• Jewelry margin guidance: Management is maintaining an annual jewelry margin guidance of around 11%, prioritizing absolute growth across gold, studded, and coin categories over a fixed studded ratio. Second-half margins are expected to gain support from the festive and wedding seasons if gold prices remain stable.
• Watches segment momentum: The watches business posted 21% growth in the first quarter, driven by mid-20s growth in analog watches across brands like Titan, Fastrack, Sonata, and Edge. Titan added 34 watch stores during the quarter and plans to sustain retail expansion over the next two to three quarters.
• Consumer buying patterns: Customers are increasingly accepting lower caratages, moving to 14-karat in studded jewelry and 9-karat diamond pieces at CaratLane. While ticket sizes are rising among affluent buyers seeking richer collections, stable gold prices are expected to revive volume demand in the sub-₹1 lakh category.
• Non-jewelry business contribution: Strong growth across watches, eyewear, CaratLane, and Taneira is expected to benefit overall gross and EBIT margins. Subsidiaries like Titan Engineering and Automation and CaratLane performed well, though Damas remained subdued due to Middle East uncertainty.