Q1 2027 Titan Company Ltd Earnings Call Transcript
Key Points
- All-round growth across all businesses, brands, and subsidiaries with strong volume and buyer growth.
- Normalized EBIT margin for the jewelry business stood at 10.9%, in line with the company's center-of-gravity guidance of 11%.
- Studded jewelry sales continued to gain momentum, with buyer growth improving since Q4 FY26.
- The company realized a one-time customs duty benefit of ₹407 crore, which will be realized as inventory is sold over the next few quarters.
- Management remains confident in achieving double-digit growth and long-term FY30 targets, citing strong headroom for market share gains and India's growth story.
- Operating environment was unfavorable due to sudden customs duty changes and gold price volatility, leading to an MTM inventory loss of 75-80 basis points in the jewelry division.
- Buyer growth was impacted in May due to Adikmas and government interventions, though it recovered in June.
- Damas, the international subsidiary, reported losses due to the ongoing war situation, with footfall and ticket sizes declining in the Middle East.
- Competitive intensity in the jewelry market remains high, with no easing of discounting or promotional pressure.
- The watches business saw muted profitability due to a lower one-time inventory revaluation benefit compared to the previous year, with normalized margins declining to 17.8% from 18.6%.
Ladies and gentlemen, good day and welcome to the Titan Company Limited Q1 FY27 earnings conference call.
As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone phone.
Please note that this conference is being recorded.
I now hand the conference over to Mr. Ajoy Chawla, Managing Director, Titan Company Limited.
Thank you and over to you, Mr. Chawla.
Good evening, friends. Welcome to the earnings call of order one.
For FY27.
It's been another fantastic quarter and I must say this quarter has been even better than the previous quarters. We've seen all-round growth across all our businesses, all our brands, subsidiaries and we've also seen a good volume growth and a buyer growth that has come in. So all
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