Titan Company has wrapped up Q4 FY25 with yet another strong set of numbers, reminding investors why it remains a jewel in the Tata Group’s crown. Despite a challenging macro environment and volatile gold prices, the company has managed to not just survive but outperform expectations across the board.
Let’s break down what stood out in Titan’s latest quarterly results—and why the stock still holds long-term value.
📈 Financial Highlights: Titan Beats the Street Again
- Net Profit: ₹871 crore — a 13% YoY growth over ₹771 crore in Q4 FY24
- Total Revenue: ₹15,032 crore — up 18.8% YoY, reflecting healthy demand across segments
- EBITDA: ₹1,470 crore — a 23% YoY rise, with EBITDA margin at 10.3%
- Gross Margin: 22.8%, up 50 basis points
- Dividend Declared: ₹11 per share, reaffirming management’s confidence in cash flows
These are not just incremental improvements—they’re signs of structural strength, especially at a time when consumer discretionary spending is under pressure.
💍Segment Analysis: Jewellery Shines Brightest, But Others Aren’t Far Behind
Jewellery (Tanishq, Mia, Zoya):
Still the biggest cash cow for Titan, this segment grew 25% YoY, excluding bullion sales. The demand for both plain and studded jewellery remained strong, even as gold prices surged. Interestingly, gold coins—a typically price-sensitive category—saw a 44% spike, showing rising investor interest in physical gold ownership.
CaratLane:
Titan’s digital-first jewellery arm reported a 23% YoY growth, with revenues touching ₹883 crore. The brand’s strong online presence and younger customer base helped it grow despite broader retail headwinds.
Watches and Wearables:
This segment clocked a 20% growth, led by higher average selling prices and new launches in the premium range. Analog watches continued their comeback, driven by fashion-forward collections and gifting trends.
Eyewear and Others:
Though smaller in contribution, the eyewear business continued to gain traction with new store additions and better footfalls.
🧠 Management Insights: FY25 Was a Milestone Year
C.K. Venkataraman, MD of Titan, remarked that despite a “demanding environment,” the company has achieved a significant feat—crossing ₹50,000 crore in annual revenue for the first time ever.
He emphasized Titan’s commitment to innovation, premiumization, and market expansion. The company’s approach of combining traditional retail strength with digital outreach is paying off well—especially in urban Tier 2 and Tier 3 markets where brand trust matters.
📊 Titan Stock Outlook: Still a Long-Term Compounder?
Titan shares reacted modestly after the Q4 results, closing slightly higher on May 8. At current levels, Titan trades at a premium valuation, but there’s a reason for that—it consistently delivers.
Here’s what makes Titan a favorite among long-term investors:
- Brand Moat: Tanishq, CaratLane, Fastrack, and Titan Eye+ are market leaders.
- Diversification: Exposure to jewellery, fashion accessories, and wearables protects it from overdependence.
- Strong Promoter Holding: Backed by the Tata Group, the promoter holding stands at 52.9% (as of March 2025).
- Solid ROE/ROCE: With Return on Equity ~26% and Return on Capital Employed ~30%, Titan is among the most capital-efficient retail businesses in India.
- Zero Net Debt: The balance sheet remains lean, giving Titan ample flexibility to invest and expand.
- Digital Push: Its omni-channel model is well-tuned to evolving consumer behavior, with a sharp rise in digital sales across segments.
🔭 What’s Ahead in FY26?
Titan has guided for 15–20% revenue growth in FY26, and is aiming for $300 million in international sales. The company is also betting big on the premiumisation trend and expects higher traction in global markets, especially in the Middle East.
On the domestic front, Titan plans to open 100+ new stores across formats and continue expanding its D2C digital footprint.
✅ Final Thoughts: Should You Watch or Buy Titan?
If you’re an investor who likes consistency, brand trust, and long-term compounders, Titan deserves a serious look. Yes, valuations are rich, but so is the growth story.
While short-term corrections are possible—especially given Titan’s sensitivity to gold price and discretionary demand—the long-term story remains intact. FY25 results are yet another proof that Titan can adapt, evolve, and thrive, no matter the market conditions.
