
2,983
995
1,225
657
263
394
667
265
402
1,412
1,446
674
738
775
671
40,647
11,624
29,023
31,550
9,393
22,157
Mar-24
Mar-25
Mar-24
Mar-25
Mar-24
Mar-25
Mar-24
Mar-25
Note: 1. Figures in ₹ crores, unless stated otherwise 2. Other Businesses include Emerging Businesses (Indian Dress Wear, Fragrances & Fashion Accessories) and the subsidiary TEAL 3. Titan Company figures include Corporate segment
Sensitivity: Internal
39
Consolidated: Quarterly Performance Trends
Total Income (₹ crores) and YoY Growth (%)
12%
7,319
7,526
7,356
37%
10,040
-0.4%
7,497
19%
13% 11,383
26%
21%
24%
11,069
10,835
9,131
8,742
9,419
24% 14,110
21%
11,440
11% 12,308
25% 13,556
17,582
25%
21% 13,891
-10%
4,210
1,419
FY21: 20,474; (3.4%)
3,095
FY22: 27,988; 37%
FY23: 38,675; 38%
FY24: 47,454; 23%
FY25: 57,339; 21%
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
7% 21% 36% 37% 11% 26% 36% 27% 24% 23% 29% 24% 23% 23% 30%
24% 21% 24% 31% 24%
% of FY
PBT (₹ crores) and PBT Margin (%)
1,344
13%
868 12%
707 9.4%
1,142 13%
1,072 12%
1,245
11%
988 10%
1,002
9.1%
1,252
12%
1,378
9.8%
1,396
1,218
991
973
948
8.7%
7.9%
7.0%
7.9%
8.8%
39 1.3%
FY22: 2,958; 10.6%
FY23: 4,447; 11.5%
FY24: 4,623; 9.7%
FY25: 4,535; 7.9%
741 10%
730 9.7%
217 5.2%
FY21: 1,327; 6.5%
-361
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Note: 1. Figures in ₹ crores, unless stated otherwise 2. Total Income excludes bullion and DigiGold sales
Sensitivity: Internal
40
Consolidated: Annual Performance Trends
Total Income (₹ crores) and YoY Growth (%)
27,988 37%
38,675 38%
57,339
47,454
23%
21%
6.5% 1,327
PBT (₹ crores) and PBT Margin (%)
4,447
11.5%
10.6% 2,958
4,623
4,535
9.7%
7.9%
PAT (₹ crores) and PAT Margin (%) 3,274 8.5%
3,496
7.9%
7.4%
2,198
4.8%
974
3,337
5.8%
9 .0%
8 .0%
7 .0%
6 .0%
5 .0%
4 .0%
3 .0%
2 .0%
1 .0%
0 .0%
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Total Equity (₹ crores)
Return on Average Capital Employed (%)
Return on Average Equity (%)
11,904
11,624
9,333
9,393
39%
36%
37%
33%
26%
31%
33%
32%
18%
14%
20,474
-3.4%
FY21
7,502
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Note: 1. Figures in ₹ Crores, unless stated otherwise 2. Total Income excludes bullion and digi-gold sales
Sensitivity: Internal
41
Consolidated: Annual Segment Trends
Jewellery
Watches & Wearables
EyeCare
Total Income (₹ crores) and YoY Growth (%)
Total Income (₹ crores) and YoY Growth (%)
Total Income (₹ crores) and YoY Growth (%)
24,478
36%
33,706 38%
50,362
41,361
23%
22%
FY22
FY23
FY24
FY25
17,963
3.7%
FY21
1,587
-39% FY21
3,310
43%
46%
2,317
4,598
3,930
19%
17%
FY22
FY23
FY24
FY25
517 38%
689
33%
801
726
5.4%
10.3%
FY22
FY23
FY24
FY25
375
-31%
FY21
EBIT (₹ crores) and EBIT Margin (%)
EBIT (₹ crores) and EBIT Margin (%)
EBIT (₹ crores) and EBIT Margin (%)
4,387
13.0%
3,069 12.5%
4,812
4,899
11.6%
9.7%
1,701
9.5%
408 12.3%
393 10.0%
548
11.9%
100 4.3%
98
14.2%
80
80
11.0%
10.0%
56
10.8%
23 6.1%
FY21
FY22
FY23
FY24
FY25
Note: 1. Figures in ₹ Crores, unless stated otherwise 2.
Jewellery Total Income excludes bullion and digi-gold sales
Sensitivity: Internal
-8.3% -132 FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
42
About the Company
Executive Summary
Business Performance
Financial Performance
Other Updates
Sensitivity: Internal
• Dividend • • •
Shareholding information Awards & Recognition ESG at Titan
Dividend
Dividend
Dividend per share
Dividend payout
195
28%
231
30%
2.20
2.60
444
32%
5.00
333
29%
3.75
355
23%
4.00
1 2. 00
1 0. 00
8 .0 0
6 .0 0
4 .0 0
2 .0 0
-
666
7.50
31%
977
11.00
977
11.00
888
10.00
27%
28%
29%
355
40%
4.00
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Note: 1. Amounts in Orange boxes refer to Total Dividend Payout in ₹ Crores
Sensitivity: Internal
4 5%
4 0%
3 5%
3 0%
2 5%
2 0%
1 5%
1 0%
5 %
0 %
44
Shareholding Information
Shareholding Pattern as at 31 March 2025
18.04%
4.85%
6.41%
17.81%
52.90%
Promoters
Mutual Funds
Retail
Foreign Institutional Investors
Insurance Cos. & Banks
Stock Information
BSE Ticker
NSE Ticker
500114
TITAN
BSE Market Capitalization (31st March 2025)
₹2.72 lakh crores
Number of Shares Outstanding
88.78 crores
BSE Market Capitalization (₹ Crores)
3,37,780
2,72,000
2,25,156
2,23,287
1,38,322
FY21
FY22
FY23
FY24
FY25
Sensitivity: Internal
45
Awards & Recognitions
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Indian Marketing Awards’ ‘Lifetime Achievement Award - Mr. C K Venkataraman
Business Leadership – Icon award at Grihashobha Inspire Awards 2025 - Ms. Suparna Mitra
Titan Company Ltd. recognised at FPJ’s Best Annual Reports Awards 2025
GJEPC inducts Ms. Revathi Kant into the Hall of Fame
TEAL wins Raytheon Platinum Supplier status consecutive time
for the 2nd
Titan’s Jewellery Factory (Hosur) wins at TPM Excellence Awards
Titan Edge Ultraslim and Edge Squircle nominated for the Grand Prix d’Horlogerie de Genève (GPHG)
Titan Edge Ultraslim wins the iF Design Award 2025
German Design Award 2025 awarded to Zoya’s 'Flower of Life' ring
Taneira wins The Economic Times Great India Retail Award for: Apparel Brand of the Year – Jury’s Recognition & Ethnic Fashion Retailer of the Year.
CaratLane’s triumphs at IAA India Awards, wins Best Film in Fashion and Accessories
IRTH recognized for Excellence in In-Store Design & Facade at the ET Retail Great India Retail Awards.
Titan Company Ltd. recognised with the Visionary Partner Award at the IIT Madras CSR Awards 2024.
CII Innovative Waste Management Award for silver recovery from batteries - Watches Factory Hosur
Sensitivity: Internal
46
ESG at Titan – Overview
Sourced 1.97 crore units (KwH) of renewable energy for our manufacturing plants and offices (FY25)
Environment
5,440 trees planted
Water storing capacity enhanced by 1,751 lakh litres
Empowered 21,000+ Girl students through the Titan Kanya Program
Awarded India’s Best Boards 2021 by Economic Times / Amrop
Note: All figures are as on March 2025
Sensitivity: Internal
Social
16,000+ Individual lives enriched through the Integrated Village Development Program
Governance
Governed by the Tata Code of Conduct (TCOC)
41,000+ Individuals skilled for employment, employability, and entrepreneurship
Gender Diversity Females represent 30% of total employees and workers Updated March 2025
7 Lakh+ beneficiaries through our Social Impact Programs
Independent oversight by the Board of Ethics Committee
47
Sustainability at Titan – Key Initiatives – Q4 FY25 - (1/3)
Girl child / Education
• Titan Kanya continues to empower girls through education, expanding reach, enriching learning, and fostering community-led change
(65,000+ Girls in FY 24-25)
• Launched in 8 KGBVs & 2 High Schools (Cuddalore & Tiruvannamalai), providing technology, academics, life skills, career guidance &
infrastructure
• Kanya+ Program supports 4 GGICs in Uttarakhand to enhance the quality of education, aiding 170 girls financially, with 9 opting for
vocational training.
Skill development for underprivileged
• Out of 3,940 youth trained, 3,022 have been successfully placed, including 452 PwDs who secured employment or self-employment
in FY25
• New partner in place in Uttarakhand focusing on Automotive and Hospitality training • A series of impactful initiatives were undertaken, including job drives at LeAP Centers in Chennai and Coimbatore, distribution of
assistive devices to PwDs in Karnataka 74% placement achieved across employment and livelihood programs, alongside the finalization of a new center in Rudrapur
•
Affirmative Action
• We have received the best practice recognition from the TAAP for Special children school project • Adoption of Model School • Exclusive computer lab for Visual impaired students - Trichy and Thanjavur
Support for Indian Arts, Crafts & Heritage and Design Impact program
•
In 2024–25, the Design Impact initiative drove social innovation through the DI Movement, DI Awards, and the launch of NEST with IIM Calcutta Innovation Park to support aspiring social entrepreneurs
• Project Tarasha successfully incubated 10 craft entrepreneurs for two years, with 22 progressing into their second year, revitalizing traditional crafts like Jaipur Blue Pottery and Pattu Weaving, while expanding visibility through a revamped website and high-profile exhibitions, achieving over ₹50 lakh in sales
• The Indian Heritage Arts and Crafts vertical revitalized traditional crafts and supported over 950 artisans across India through
initiatives like Project Tarasha, Desi Oon, and region-specific revival programs
Sensitivity: Internal
48
Sustainability at Titan – Key Initiatives – Q4FY25 - (2/3)
Responsible citizenship
• Project Happy Eyes (HE) has screened over 2.34 lakh children and provided life-changing eye care, including surgeries and
• •
spectacles, across India Impacted more than 0.6 M participants in FY25 Improved 79 springs, providing over 500 million liters of water, supported 55 Water Users Groups, and fostered community growth through various projects
• Trained school students, teachers, and ASHAs about drug abuse & improving health and education across 215 villages in Pakyong
and Soreng Districts.
•
Gunduperumbedu Lake sluice repair completed in Q3; helped farmers grow an extra crop over 100 acres in Q4. Final work due in Apr–May 2025
Planet
Sensitivity: Internal
• Manapakkam Lake restoration started in Feb and completed in Mar 2025, including sluice repair. • • • • • •
Polambakkam South Lake (26 acres) restored by EFI in Mar 2025; included desilting and bund strengthening. Dasanapuram and Bodichipalli lakes (near Hosur) restored by Feb 2025 with Hand in Hand India. Check dams in Masaorambhu stream, Coimbatore, restored by Mar 2025; dams 1 & 7 have large reservoirs. Betarayanaswamy Temple Kalyani near Chikkaballapur rejuvenated by Feb 2025 with desilting and new steps. Around 370 million litres of water storage added across 7 waterbodies, boosting irrigation and groundwater. Green belts in Thorapalli and Billanakuppam created with 2+ lakh trees and 120+ native species; 800 tCO2e/year sequestration potential. Hosur SIPCOT Lake restoration completed by Mar 2025; walkway paving to finish by May 2025. Veerasandra Lake maintenance continues
• •
49
Sustainability at Titan – Key Initiatives – Q4FY25 - (3/3)
Initiatives @ our factories
•
•
•
60 tons of organic sludge from STP were converted to manure and distributed for agricultural use in Hosur over the last three months in Watches and Wearables Installation of a 200 TR energy-efficient chiller and design envelope pumps for the centralized A/C system is expected to conserve 1.6 lakh kWh of energy annually in Watches and Wearables By switching from incineration to co-processing for lens cutting waste, approx. 6.8 tons of carbon emissions and ₹14.6 lakhs in annual costs have been eliminated in Kolkata Lens Lab
• Manual lens cleaning (1.2L/lens) was replaced with a dual-compartment ultrasonic system and filtration setup, enabling water
•
•
recycling and reuse in the cleaning process in Kolkata Lens Lab Implemented Plate Heat Exchanger (PHE) integrated with Centralized AC chiller which Converts the water temperature from 10 Deg C to 20 deg C in Kolkata Lens Lab Hosur Plant implemented multiple energy conservation initiatives, including optimized compressor usage, chiller load management, lighting automation, and control systems, to reduce overall power consumption Jewellery ISCM, Hosur
Eagle’s view After bush & channel clearance
Sensitivity: Internal
Masaorambhu Stream Check Dam
Polambakkam Lake, Chengalpet District
50
Annexures
Sensitivity: Internal
Jewellery: Quarterly Trends (Standalone)
Total Income (₹ crores) and YoY Growth (%)
16%
-2.3%
3,446
6,249
6,397
6,106
2,467
37%
8,563
-4.2%
6,132
24%
19%
19%
11,709 23%
18%
11% 9,518
7,600
7,203
7,576
9,070
8,575
9,879 8.9%
26% 10,763
19%
8,998
14,697
26%
25% 11,232
1,182
FY21: 17,274; 3.2%
FY22: 23,268; 35%
FY23: 31,897; 37%
FY24: 38,352; 20%
FY25: 46,571; 21%
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
% of FY
7% 20% 36% 37% 11% 26% 37% 26%
Q1'23
Q2'23
Q4'24 24% 23% 30% 24% 24% 22% 31% 23%
Q2'24
Q4'23
Q1'24
Q3'24
Q3'23
Q1'25
Q2'25
Q4'25 21% 23% 32% 24%
Q3'25
EBIT (₹ crores) and EBIT Margin (%)
1,260
14.7%
1,027 12.7% 13.5%
780
1,103 15.3%
1,236
997 13.0% 13.2%
1,206
14.1%
999
11.0%
1,089
1,103
12.2% 12.1% 11.2%
1,432
1,398
1,331
932
8.7%
11.9%
9.5%
12.0% 11.0% 752 703
13.0%
793
8.4% 207
8.3%
285
FY21: 1,686; 9.8%
FY22: 3,040; 13.1%
FY23: 4,363; 13.7%
FY24: 4,726; 12.3%
FY25: 4,764; 10.2%
-4.6%
(54) Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Note: 1. Figures in ₹ crores, unless stated otherwise 2. Total Income excludes bullion sales
Sensitivity: Internal
52
Jewellery: Quarterly Trends (Consolidated)
39%
9,005
16%
-1.6%
3,592
6,496
6,653
6,379
2,626
Total Income (₹ crores) and YoY Growth (%)
18%
13%
10,131
25%
22%
23%
24% 12,552
21%
9,754
9,263
9,792
7,995
7,515
8,065
-2.8%
6,468
26%
11,671
10% 10,730
15,848 26%
24%
12,112
1,222
FY21: 17,963; 3.7%
FY22: 24,478; 36%
FY23: 33,706; 38%
FY24: 41,361; 23%
FY25: 50,362; 22%
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
% of FY
7% 20% 36% 37% 11% 26% 37% 26%
24% 22% 30% 24% 24% 22% 30% 24% 21% 23% 31% 24%
EBIT (₹ crores) and EBIT Margin (%)
1,288
14.3%
803
12.6%
1,088 780 1,052 12.1% 13.2% 14.5%
1,004 12.3% 12.4%
1,243
1,482
1,217
13.1%
1,022
10.5%
1,091
1,102
11.8% 11.1% 10.3%
1,490
1,333
974
8.3%
9.4%
11.0%
766
717 11.8% 10.8%
8.0% 286
7.5% 198
-5.6%
(68) Q1'21
FY21: 1,701; 9.5%
FY22: 3,069; 12.5%
FY23: 4,387; 13.0%
FY24: 4,812; 11.6%
FY25: 4,899; 9.7%
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Note: 1. Figures in ₹ crores, unless stated otherwise 2. Total Income excludes bullion and DigiGold sales
Sensitivity: Internal
53
Watches & Wearables: Quarterly Trends (Standalone)
Total Income (₹ crores) and YoY Growth (%)
29%
687
708
12%
622
21%
785
829
15%
811
40%
871
13%
890
32%
1,092
21%
982
7.9% 940
15% 1,021
1,301 19%
1,128 15%
1,126 20%
-0.3%
-12%
550
555
400
292
75
Q1'21
FY21: 1,580; (40)% Q2'21
Q3'21
FY22: 2,309; 46%
FY23: 3,296; 43%
FY24: 3,904; 18%
FY25: 4,576; 17%
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
% of FY
5% 25% 35% 35% 13% 30% 31% 27%
24% 25% 25% 26% 23% 28% 25% 24%
22% 28% 25% 25%
EBIT (₹ crores) and EBIT Margin (%)
10.3% 57
8.3% 46
-0.9% (4)
FY21: (65); (4.1)%
(56)
13.5% 92
11.6% 82
FY22: 135; 5.8%
16 2.6%
13.1% 103
14.8% 123
11.0% 11.3% 11.5% 102 98
89
160 14.7%
55 5.6%
80 8.5%
194
14.9%
115
11.3%
133 11.8%
111
9.8%
FY23: 413; 12.5%
FY24: 397; 10.2%
FY25: 553; 12.1%
(164) Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Note: 1. Figures in ₹ crores, unless stated otherwise
Sensitivity: Internal
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
54
Watches & Wearables: Quarterly Trends (Consolidated)
Total Income (₹ crores) and YoY Growth (%)
29%
689
710
12%
625
21%
14%
786
830
811
41%
883
32%
1,092
22%
986
16%
913
6.3% 939
12% 1,023
1,304 1,137 19% 15%
1,134 21%
0.2%
-12%
551
559
401
293
76
Q1'21
FY21: 1,587; (39)% Q2'21
Q3'21
FY22: 2,317; 46%
FY23: 3,310; 43%
FY24: 3,930; 19%
FY25: 4,598; 17%
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
% of FY
5% 25% 35% 35% 13% 30% 31% 27%
24% 25% 24% 27% 23% 28% 25% 24% 22% 28% 25% 25%
38 6.8%
15 2.7%
13.1% 90
11.2% 80
FY22: 100; 4.3%
-3.0% (12)
FY21: (132); (8.3)%
(61)
EBIT (₹ crores) and EBIT Margin (%)
14.7% 122
82
10.1%
106 101 12.0% 11.1%
12.5% 98
160
14.7%
111 10.9%
76
8.1%
56 5.7%
-1.4% (9)
FY23: 408; 12.3%
FY24: 393; 10.0%
196 15.0%
133 11.7%
108 9.5%
FY25: 548; 11.9%%
(173) Q1'21
Note: 1. Figures in ₹ crores, unless stated otherwise
Q2'21
Q3'21
Q4'21
Q1'22
Sensitivity: Internal
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
55
EyeCare: Quarterly Trends (Standalone)
Total Income (₹ crores) and YoY Growth (%)
18%
-7.0%
124
127
94
67
26%
160
156
5.1%
134
30
FY21: 375; (31)%
FY22: 517; 38%
4.9%
11%
23%
183
167
174
165
11%
203
12%
188
-4.0%
0.6%
167
166
3.0% 209
6.9%
201
16%
16%
194
192
FY23: 689; 33%
FY24: 724; 5.1%
FY25: 796; 9.9%
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
% of FY
8% 25% 33% 34% 13% 31% 30% 26%
27% 24% 25% 24% 28% 26% 23% 23%
26% 25% 24% 24%
22
23 17.7% 18.1%
9 9.6%
FY21: 23; 6.1%
37
34
22.9% 21.8%
FY22: 55; 10.7%
(31)
(13)
EBIT (₹ crores) and EBIT Margin (%)
36
19.8%
32
28
16.5% 18.4%
35
28
17.2%
14.9%
2 1.2%
14
8.4%
8 4.8%
20
9.6%
24
21
20
11.9% 10.8% 10.4%
-2.2% (3)
FY23: 98; 14.2%
FY24: 85; 11.7%
FY25: 85; 10.7%
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Note: 1. Figures in ₹ crores, unless stated otherwise
Sensitivity: Internal
56
Statement of Profit and Loss: Standalone
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Note: 1. Operating Revenue and Total Income includes bullion sales of ₹864 crores in Q4FY25 (₹1,127 crores in Q4FY24) and ₹2,656 crores FY25 (₹3,940 crores in FY24) 2. Profitability and expense percentages are computed on Total Income excluding bullion sales
57
Sensitivity: Internal
Statement of Profit and Loss: Consolidated
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Note: 1. Operating Revenue and Total Income includes bullion and DigGold sales of ₹ 1,141 crores in Q4FY25 (₹1,213 crores in Q4FY24) and ₹3,603 crores for FY25 (₹4,163 crores for FY24) 2. Profitability and expense percentages are computed on Total Income excluding bullion and digi-gold sales
58
Sensitivity: Internal
Standalone Balance Sheet
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Consolidated Balance Sheet
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60
Thank You!
For any queries, please email to investor-relations@titan.co.in
Sensitivity: Internal