Titan crosses ₹50,000cr Revenues; grows 22% for Q4 and full year FY25
Titan Company Limited (“Titan”), announced its results today for the quarter and year ended 31st March 2025. Titan (consolidated) recorded a total income growth of 22% in Q4FY25 compared to Q4FY24. EBIT grew by 23% YoY to ₹1,470 crores, while PBT growth was 23% YoY to ₹1,218 crores. For FY25, the Total Income of ₹57,819 crores grew 22% over FY24. The EBIT grew 5% to ₹5,488 crores and the PBT declined by 2% to ₹4,535 crores, mainly due to the impact of custom duty reduction on gold during the year.
Business Performance:
Jewellery (Tanishq, Mia & Zoya)
Total Income for the quarter grew 25% over Q4FY24 to ₹11,232 crores. The domestic India business grew 23% to ₹10,845 crores during the same period driven by a strong 30% growth in gold jewellery and coins together and 12% growth in studded jewellery. Despite the steep increase in gold prices, studded and gold coin segments witnessed buyer growths. Solitaires likewise saw a good rebound on the back of good buyer growth, albeit on the lower carat weights. The high gold prices, however, are continuing to weigh on consumer sentiment in the near term. EBIT for the quarter came in at ₹1,331 crores at a margin of 11.9%.
For the full year of FY25, Division recorded a Total Income growth of 21% to ₹46,571 crores. The corresponding EBIT was ₹4,764 crores at a margin of 10.2% and got impacted due to custom duty change during the year.
Tanishq expanded its international network to the new markets of Sharjah in UAE and Atlanta & Santa Clara in USA. The Jewellery international footprint (including Singapore) now stands at 23 stores comprising of 21 Tanishq stores and 2 Mia stores. In the domestic market, of the 16 new store additions (net) during the quarter, 4 stores were added in Tanishq and 12 stores were added in Mia respectively
Watches & Wearables
Business recorded a Total Income of ₹1,126 crores, up 20% over Q4FY24. The domestic India business grew 18% to ₹1,087 crores during the same period driven by a healthy 18% growth in analog watches. The premium brands of Titan, Xylys, Raga and international brands (via Helios channel) continued to do well growing in double-digits during the quarter and clocking higher average price realizations than Q4FY24. Fastrack brand topped the growth charts clocking 44% growth followed by Sonata recording 25% growth (over their respective Q4FY24 numbers).
Affordable fashion segments are seeing a resurgence on the back of recent product offerings. EBIT came in at ₹133 crores clocking a margin of 11.8% for the quarter.
For the full year of FY25, Division recorded a Total Income growth of 17% to ₹4,576 crores. The corresponding EBIT was ₹553 crores at a margin of 12.1%.
Helios is experimenting into a new premium store format, Helios Luxe, for the discerning customer with the addition of 4 new stores in India during FY25. During the quarter, 20 new stores (net) were added in Titan World, 10 stores in Helios and 11 stores in Fastrack.
EyeCare
Division recorded a Total Income growth of 16% to ₹192 crores in Q4FY25. International brands registered a strong growth of 47% over Q4FY24. Within product categories, sunglasses sales outpaced others growing by 52% in the same period. Business recorded an EBIT of ₹20 crores clocking a margin of 10.4% for the quarter.
For the full year of FY25, EyeCare Division recorded a Total Income growth of 10% to ₹796 crores. The corresponding EBIT was ₹85 crores at a margin of 10.7%.
During the quarter, Titan Eye+ opened two new stores in the UAE region, one each in Sharjah and Dubai. The Division closed 11 stores (net) in India during the quarter.
Emerging Businesses
The Emerging Businesses comprising of Indian Dress Wear (‘Taneira’), Fragrances, Fashion Accessories (‘F&FA’) recorded a Total Income of ₹102 crores for Q4FY25 growing 5% over Q4FY24. The F&FA business grew 20% compared to Q4FY24. Within F&FA, Fragrances grew by 26% and Women’s Bags clocked 10% growth respectively over Q4FY24. The Businesses together recorded a loss of ₹37 crores for Q4FY25. Taneira’s sales were lower by 4% in this same period.
For the full year of FY25, the Total Income for all the Emerging Business (combined) grew 7.4% to ₹406 crores. The corresponding EBIT loss was ₹124 crores.
During the quarter, SKINN piloted its first experiential store in Seawoods, Mumbai. IRTH opened 4 new stores while Taneria closed 1 store during Q4FY25.
Key Subsidiaries of the Company:
CaratLane Trading Private Limited
Total Income grew 23% to ₹883 crores as compared to Q4FY24 (excluding bullion and digi-gold sales). The studded category performed well growing 21% whereas all other categories (gold jewellery, gold coins, solitaires etc.) together clocked 28% growth in the same period. EBIT came in at ₹70 crores clocking a margin of 7.9% for Q4FY25.
For the full year, Total Income grew 24% to ₹3,583 crores. The corresponding EBIT at ₹296 crores recorded a margin of 8.3% for FY25.
CaratLane added 17 new stores (net) in the quarter taking the total store count to 322 stores in India. The brand is now present in 139 cities pan-India and has one international store presence in New Jersey, USA.
Titan Engineering & Automation Limited (TEAL)
TEAL recorded a Total Income of ₹284 crores in Q4FY25, lower by 24% compared to Q4FY24. Within Division, the Automation Solutions (AS) business declined by 36% and the Manufacturing Services grew 15% in the same period. In MS business, the aerospace segment recorded healthy double-digit growth rates to clock their highest quarterly dispatches in Q4. EBIT for the quarter was ₹63 crores at a margin of 22.0%.
For the full year, Division recorded an income growth of 14% to ₹870 crores. The corresponding EBIT was ₹132 crores at a margin of 15.2% for FY25.
Commenting on the results
Mr. C K Venkataraman, Managing Director of the Company stated that: “While FY25 was marked by multiple external events that had varying impacts on the businesses in general, Titan’s businesses clocked yet another year of strong 22% revenue growth resulting in the Company crossing the impressive milestone of ₹50,000+ crores of revenues for the full year. Our Analog Watch business continued its strong growth trajectory by product innovation led premiumization whilst moving in sync with the rising aspirations of the Indian consumer. The EyeCare business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26. Within Emerging businesses, Fragrances has performed well for FY25 signifying growing acceptance of SKINN brand. Our International Business expansions are progressing well and we are now present in 5 more cities in North America and GCC. As we look forward to FY26, all businesses of Titan Company are focusing on market share expansion in their respective categories and catering to the changing needs of our consumers.”
About Titan:
Titan Company Limited (“Titan”), a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches Limited. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare. Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira) and thoughtfully designed Women Bags (IRTH). Titan is widely known for transforming the watch and jewellery industry in India and for shaping India’s retail market by pioneering experiential retail.
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