Titan Company Ltd Management Discussions

Performance during the Financial Year 2025-26

Amidst a volatile business environment characterised by significant geopolitical events and global trade uncertainty, the Company delivered yet another year of strong performance, achieving a robust 28% revenue growth and crossing a commendable milestone of 76,000+ crore (excluding bullion sales) in consolidated revenues for the year.

The Analog Watch business continued its strong growth trajectory, supported by sustained product innovation, with a strong and focused premiumisation strategy aimed at leveraging the rising aspirations and increasing disposable incomes of the Indian consumer.

The Jewellery business delivered one of its strongest topline growth performances, driven by a well executed competitive strategy, continued thrust on product and retail innovation, and partially aided by sharp and continuous increase in gold prices. While elevated gold prices led to moderation in demand at lower price points and resulted in single digit buyer growth, the Company witnessed strong growth in higher price bands. Studded jewellery growth remained healthy, which was driven by differentiated product offerings and brand-led initiatives.

The EyeCare business witnessed a return to double-digit growth trajectory in the 2nd half of Financial Year 2025-26 and is poised for sustained growth in Financial Year 2026-27, led by Vision meets Fashion strategy, retail transformation initiatives, and strategic collaboration with leading international brands. Emerging businesses performed well, led by Fragrances & Womens Bags, while the Indian Dress Wear business witnessed a relatively muted performance. The International Business expansions progressed well in North America; however, the GCC region was impacted during March due to geo-political developments. Overall, the International jewellery business recorded healthy growth supported by new store expansions and same store growth.

CARATLANE, the wholly owned subsidiary of the Company delivered strong double-digit profitable growth amidst growing competitive intensity and volatile gold prices, driven by continued expansion of its retail footprint significantly, while strengthening its omnichannel presence.

TEAL, the wholly owned subsidiary of the Company in the B2B Engineering segment, delivered one of its best performances driven by strong growth in its Automation Solutions business, while the opportunities in the Manufacturing Services business continue to expand across the emerging sectors.

Strategic Developments:

Launched Lab Grown Diamond (LGD) jewellery under the brand ‘beYon Acquired a 67% stake in Damas Jewellery business through its Wholly Owned Subsidiary, Titan Holdings International FZCO

The Company remains focused on innovation led topline growth, market share expansion, and strengthening the portfolio of aspirational brands to cater to the evolving needs of the consumers in a premiumising India. Continued investments in Manufacturing, Retail and Digital capabilities are expected to support long term growth and competitiveness.

The Company remains confident of navigating the evolving macroeconomic landscape through its strong balance sheet, differentiated customer offerings and continued investments in digital, design and supply chain capabilities. While remaining watchful of global uncertainties, the Company is well positioned to deliver sustainable growth and long-term value creation for its stakeholders.

WATCHES DIVISION

The Watches Division delivered a strong performance during Financial Year 2025-26, recording a revenue growth of 17% year on year in Net Sales Value. Analog watches segment grew by 24%, outperforming the market growth of 18%, resulting in a gain in market share. The Divisions share in the analog segment stands at approximately 27%.

Premiumisation continued to be a key structural driver of growth in the Titan, Raga, Edge and Xylys brands. Equally, mass fashion, on the back of innovative, cost reengineered products and rigorous go-to-market strategies aided high double-digit growths in the Sonata and Fastrack brands.

The category continued to witness a shift in consumer behaviour with Analog watches being increasingly perceived as "Markers of Personal Journeys". Brand and product narratives that integrated meaning, artistry and horology resonated strongly with consumers, reinforcing the premiumisation trend.

During the year, the Division strengthened its innovation pipeline with several notable launches. These include the launch of ‘Wandering Hour, a limited edition, space inspired stellar collection, with in-house automatic movement capabilities; "Jalsa by Nebula", a breathtakingly rare in-house designed tourbillion movement masterpiece, priced at 40 lakhs, marked the Companys official entry to the Grand Prix dHorlogerie de Gen?ve (GPHG) 2025; and the introductions under the EDGE range, including the ‘Ultra Slim 3.3 mm and ‘Fumage collections. The Company also introduced "Titan of the Year", a whole new brand platform recognising individuals who have put India on the global map, with the inaugural edition honouring World Chess Champion Mr. Gukesh Dommaraju, through a limited-edition timepiece.

Women consumers continued to be an important growth segment for the Division. Innovations in Raga Cocktail, Glimmers, and Ethereal delivered on both product artistry and a new bold identity for the Indian women, growing the Raga brand by 24%. The wearables segment continued to witness a shift in consumer preferences, with a moderation in demand from casual users. However, a focused segment of consumers seeking fitness, health and productivity solutions continue to present opportunities, particularly in the mid-to-premium price segments.

The Division expanded its retail footprint to a total of 1,292 stores with a network of 743 Titan World, 288 Helios, 252 Fastrack and 9 Helios Luxe stores. As a result of the transformation activities undertaken in the last two years, the Multi-Brand Retail channel galloped to an impressive growth of 24%. Department stores and marketplace E-commerce channels also registered healthy growth and increase in market share for the Divisions brands.

On the manufacturing front, the Division continued to strengthen its capabilities with significant progress in research and development and increasing levels of automation. Production volumes scaled to record levels to meet strong demand, supported by focus on quality, efficiency and timely delivery.

Outlook

Financial Year 2026-27 is expected to see a continued structural shift toward analog watches. The premium segment (above 25,000) is expected to remain robust, supported by the European Free Trade Association trade deal on Swiss watches, while the sub 25,000 is also expected to deliver double-digit growth amidst heightened competition from other players. The Division remains well positioned to capitalise on these realities and is poised for another year of strong growth.

Over the past year, we have seen encouraging signs that Indian watchmaking is earning greater global recognition. Whether through the craftsmanship behind Nebulas in-house Flying Tourbillon, the international acclaim for Titan Edge, or the continued evolution of our design language across brands, our focus has remained the same — to create products with distinct character and enduring value. The next phase for the Watches Division is about building on this momentum through innovation, stronger storytelling, specialised retail, and deeper horological expertise, so that India can emerge as a more meaningful voice in the world of watchmaking.

Kuruvilla Markose, CEO - Watches

JEWELLERY DIVISION

The Financial Year 2025-26 was a year that saw a continued rise in gold prices, from about 33% year on year in Quarter 1 to 78% year on year in Quarter 4, and increased competitive intensity driven by formalisation of the jewellery industry. The volatile gold prices impacted consumer sentiment, which was subdued in the first half of the year and turned favourable in the second - across gold and studded jewellery as well as coins.

In this environment, the Division delivered a strong performance, recording a very healthy 33% growth over the previous fiscal, with same store growth of 27%. Studded jewellery also witnessed healthy growth at 23%, supported by improved buyer traction and stronger sales momentum in the second half of the year.

Tanishq continued to drive its Retail Transformation programme with the expansion of larger, re-modelled stores taking its retail network to 528 stores during the year including the first Rivaah Wedding Lounge in New Delhi. Growth was further supported by Tanishqs regionalisation initiatives, introduction of contemporary and lightweight collections, strengthening of omnichannel capabilities and sustained investments in high-value wedding collections across gold and studded jewellery. In response to elevated gold prices, the Company introduced 18kt gold and 14kt studded jewellery to enhance affordability and actively encouraged exchange of old gold to minimise gold imports and stimulate demand.

On the innovation front, Tanishq embarked on an industry-first initiative to establish ‘Diamond Expertise Centres across stores, aimed at enhancing transparency and consumer confidence. These centres integrate advanced technology and expert gemmologists to enable detection of lab-grown diamonds, grading of natural diamonds and assessment of solitaire performance, in collaboration with international partners such as De Beers.

The Division also piloted its first exclusive lab-grown diamond store under the brand "beYon", with plans for calibrated expansion as the category evolves, given the significant under-penetration of diamonds in the Indian market.

Mia by Tanishq, a sub brand of Tanishq crossed the 2,000 crore milestone during the year, registering a topline growth of over 67%, driven by strong network expansion, innovative product offerings and marketing campaigns. The brand expanded its presence to 292 stores across 100+ towns and continued to resonate strongly with young, modern consumers through distinctive designs, compelling brand narratives and digital-first engagement strategies. Mia by Tanishq is also retailed through 500+ Tanishq stores, enabling the recruitment of new, young and first-time precious jewellery buyers.

CaratLane had another very successful year with over 30% growth and added 50 stores with current store count at 378 and 12 Shaya stores. Internationally, the brand has two stores in the US, New Jersey and Dallas. In Financial Year 2025-26, a large thrust was put in improving brand awareness through several national and regional engagement campaigns, besides strengthening digital presence. A few category shaping bold initiatives like the launch of 9 kt jewellery, Shaya diamond (natural diamond in silver) at starting price of 5000/- upgrading default diamond quality to far superior FG colour category apart from a stream of new innovative designs reinforced its design leadership in the fine jewellery segment.

Zoya, the luxury brand, expanded its presence across 9 cities in India through 13 exclusive boutiques and select galleries within Tanishq stores. It is one of Indias largest luxury jewellery brands and has built an enviable base of discerning, well-heeled HNI clients. The brands appeal is driven by a deeply meaningful brand essence, innovative and differentiated design stories, intricately crafted products featuring rare stone cuts, intimate retail experiences and curated, personalised client experiences.

The Divisions portfolio strategy, anchored by a differentiated bouquet of brands, positions it well to capitalise on the structural shifts in the industry, particularly premiumisation and formalisation, enabling sustained growth across segments.

International

The Financial Year 2025-26 saw periods of turbulence in consumer sentiment, operations and demand across key international markets. In the United States, elevated tariff regimes necessitated agile supply chain redesign and sourcing strategies to mitigate impact. In the Middle East, the Division focused on seamless integration and collaboration with the Damas business during the year, while also ensuring continuity of operations and prioritising employee well-being amidst challenging geopolitical conditions towards the year end.

Integrated Supply Chain Management

The Division continues to lead in responsible sourcing, with over 90% of its vendors consistently sustaining a "Standard" rating under the 4P framework—People, Place, Process, and Planet, through a rigorous third-party assessment program. Ethical sourcing remains a cornerstone, with gold procurement from London Bullion Market Association (LBMA) certified sources and through recycled customer-exchanged gold. In addition, the Division maintains 100% ethical diamond sourcing through a structured Titan Supplier Engagement Protocol, setting strong benchmarks for the industry. To further strengthen authenticity, advanced analytical laboratories have been established to certify and ensure the authenticity of natural gemstones and diamonds used in the Companys jewellery. Continuous manufacturing improvements have also strengthened product quality, craftsmanship and finish, enhancing overall consumer appeal.

Outlook

Gold prices are expected to remain elevated and volatile, given ongoing geopolitical developments and global conflicts leading to macroeconomic uncertainties. In this environment, there could be shifts in demand segments and the Division will continue to prioritise market share led, topline growth supported by sustained investments in retail expansion, product innovation, customer engagement, new collections, manufacturing excellence and brand building. Whilst outlook in India remains positive by favorable demographics, and the continued relevance of jewellery as a store of value, short-term demand fluctuations may persist. The Division expects the international markets to remain dynamic with cautious optimism in the United States and watchfulness in the Middle East in light of the prevailing geopolitical conditions.

At Tanishq, every idea begins with a simple question: how do we deepen the trust our customers place in us? In FY26, we continued to build on our legacy of transparency and credibility through initiatives such as Diamond Expertise Centres, a reinvigorated Gold Exchange Programme, and new retail experiences like the Rivaah Lounge. Together, these efforts reflect our belief that trust must be continuously earned, strengthened and reimagined for the future.

Arun Narayan, CEO - Jewellery

EYECARE DIVISION

Financial Year 2025–26 was a strong, execution-led year for the EyeCare Division. The Division delivered a topline of 1,452 crore (consumer prices), reflecting a 14% growth, significantly ahead of the industry growth range of ~7%–8%. This performance was driven by a clear strategy of ‘Vision meets Fashion. The Division undertook a significant Retail Transformation Program during the year. This was coupled with continued innovations in frames and lenses, as well as strengthening optometry capabilities.

The Retail Transformation Program involved the renovation of 150 stores, addition of 57 new stores, and rationalisation of 109 under-performing stores. These initiatives enhanced store modernity, improved customer experience and supported stronger conversion.

The Division continued to strengthen its fashion proposition, with strong momentum across international sunglass brands, resulting in healthy growth and the launch of ‘Runway, exclusive premium sunglass destination stores across leading malls and airports. E-commerce also witnessed increased traction, supported by offerings such as "Tees by Fastrack" for value-conscious consumers. Product-led innovations, including ‘Switchers and the ‘Glam collection, along with collaborations such as Disney and Mission Impossible, further enhanced brand appeal. The Titanium range under the Titan brand continued to drive premiumisation through lightweight, durable and design-led offerings.

Titan Eye+ continued to deepen its Vision proposition through investments in customer experience and clinical-quality processes. Investments included the Lens App for contactless eye measurements and phoropters across many doors. During the year, a first-of-its-kind partnership was announced with Carl Zeiss Vision Care on its photochromatic offering, introducing state-of-the-art Titan PhotoFusion products for consumers seeking a seamless indoor and outdoor visual experience. The response has been extremely encouraging.

The Division also strengthened its omnichannel presence, with E-commerce leading from the front with over ~55-60 million visits to the website during the year. Website enhancements, supported by the largest selection across Titan, Fastrack and international brands, led to enhanced reach, engagement and improved conversions. The Division remained focused on profitable growth through disciplined execution, portfolio balancing and operational efficiency, while reinforcing its brand promise of expertise, empathy and fashion leadership.

The year also witnessed significant recognition in marketing excellence, with the Company winning three Bronze Lions at Cannes. Campaigns such as the ‘Ek Taara Test further strengthened brand salience and consumer engagement.

Outlook

The eyewear industry continues to present significant growth potential, with a large underserved market for vision correction in India, with an estimated 700 million people in India requiring vision correction and only about 250 million currently addressed. Structural tailwinds such as increased screen time, growing eye health awareness, and premiumisation are expected to support demand. With an expanded retail footprint, a strengthened omnichannel engine, and continued focus on innovation and partnerships, the Division aims to pursue healthy growth while remaining mindful of macro volatility, competition, and cost pressures. The Division will continue to build on its differentiated positioning of professional, empathy-led eye care combined with a fashion forward assortment, while enhancing experience, speed, and consistency across channels.

Building Indias most trusted eye care platform requires us to continually raise the bar on both customer experience and clinical excellence. During the year, we strengthened our vision care ecosystem through innovations such as Blue Oleo, Titan PhotoFusion, and the Lens App — bringing greater precision, convenience, and personalisation to consumers. These advancements reflect our commitment to enhancing lives through better vision and style, while setting new benchmarks for the future of eye care in India.

N S Raghavan, CEO - EyeCare

FRAGRANCES & WOMENS BAGS

FRAGRANCES

The Fragrances business continues to build very strong customer value proposition by offering high quality products crafted by Master Perfumers under the House of Titan at accessible price points ranging from Fastrack perfumes at 895/- to SKINN Nox Oud at 4,995/- per 100 ml, with a wide portfolio in between. The Division has played a significant role in democratising usage of perfume in India, positioning fragrance usage as an essential part of everyday dressing and grooming rituals. The SKINN brand continues to anchor the portfolio maintaining its position as a leading player across department chains and online channels. During the year, the proposition for Fastrack perfumes gained further traction, with positive consumer response following its repositioning and strengthened product-market fit.

The organised perfume market, estimated at approximately 4,500 crore, continues to grow at around 15%, supported by increasing consumer adoption. The category remains highly dynamic, with new direct-to-consumer brands entering the market alongside established beauty and fashion players. The growing influence of Middle Eastern brands, supported by strong marketing investments, and rising demand from younger consumers are shaping category trends, particularly in the mass segment. The Fragrances business grew 38% during the Financial Year 2025–26, driven by E-commerce and own retail network. SKINN continued to innovate and strengthen its presence across premium retail destinations such as malls and airports. Fastrack fragrances also witnessed strong momentum, supported by distinctive packaging, vibrant positioning and targeted distribution strategies aimed at the youth segment.

WOMENS BAGS

The Womens Bags business continued to strengthen its value proposition, with IRTH positioned around thoughtfully designed organising and styling solutions for women with active lifestyles. The brand has established strong consumer resonance, supported by its presence across 100+ department stores in over 30 cities and 17 exclusive outlets across 8 cities.

The Fastrack Brand continues to cater to the youth segment through trendy, fashionable designs with exceptional quality, making Fastrack Girls bags an essential wearable fashion accessory. Fastrack Girls bags are widely available across leading online marketplaces and over 100 doors in major department store chains, reinforcing the brands relevance as an essential fashion accessory for young consumers.

Organised women handbags segment is estimated to have crossed 3,000 crore growing at ~13% and is estimated to be around 45% of the overall womens handbag market. The category continues to witness a lot of excitement through various new D2C brands, international fashion labels and domestic players. The Womens Bags business delivered a breakout performance during FY 2025-26, marking a milestone phase in its scale up journey with over one million customers, reflecting strong traction across brands and channels.

Outlook

The Division will continue to focus on scaling its presence across mass and masstige segments, strengthening brand visibility, enhancing product innovation and leveraging omnichannel distribution. With the strong brand equity of SKINN and growing traction for Fastrack fragrances, the business is well positioned to drive sustained growth while expanding market share in a highly competitive landscape The Division is focused on scaling IRTHs experiential retail footprint, strengthening Fastracks leadership in the youth segment and driving innovation in design, materials and occasion-led portfolios. Continued investments in omnichannel capabilities and distribution expansion are expected to support growth. The business is positioned as a key emerging growth engine, with a clear focus on building scale.

FY26 was shaped by ideas that challenged conventions and unlocked new avenues for growth. From pioneering retail experiments like kiosks and IRTH experiences, to building compelling product propositions across fragrances and accessories, to harnessing the scale of e-commerce and quick commerce, we continued to expand how consumers engage with our brands. These ideas not only fuelled growth but also helped us deepen our connection with millions of shoppers across the country.

Manish Gupta, CEO - Fragrances & Womens Bags

INDIAN DRESS WEAR DIVISION

Taneira maintained its position during Financial Year 2025–26 as a key organised player in Indias ethnic wear market, with continued focus on improving retail productivity, enhancing consumer engagement and building brand salience across markets. The brand was recognised as ‘Ethnic Fashion Retailer of the Year at the ET Retail Great Indian Retail Awards for the second consecutive year, reinforcing its differentiated positioning in a largely unorganised category. During the year, Taneira sharpened its merchandising and design strategies to strengthen price-band wise store assortment, planogramming, merchandise freshness, and catchment-level product skews. The brand adopted a calibrated retail approach focused on network productivity and consolidation, ending the year with 78 stores across 41 cities. Brand investments remained focused on strengthening emotional connect and occasion-led relevance through integrated campaigns, while continued engagement initiatives and accessibility programmes supported deeper consumer connect.

On the product front, the Division strengthened its occasion-led portfolio and expanded ready-to-wear offerings, which emerged as an important growth lever. Concurrently, supply chain initiatives were undertaken improving agility, cost efficiency and vendor diversification, enabling better responsiveness and consistent product quality while supporting artisan ecosystems.

DIGITAL

With AI now becoming mainstream, the world has infinite possibilities. The Company has been able to leverage a continuum of automation, machine learning, deep learning, LLMs, agents to build an intelligent enterprise. Be it enhancing customer experience or improving employee productivity, there are several examples of agents within the Company. There are apps to glean information from thousands of designs, manage assortments or synthesise information and receive curated alerts. The Company has seen the power of LLMs to enable creation of apps at a very quick pace or even manage the end to end of the procure-to-pay cycle completely through agents. Given the price volatility of gold, front-office integration with commodity exchanges continues to enable efficient, real-time hedging of gold, while streamlining of back-end processes has significantly improved recycling efficiency. AI-powered design solutions are being leveraged for identification of design trends and whitespaces in the product portfolio. With increasing adoption of AI across the enterprise, robust guardrails have been established to secure both generative and agentic AI workloads. Customer experience and outcomes continue to scale: newer journeys and features such as pre-booking of orders enabled for peak festive events, increasing selection, and improving fulfilment efficiency via integration of inventory at the regional warehouses make it easy for the customer. Integration with ecosystem- marketplaces, quick commerce, distributors not just streamline operational efficiency, but also give valuable intelligence and signals. Not just for the end customer, apps created for dealers also make purchases seamless. As a result, online and omnichannel journeys continue to contribute meaningfully to all businesses and are strong growth channels.

The Company envisions a future where technologies will rapidly evolve alongside the associated costs and risks that come with it as well. Ensuring resilience and data privacy will be of utmost importance. Therefore, the Digital function has embraced these core operating principles.

During the year, the Information Security function further strengthened the Companys security posture through enhanced controls, continuous monitoring, and proactive risk management, enabling operations without any material or reportable security incidents. AI-driven capabilities were progressively adopted to improve threat detection, incident response, and vulnerability management. Focus areas also included brand protection, dark web monitoring, strengthened identity governance, and secure adoption of generative and agentic AI. The Company strongly believes in ‘building its own timber and there are enterprise-wide initiatives to educate employees, so they can upskill and leverage AI and Digital tools effectively. The Digital function sees digital tools and AI as enablers of improving employee experience. The Companys digital stack and data are strategic assets that continue to be guarded with numerous security initiatives including cybersecurity as well infra to safeguard customer data.

We have integrated our foundational platforms with agile omnichannel experiences, creating a truly unified data ecosystem. By embedding advanced analytics and AI across this continuum, we are infusing intelligence into every aspect of our operations. As a result, our digital nervous system proactively anticipates the needs of our businesses and customers, driving continuous excellence and innovation as we scale globally.

Krishnan V, Chief Digital & Information Officer

DESIGN EXCELLENCE CENTRE

The Design Excellence Centre (DEC) is the creative nucleus of the Company, driving design leadership and product differentiation across all brands. Backed by multi disciplinary teams, deep consumer insighting, trend intelligence, and robust design processes, DEC consistently delivers authentic, trend setting products. A holistic focus on innovation, functionality, ergonomics, and aesthetics, combined with the adoption of new age technologies ensures distinctive, winning design outcomes across every product category.

During the Financial Year 2025-26, the key focus was on strengthening and embedding a strong design culture across the organisation through multiple strategic initiatives. Premiumisation and innovation emerged as the two primary drivers across all businesses, elevating the overall quality and impact of design outputs to the next level.

Collaborations with external experts and the adoption of new thought processes, closely aligned with the ethos and positioning of the Companys brands led to several meaningful and exciting design associations. These partnerships brought fresh perspectives and enriched the design thinking ecosystem within the organisation.

Another important area of focus was the exploration and adoption of AI-driven tools and technologies to enhance productivity, efficiency, and creative exploration within the design process.

These concerted efforts resulted in strong external recognition, with the organisation winning prestigious global accolades such as the iF Design Award, Good Design Award, and German Design Award, along with multiple leading Indian design awards during the year.

At Titan, design is fuelled by ideas that blend craftsmanship with innovation across watches, jewellery, eyewear and bags. We reimagine form, material, and storytelling to create pieces that resonate with evolving lifestyles. In 25-26 we scaled new frontiers in aesthetics, functionality, and sustainability, we crafted designs that are distinctive and future-ready—reflecting our commitment to excellence, cultural relevance, and creating meaningful experiences for every customer touchpoint.

Revathi Kant, Chief Design Officer

PEOPLE FUNCTION

The People Function continues to play a strategic role in enabling the Companys growth by building a high-performing, agile, and future-ready organisation, driven by a high-tech, high-touch approach that combines digital innovation with a strong human-centric focus.

The Companys DEIB agenda is anchored in its purpose of ‘doing the right thing. 3,042 employees (30.3%) were women, and 127 employees were differently abled. Gender diversity stands at 15% in top Management and 31% at the entry level, with focused efforts to strengthen representation across mid and senior levels. The Company ensures pay equity across genders and continues to advance diversity across PwD, LGBTQ+, and generational cohorts, with a healthy DEI score against external benchmarks. Progressive policies including period and menopause support, caregiver leave cover, Moms@Work, and the Sequal returnship programme (a structured, phased return-to-work initiative enabling women to reintegrate after career breaks) support employees across life stages. Inclusive hiring, mentoring, and awareness initiatives, along with cr?che facilities and caregiving support, further reinforce an equitable and inclusive environment.

Inclusion and well-being are embedded across culture, capability, and employee experience, with a strong focus on holistic physical, mental, and emotional well-being, enabling a resilient and supportive workplace.

Transformation & Business Partnering Strategy 2.0

The People Function has aligned closely with business divisions through People Strategy 2.0, delivering tailored, division-specific strategies and enabling agile organisational design. The transformation journey focuses on future-ready structures, data-centricity, technology enablement, and operational excellence, with a strong emphasis on enhancing employee experience. The introduction of digitally enabled contract workforce management has further strengthened visibility, compliance, and governance of off-roll workforce.

People360, the shared services engine, enables seamless and efficient service delivery, while AI-led and digital interventions elevate employee experience across both on-roll and off-roll workforce. The Companys people practices continue to receive global recognition, including being named among the HR Asia Best Companies to Work for in Asia for three consecutive years (2023–2025).

Career Development

Under Titan Career Vista, employees are enabled to Dream, Discover, and Design their careers through mentorship, workshops, and functional corners. The Bridge Marketplace enables cross-functional, short-term assignments to enhance exposure and collaboration.

Leadership development initiatives include Emerging Leaders Programme (ELP) for middle management cohort, Senior Management Development

(Transcend) for senior management and Sales Excellence Programme (SEP) for frontline sales roles. New-age learning approaches, including immersive and technology-enabled formats, are being piloted to accelerate skill-building and readiness.

CREST- Managers Promise

At the core of manager capability building, CREST – The Titan People Manager Promise defines the standards of managerial excellence, anchored in fostering a culture of trust, inclusivity, accountability, and high performance. It serves as a common leadership framework that guides managers in driving engagement, enabling team effectiveness, and delivering consistent people experiences across the organisation.

CREST is deeply embedded across talent processes and learning interventions, supported by tools that enable real-time, anonymous feedback and focused action planning. This is further strengthened through targeted capability-building workshops, deployed across regions and ISCM, to drive deeper skill-building and behavioural transformation at scale.

Talent & Performance

Building a high-performance culture remains a core priority, with sustained investments in identifying, developing, and retaining key talent. To strengthen this, the Company enhanced its Performance Management System by transitioning from a 4-point to a 6-point rating scale, enabling sharper differentiation of performance and rewards across the spectrum.

This is complemented by a range of focused interventions for key talent, including structured development journeys, leadership engagement, targeted learning opportunities, and proactive retention mechanisms. Performance conversations have also evolved into Performance Development & Coaching dialogues, fostering continuous, forward-looking discussions that enhance capability, accelerate growth, and drive sustained impact across critical talent segments.

Culture of Listening

Tell Me is the Companys long-standing listening platform, providing employees a direct line of communication with the Managing Director and Chief People Officer. Established in 2003, it remains a powerful forum for employee voice, recognised as a best practice under the Tata Business Excellence Model (TBEM) and published as a Harvard Case Study. Leadership continues to invest 80+ hours in direct listening, reinforcing the importance of open dialogue at the highest levels.

This is complemented by Heartbeat, the Companys employee engagement survey, which provides regular, structured insights into employee sentiment across cohorts. Together, these platforms foster a culture of listening anchored in accountability, where feedback is systematically captured, tracked, and closed through robust digital mechanisms; ensuring transparency, ownership, and timely action across the organisation. Insights from this integrated listening ecosystem continue to inform targeted interventions, including frontline experience enhancements (Spark the Smile), demonstrating a strong link between employee voice and tangible action.

Employee Relations

The successful conclusion of the wage settlement reinforces a strong culture of trust, collaboration, and harmonious industrial relations. The Company also actively engages in cross-industry forums with leading organisations to exchange best practices and stay aligned with evolving employee relations frameworks.

These collective efforts strengthen the Companys foundation for a future-ready organisation. Backed by progressive people practices and a strong culture of listening, the Company remains committed to building an agile, inclusive, and high-performing workforce for the future.

At Titan, we believe innovation thrives when people are empowered to question, experiment, and create - and every voice has the confidence to shape the future.

Swadesh Behera, Chief People Officer

KEY RISKS AND MITIGATION MEASURES AT ENTERPRISE LEVEL

The Company being a prominent player in the retail sector with presence in multiple lifestyle products categories is exposed to certain risks at the enterprise level which may impact the Companys operations and growth plans. Considering the same and in order to be agile and to ensure sustainability of the businesses, the Company periodically reviews risks at the enterprise level and also puts in place mitigation measures to address the fallout of such risks. The Companys Board of Directors and the Risk Management Committee frequently review these risks and necessary action plan is put in place.

Geopolitical Risks

Nature of Risk

The Companys operations remain exposed to geopolitical developments that can impact supply chains, input costs, and consumer demand across markets. The ongoing global conflicts and geopolitical tensions continue to contribute to volatility in gold prices, currency movements, and macroeconomic conditions, which may influence consumer sentiment and demand patterns, especially in discretionary segments.

Key Mitigation Measures

The Company mitigates these risks through supplier diversification, increasing localisation and indigenous capabilities, prudent inventory planning, and continued monitoring of international developments across its key markets, including the Middle East and the United States.

Regulatory Risks

Nature of Risk

The Company operates in a regulated environment and is exposed to changes in government policies and regulations that may impact business dynamics. In particular, the Jewellery business is sensitive to changes in customs duties on gold and other precious materials, as well as other fiscal measures that directly influence input costs, pricing and demand. Any adverse changes in such regulations may affect margins and consumer behavior, especially in value-sensitive segments.

Key Mitigation Measures

The Company closely monitors regulatory developments and undertakes appropriate pricing, sourcing and inventory strategies to mitigate the impact of such changes.

Data Privacy Across All Business Operations

Nature of Risk

Probability of breach of customer/employees Sensitive Personal Information in violation of laid down country specific privacy regulations.

Key Mitigation Measures

The Companys business systems are continually upgraded/updated to continuously mitigate data privacy risks including carrying out privacy impact assessment, defining data privacy framework, usage of privacy enhancing technologies and a regular independent assessment of data and benchmarking against industry parameters and scores.

Cyber Attacks & Security

Nature of Risk

Potential loss of sensitive data or disruption to the Companys operations due to cyber-attack or hardware/software failure, compromise of customer data, defacement of Titan website, and social media profile, etc.

Key Mitigation Measures

As a responsible corporate citizen, Titan embeds a ‘security-first philosophy into every facet of our business. In an era of increasingly sophisticated cyber risks, safeguarding customer data and ensuring operational resilience is our priority. The Company maintains a proactive defense through industry-aligned security frameworks, continuous independent evaluations, and comprehensive incident readiness. By extending these rigorous standards to the vendor network and empowering the employees of the Company with ongoing security and responsible AI training, steps have been taken to actively protect the trust placed in the Company by the stakeholders.

Data Security Leakage from Third Party Agencies

Nature of Risk

As the Company uses third party agencies for carrying out various business related activities, there could be a probability of loss of business sensitive data and sensitive customer data managed by third parties.

Key Mitigation Measures

The Company has adopted the best available cyber security framework and deployed a number of Industry leading Cyber Defence Technological Controls. Periodic Security Assurance Validation by an external party is also carried out. Continuous cyber awareness programs for employees are also ensured.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

During the year, the Company has reviewed its Internal Financial Control (IFC) systems and has continually contributed to the establishment of a more robust and effective IFC framework, prescribed under the ambit of Section 134(5) of Companies Act, 2013. The preparation and presentation of the financial statements is pursuant to the control criteria defined considering the essential components of Internal Control – as stated in the "Guidance Note on Audit of Internal Financial Controls over Financial Reporting" issued by the Institute of Chartered Accountants of India (ICAI).

The control criteria ensures the orderly and efficient conduct of the Companys business, including adherence to its policies, the safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

Based on the assessment carried out by the Management and the evaluation of the results of the assessment, the Board of Directors are of the opinion that the Company has an adequate Internal Financial Controls system, operating effectively as at 31st March 2026. There is an active internal audit function carried out partly by the internal resources and the balance activity outsourced to chartered accountant firms. As part of the efforts to evaluate the effectiveness of internal control systems, the internal audit department reviews control measures on a periodic basis and recommends improvements, wherever appropriate. The Internal Audit department is staffed by qualified and experienced personnel and reports directly to the Audit Committee of the Board. The Audit Committee regularly reviews the audit findings as well as adequacy and effectiveness of the internal control measures.

SEGMENT WISE PERFORMANCE

		( in crore)
Segment Results	Year Ended 31st March 2026	Year Ended 31st March 2025
	(Audited)	(Audited)
Net Sales/Income from Operations
Watches	5,233	4,576
Jewellery	71,108	49,227
EyeCare	907	796
Others	508	406
Corporate (Unallocated)	333	330
Total	78,089	55,335

( in crore)

Segment Results	Year Ended 31st March 2026	Year Ended 31st March 2025
	(Audited)	(Audited)
Profit/(Loss) from segments before finance costs and taxes
Watches	842	553
Jewellery	6,601	4,764
EyeCare	84	85
Others	(114)	(124)
Total	7,413	5,278
Less: Finance costs	955	767
Exceptional Item	89	-
Corporate (unallocated)	(171)	(30)
Profit before taxes	6,198	4,481

( in crore)

Segment Net Assets	Year Ended 31st March 2026	Year Ended 31st March 2025
	(Audited)	(Audited)
Watches	3,132	2,865
Jewellery	11,653	11,488
EyeCare	265	256
Others	270	262
Corporate (unallocated)	5,167	1,940
Total	20,487	16,811

HOW THE COMPANY FARED

Some of the key financial indicators are as below:

	Financial Year	Financial Year	Financial Year
	2025-26	2024-25	2023-24
Sales to Net fixed assets (No. of times)	44	35	32
Sales to Debtors (No. of times)	87	56	50
Sales to Inventory (No. of times)	2.2	2.2	2.8
Retained Earnings - in crores	17,440	13,786	11,427

Rs

	Financial Year	Financial Year	Financial Year
	2025-26	2024-25	2023-24
Return on Capital Employed	39%	30%	38%
Return on Net Worth	23%	21%	27%
Interest Coverage Ratio*	16	12	23
Current Ratio	1.4	1.4	1.7
Debt Equity Ratio	0.30	0.47	0.40
Operating Profit Margin*	8.6%	8.7%	9.7%
Net Profit Margin	6.0%	6.1%	7.0%
SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS

During the year, following are the key financial ratios of the Company where there was a change of 25% or more as compared to the immediate previous financial year

	Financial Year	Financial Year	% change
	2025-26	2024-25
Return on Capital Employed (a)	39%	30%	29%
Interest Coverage Ratio (b)	16	12	29%
Debt Equity Ratio (b)	0.3	0.4	35%

(a) Increase in profit before tax and repayment of borrowings during the current year resulted in change in the ratio. (b) Repayment of borrowings during the current year resulted in change in the ratio

DISCLOSURE OF ACCOUNTING TREATMENT

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016 read with Section 133 of the Companies Act, 2013.

OUTLOOK FOR FINANCIAL YEAR 2026-27

The Company enters Financial Year 2026–27 with strong momentum across its businesses, supported by enduring brand equity, expanding retail presence and a continued focus on premiumisation and customer engagement. However, the external environment is expected to remain volatile, with geopolitical uncertainties, particularly the ongoing conflict in West Asia, potentially impacting consumer sentiment, supply chains and input costs, including precious metals and gemstones.

In this context, the Company will prioritise agility in operations, disciplined inventory and cost management, and calibrated expansion across domestic and international markets. The jewellery business is expected to sustain growth driven by structural shifts towards organised players, though near-term demand may see intermittent fluctuations. Other businesses will continue to strengthen their value propositions while progressing towards scale and profitability.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, among others, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which it operates, changes in the Government regulations, tax laws and other statutes, any epidemic or pandemic, natural calamities over which we do not have any direct/indirect control.

Ratios given in notes as part of Financials differ from ratios given in the Management Discussion and Analysis as the ratios in Financials are computed purely based on formulas given in the Guidance Note issued by the ICAI. The figures in the Management Discussion and Analysis are commentaries by the Businesses and are basis business metrics which may differ from the Financials in the Annual Report.