• Natural diamonds: Chawla said natural diamonds have grown consistently across Tanishq, CaratLane, Mia and Zoya for almost 4 quarters, with international prices firming and earlier customer confusion around lab-grown diamonds and solitaire prices easing.
• Festive demand: He was confident the festive season would go well, with weddings and festivals likely to bring customers off the fence after uncertainty about gold prices and customs duty. He said the September–October timing shift affected Q2 and that gold-coin investment demand declined after several quarters of strong growth.
• Core jewellery growth: Chawla said timing alone could have made growth 4-5% higher than declared, and excluding coins could add another 4 to 5 percentage points. Buyers grew mid-single digits, potentially higher single digits excluding coins; he said 20% plus core jewellery growth on last year’s high base would be strong.
• Growth ambition: Titan’s stated ambition is a 20% CAGR through FY30. Chawla said same-store growth above 15%, moving closer to 18%, would be fantastic, and cautioned that 30, 35% growth is not sustainable as an ongoing expectation.
• Margin outlook: Higher studded ratios, a lower proportion of coins and strong performance in watches, eyewear and subsidiaries should support margins. Chawla said to set customs-duty gains aside because they may evaporate when the government makes a correction.