• Gold exchange strategy: Titan is actively promoting jewellery purchases through locker gold exchange to align with national interests and unlock India's estimated 25,000 tonnes of stored gold.
• Q4 margin factors: Despite a 35% profit growth, consolidated margins saw an 80–90 basis point softness due to growth investments, higher sales of low-margin gold coins, and one-time employee provisions alongside a dividend hike from ₹11 to ₹15.
• Jewellery demand trends: Cultural demand for gold remains strong despite elevated prices, while natural diamond-studded jewellery outpaced gold in growth over the full year and in the fourth quarter.
• CaratLane profitability outlook: Following temporary fourth-quarter IT migration disruptions, CaratLane is projected to maintain over 25–30% growth with superior profitability driven by operating leverage and an ~80% studded jewellery mix.