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Informist, Friday, May 8, 2026

 

--Titan: Reinforcing gold exchange campaign after success in Q3, Q4 
--CONTEXT: Comments by Titan's management in post-earnings analyst concall 
--Titan: Nationalistic angle boosting gold exchange campaign 
--Titan: Working on making jewellery accessible, attractive for consumers 
--Titan: See EBIT growth lower than revenue growth in FY27 

 

By Avishek Rakshit and Astha Oriel 

 

KOLKATA/MUMBAI – Even as gold prices remain elevated, Titan Co. Ltd. is eyeing at least 15-20% compounded annual growth for the next three-five years, as well as similar growth in the current financial year, a company official said Friday. Towards this end, the company is working on making jewellery that is both attractive as well as accessible to customers. 

 

"I think this is the general guidance that we have given that we should be able to sustain this kind of a growth because it's intrinsic to what we try to achieve irrespective of the gold rate," a senior official of the company told sector analysts in a post-earnings call. 

 

The official said that despite gold prices being elevated, jewellery demand continued to be strong in the March quarter as consumers realise that high gold prices are the new normal. At the same time, people are shifting purchases to reputed brands of trust from localised players, which is driving demand for Titan.

 

"I think that formalisation of the industry continues to be a very strong underlying factor for growth interest in the category because of its preciousness. The 15 to 20% (growth) is something that we ought to do. If we don't do that much, we won't be doing justice to all the tailwinds," the official said. 

 

At a later stage, a second company official said that this targeted growth rate was not limited to 2026-27 (Apr-Mar), but would also spread across the coming three-five years on a compounded annual growth rate basis. 

 

During the year ended March, Titan's total revenue from operations shot up over 41% on year to INR 775 billion, primarily from tailwinds induced by a strong festive season and advanced jewellery purchases for the wedding season. A company official said that some consumers have been buying jewellery for wedding purposes anticipating further gold price increases, while others have accepted that gold prices will remain elevated now. This, according to the official, helped Titan register strong sales in the March quarter. 

 

Titan has been rolling out various gold exchange schemes and also launched lower carat jewellery range like 18-carat gold and 14-carat studded jewellery to boost sales as gold prices remained strong. The company has been focussing on making jewellery that is both attractive and accessible to the customer at the same time. It also launched a jewellery purchase plan that is basically a grammage purchase plan. 

 

"We need to make jewellery both exciting as well as accessible," a company official said. The company's promotion of gold exchange, which has a nationalist undertone under the hashtag OldGoldNewIndia, also helped boost sales under the gold exchange programme, the official said. 

 

However, the company's earnings before interest and tax growth during the next three-five years may be a little bit lower than the targeted revenue growth, an official cautioned. 

 

"In the current environment of gold prices, it's very difficult to predict or give you a number or a small rate that within that we will operate. The idea is that if we are growing revenue 15-20% in the same ballpark, can we grow our EBIT to a little bit lower than revenue because of structural gold price impacts that are happening," the company official said.

 

Titan is also focussing on strengthening its natural gemstone jewellery range, in which products are priced across 10-11 different price points. 

 

"We are not approaching it from a margin standpoint or any other standpoint. But we are only approaching it from creating a new dimension," a company official said. 

 

On Friday, shares of Titan closed 4.7% higher at INR 4509.00 on the National Stock Exchange. The company detailed its results for the quarter and year ended March during market hours.  End

 

Edited by Avishek Dutta

 

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