• Financial performance: Excluding bullion sales, Titan achieved 46% revenue growth in Q4 and finished the year up 33% at ₹76,000 crore consolidated revenue, with full-year domestic jewelry EBIT margins remaining healthy at 11.1%.
• Consumer buying trends: High gold prices have driven a steady consumer shift toward lightweight, wearable jewelry and lower caratages, alongside robust buyer growth in studded jewelry.
• Damas integration outlook: Following the acquisition of a 66% stake, near-term Middle East operations face geopolitical pressure for a couple of quarters, though management remains bullish on the brand's long-term revival and expansion.
• CaratLane and beYon: CaratLane's profitability is expected to surpass Titan's over the coming years due to its high-margin studded mix, while lab-grown diamond brand beYon plans to open 7 to 8 new stores following its initial rollouts.
• Watches and wearables: Analog watches continue to generate healthy double-digit growth through premiumization, while the company plans to return the wearables segment to growth by targeting the ₹3,000 to ₹15,000 price band.