• One-off financial gains: A customs duty hike created a ₹400 crore inventory gain across Titan and CaratLane (Titan accounting for ₹386 crore), alongside an MTM accounting gain of 75–80 basis points that is expected to reverse over the next two to three quarters.
• Jewellery margin guidance: Jewellery margins are projected to anchor around 11% rather than expand, as management prioritizes market share, customer acquisition, and growth over margin expansion amidst high gold prices.
• Long-term revenue target: Management affirmed its long-term target of doubling revenue by FY30 from FY26 levels, though it cautioned that growth rates in Q3 and Q4 may moderate due to a strong base last year.
• Subsidiary and category outlook: Damas is projected to deliver improved profitability from FY28 onwards, while the eye care segment expects to maintain strong double-digit growth following recent strategic shifts.