Performance during the Financial Year 2024-25
While Financial Year 2024-25 was marked by multiple external events that had varying impacts on the businesses in general, Titans businesses clocked yet another year of strong 22% revenue growth resulting in the Company crossing the impressive milestone of 50,000+ crore of revenues for the full year.
The Analog Watch business continued its strong growth trajectory by product innovation led premiumisation whilst moving in sync with the rising aspirations of the Indian consumer.
Elevated gold prices in the Jewellery Division resulted in sluggish consumer demand at lower price points leading to single digit buyer growth, while demand at higher price bands sustained resulting in a high double digit growth in sales. However, Studded jewellery registered low double-digit value (YoY) growth.
The EyeCare business has returned to the double-digit growth trajectory in the third and fourth quarter of Financial Year 2024-25 and is poised for even better growth in Financial Year 2025-26.
Within Emerging businesses, Fragrances has performed well for Financial Year 2025-26 signifying growing acceptance of SKINN brand.
The International Business expansions are progressing well in North America and GCC regions.
The Company continues to remain focused on market share expansion in their respective business categories and catering to the changing needs of the consumers it serves.
Titan has always pursued sustainable profitable growth by making people, process, and the planet a central part of its business operating model and decision making. The Finance function plays an important and direct role in ensuring that we have the right amount of investment supporting our Sustainability programme and clear governance of measurement and reporting of ESG metrics.
Mr. Ashok Sonthalia, Chief Financial Officer
Watches & Wearables Division
The Financial Year 2024-25 saw a good year-on-year revenue growth of 16% in Net Sales Value. Analog watches grew by 20% which led to a significant market share increase in the multi-brand channels. The premium wave continued unabated with excellent consumer interest in premium brands and sub-brands like Titan, Nebula, Edge and Xylys. Retail chains like Titan World and Helios showed healthy growth in both overall as well as like-to-like stores growth. The mass fashion brands like Fastrack and Sonata had a remarkable turnaround from last Financial Year on the back of innovative products and go-to-market strategies. The Division had a good increase in buyers through the subbrands launched last year, Vyb from Fastrack and Poze from Sonata.
Brand Titan led the way through outstanding product collection launches like Titan Stellar, Automatics and Raga.
Innovation was at an all-time high in the Division. The First ever tourbillon watch from India, launched as part of the 40 years of Joy Commemorative Collection saw huge interest in the world and the Indian watch community and heralded a new era for brand Titan. The Tourbillon watch, exquisitely crafted in-house, was launched as a Limited Edition of 4 pieces priced at 26 lakh and was sold out within one month.
Brand Titan launched a special edition watch for celebrating Wing Commander Rakesh Sharmas maiden and historic journey to space - a Unity watch that captured the world that he witnessed from space. Titan also became the first Indian brand to compete in the Grand Prix Horologerie de Geneve (GPHG) with 2 extraordinary timepieces in the Edge collection.
This Financial Year saw the rollout of 4 Helios Luxe stores, which is the next step towards elevated retail environments selling even higher priced watches than the Helios stores.
The Wearables category saw a significant decline due to low interest from consumers after 3 years of dramatic growth. In this situation, the Divisions Wearables business remained almost flat, thus gaining market share. The Division is in the process of conceptualising and executing a new strategy built on deep consumer insights of different segments of Wearables users.
The Division crossed a total of 1,235 own stores with a network of 720 Titan World, 272 Helios, 239 Fastrack and 4 Helios Luxe stores. The Multi-Brand Retail channel which had faced huge headwinds last year saw an impressive turnaround this year as a result of the transformation activities of the last two years and better operations. Marketplace E-commerce channels continued to show very good growth and increase in market share for the Divisions brands.
The manufacturing teams innovation quotient reached an all-time high, marked by exceptional progress in R&D. The production team displayed solid efficiency in the supply of millions of watches, at the required time and at the requisite quality.
The outlook for the business remains very positive with good growth rates in mainline analog and premium watch segments and a muted growth in the Wearables segment.
In a decisive move, we replaced conventional plastic-based watch packaging with eco-friendly alternatives like engineered paperboard, smart hinges, and magnetic cladding, reducing plastic usage by 240 tonnes annually. We have also invested in rooftop solar systems across all manufacturing locations, generating an additional 12.5 lakh units of solar energy. This has led to a diverse clean energy mix of 10% solar and 66% wind.
Ms. Suparna Mitra, CEO, Watches & Wearables
Tanishqs adherence to ESG principles has distinguished it as a conscious jewellery business. Its emphasis on sustainable manufacturing, responsible sourcing, and supporting craftspeople sets a global benchmark. IBD aims to share this story worldwide and maintain our responsible practices globally.
Mr. Kuruvilla Markose, CEO, International Business Division
The Financial Year 2024-25 witnessed continued jumps in gold prices (25% YoY) every quarter, a customs duty drop of 9%, Lok Sabha and State elections, continuing softness in solitaire diamond prices due to international demand weakness, and increased competitive intensity driven by the growing formalisation of the industry. These forces kept the market and consumer sentiment volatile, and at the same time attractive particularly for the gold jewellery and coin categories.
Despite this environment, the Division clocked in another year of healthy 20% growth and a same store growth of 14% over the last fiscal. Studded sale growth was relatively muted at 12%, largely on account of a decline in high value solitaires, but it continued to see decent buyer and value growths in non-solitaire studded segment.
The Retail store transformation program of larger and remodelled stores, additions to retail network (503 Tanishq stores), new light weight and modern product collections, deeper thrust in select regional markets, omni-channel digital engine, sustained investments in high value collections and wedding segment have each contributed to this growth. Rivaah, the wedding focused sub-brand of Tanishq has grown in strength and is now prominent across 250+ stores with a relevant yet distinctive product offering for all major communities.
The Division has tied up with international diamond supplier De Beers to jointly educate customers co-promote Tanishq Diamonds and reduce confusion amongst customers between Natural and Lab grown/synthetic diamonds. This collaboration also aims to increase penetration of diamonds in India, which remains a highly underpenetrated market.
Mia by Tanishq, a sub brand of Tanishq crossed the 1,000 crore mark growing in topline by 37% on the back of strong network addition, innovative products and marketing campaigns ending the Financial Year with 240 stores across 93 towns. It continues to capture the imagination of modern customers with unique designs, inspiring brand associations and digital-first marketing campaigns. Mia by Tanishq is also sold across 300+ Tanishq stores and is enabling recruiting new and young buyers.
CaratLane grew in topline by 30% and ended the year with a network of 300+ stores across 120 + towns. The omni-channel strategy, digital first marketing combined with innovative product lines has enabled it to win amongst the new age customer segment, which is also witnessing substantial competitive intensity with the entry of several new players. It has developed a greater thrust on gold jewellery given the wide interest in gold and a renewed ambition for its silver focussed sub-brand Shaya.
Zoya, the luxury brand is now present across 10 cities in India and a prominent presence through Zoya galleries in 5 Tanishq stores in the US. It is one of Indias largest luxury jewellery brand and has built an enviable base of discerning, well-heeled HNI clients. The brands appeal is driven by innovative design stories, intricately crafted products with rare stone cuts, an intimate retail experience and curated personalised experiences for its clients.
The portfolio play of the Divisions brands is well poised for exploiting the large opportunity on hand by tapping different customer segments with unique brand propositions.
Outlook:
Elevated gold rates could see shifts in demand segments. Gold prices are expected to remain high, given the geopolitical and macroeconomic uncertainties globally. The Division will continue to prioritise topline growth driven by market share gain with sustained investments in retail expansion, product assortment in stores, new collections, manufacturing excellence and visible marketing. While volatility in consumer demand has become a way of life, the demand outlook for the jewellery category in India continues to be robust with the favourable demographics, GDP outlook and precious jewellery as a store of value with a deep cultural connect to festivals and weddings.
Responsible Jewellery Supply Chain:
The Division continued to drive "Responsible Sourcing" with 95% of its vendors now in the "Standard" category on the 4P (People, Place, Process, Planet) framework, driven by a rigorous third-party assessment programme. 100% ethical sourcing of fresh London Bullion Market Association (LBMA) gold, recycled customer exchanged gold and 100% ethical diamond sourcing driven through a formal framework of Titan Supplier Engagement Protocol are all industry benchmarks set by the Division, in the backdrop of opaque industry practices in Indias Jewellery manufacturing ecosystem.
At Tanishq, our journey to leadership has been guided by sustainability and governance, anchored in our 4P responsible sourcing framework of People, Place, Process, and Planet. We are committed to becoming net zero carbon and water positive by 2027 whilst staying the course on ethical sourcing and responsible manufacturing. With around 750 stores worldwide, weve built a model of governance that inspires trust and is a benchmark for ethical practices amongst our customers and all stakeholders. Winning hearts, be it karigars, partners or customers, is our true measure of success.
Mr. Ajoy Chawla, CEO, Jewellery
EyeCare Division
The Financial Year 2024-25 closed on a high note for the Division, registering a robust NSV growth of 11% and healthy buyer growth. While H1 recorded single-digit growth, Q3 and Q4 rebounded with impressive double-digit growth of 17% and 18% respectively, signalling a clear upward trajectory.
This performance was backed by significant investment in marketing to drive growth and build desire.
The year witnessed a surge in traction across multiple growth levers. The affordable fashion segment emerged as a key driver, attracting a significant number of new customers into the ecosystem. The launch of the "Initia" progressive lenses unlocked a new segment, with over 80% of buyers being first-time users, demonstrating its broad appeal and untapped potential. Progressive Lenses post price correction has consistently seen double-digit growth throughout the year.
To tap into premiumisation amongst consumers, the Division expanded its portfolio of international brands from 10 to 25 and experienced robust volume growth of 89% in the segment. The Division has improved customer satisfaction, with the Net Promoter Score (NPS) rising from 76 to 82, reaffirming its focus on customer delight. The Division renovated 100+ stores with an enhanced look & feel and introduced two new retail formats for Titan Eye+, along with the launch of its new retail format for premium sunglasses, "Runway".
Titaneveplus.com. the brand website continued to perform well, doubling in sales and buyers on the back of better user experience, effective marketing and the introduction of "Tees by Fastrack". In the E-commerce channel, the number of buyers have also doubled, reinforcing the strength of the platform. The strong consumer growth across Titan Eye+ stores and E-commerce reaffirms a clear preference for omni-channel shopping and highlights the Divisions readiness to capitalise on it.
The Division pursued the goal of Making Indian Roads Safe and released the award-winning Eye Test Menu on World Sight Day, along with an on-ground drive to screen and provide spectacles to drivers. Over 40,000 drivers have been screened so far.
The year also brought in prestigious recognition and accoladeswhere the Divisions innovation on coatings, Titan Clearsight, was granted a patent, while its marketing excellence was celebrated with wins at the Effie Awards and Adfest Asia.
Project Pragati has made strong progress in shaping the Eyecare divisions sustainability vision for Financial Year 2024-25. The division met 19% of its power needs by generating 5.2 lakh units through rooftop solar panels and by replacing factory streetlights with solar alternatives. A 15,000 sq. ft. green parking area was also developed using 24.5 tonnes of recycled lens-cutting waste, promoting circular economy initiatives.
The Titan Eyecare division is integrating sustainability by introducing eco-friendly frames made from biodegradable materials like castor oil seeds. With over 50,000 units sold, this is just the beginning.
The division is also reducing plastic usage in packaging by adopting alternative materials without compromising product safety.
Mr. N S Raghavan, CEO, EyeCare
W FRAGRANCES & WOMENS BAGS DIVISION
The Division focuses on two distinct categories: Fragrances and Womens Bags.
FRAGRANCES
The Fragrances business has succeeded in creating a wide range of "Exceptional Quality at Affordable Prices" Eau de Parfum fragrances starting with Fastrack perfumes at 895 to SKINN Nox Oud at 4,995 per 100 ml and many options in between. SKINN brand has been quite successful in terms of democratising usage of fragrances in India and making fragrances an essential part of everyday dressing and grooming rituals. SKINN brand has led the category over years, by being a leading player across department chains and online channels.
The organised perfumes category (Glass bottle) is growing at an estimated growth rate of 18-20% with value segment (< 1,000 per 100 ml) growing the fastest at estimated rate upwards of 30%. The premium and prestige segments are growing at 12-13% and masstige category is in low single digits. Online marketplaces are driving category adoption by the consumers by upgrading from deodorants to perfumes and offering access, choice and attractive trial options. Quick commerce is growing at a hyper rate taking share from traditional online marketplaces and general trade. However, larger part of quick commerce growth can be attributed to higher trials with convenience into low penetrated geographies.
During the year, SKINN launched Nox Oud and 24seven collection which have been well received in the market indicating positive consumer response. A new range of Fastrack perfumes were also launched during the year which have been well received in the market.
The Fragrances business registered a double-digit growth rate in Financial Year 2024-25 with E-commerce and quick commerce being the fastest growing channels for the business.
WOMENS BAGS
Organised women bags segment is estimated to be around 2,200-2,500 crore and unorganised size is at least 2 times of the organised market share, making it an exciting opportunity of 6,000 crore plus. The organised growth rates are in the range of 12-16%. The customers are being offered a lot of exciting options with varied price range basis their budgets and on their preferred channel of choice. The segment is witnessing investments coming through entry of D2C brands, chains focusing on international brands and their own labels, well known domestic players, international fashion & luxury brands through exclusive outlets and fashion retailer brands with their labels.
For women customers, fashion is about self-confidence and a means to express themselves. The bag plays a defining role for social validation and symbol of status. Women own bags for multiple occasions defined by workwear, everyday casual, evening outings, parties/cocktail and special occasions like weddings.
Fastrack brand continues to serve youth segment through trendy, fashionable designs with exceptional quality, making FT Girls bags as an essential wearable fashion accessory. Fastrack Girls bags is accessible by the customers in major online marketplaces and 100+ doors across top department chains.
Irth Bags, a new brand that was launched in October 2022 targets women customers aged between 25-45 years. The customer value proposition of Irth is giving organised styling solutions to women who are leading active lifestyles, to elevate their everyday life. Irth brand is accessible through 100+ department stores, online marketplaces and Irth exclusive outlets.
The business focus continues to be to reach the goal of styling 4 million women by Financial Year 2027-28, by investing in building industrys best talent, style studios and network of backend hubs to manage the expected increase in units and revenue.
The fragrances and womens bags business has grown in Financial Year 2024-25 through innovative product launches and retail expansion. As we continue to scale, were prioritising sustainability to ensure our growth is environmentally and socially responsible. We are focusing on the Titan Source Right Mission which is about sustainability of raw materials and sustainability practices of our suppliers, creating long-term value for all stakeholders.
Mr. Manish Gupta, CEO, Fragrances & Womens Bags
At Retail Network Development in Titan, we PROMISE (Prioritising Responsible Operations and Mindful Initiatives for Sustainable Excellence) to integrate ESG practices into our entire value chain. From sourcing properties with a focus on building bylaws, safety and regulatory standards to designing energy-efficient retail stores using locally available resources, we are committed to promoting a circular economy and sustainable excellence.
Mr. Naveen Dadlani, Head, Retail Network Development
W INDIAN DRESS WEAR DIVISION
Taneira is steadily carving its path towards becoming a leading force in the ethnic wear space, guided by a clear vision to be one of Indias most loved ethnic wear brand. In an industry long dominated by unorganised players, a shift towards greater structure and efficiency is underway. Taneira stands at the forefront of this evolution, driving change through design-led innovation, operational excellence, and a more organised, thoughtful approach to a heritage-rich category. Taneiras brand awareness and salience has been strengthened with the growing retail footprint, impactful brand marketing, and an overall increase in brand visibility on offline and online channels.
Taneiras efforts have been recognised through several prestigious accolades, including being named Ethnic Fashion Retailer of the Year at the ET Retail Great Indian Retail Awards.
Retail Expansion & Customer Experience
Taneira continues to strengthen its consumer outreach through an expanding retail footprint, culminating the year with 82 stores across 41 cities, including 10 new additions. With knowledgeable staff and an immersive, thoughtfully curated shopping experience, the brand distinctly stands out in the ethnic wear market. A noteworthy NPS of 90 and a stellar Google rating of 4.9 stand as a strong testament to the deep customer appreciation and loyalty the brand enjoys.
Building the Brand: Signature Collections & Impactful Campaigns
Brand-building efforts were anchored in impactful marketing initiatives, starting with the release of the brands first- ever film that brought the "Taneira promises" to life. With a focus on becoming the go-to wedding destination across diverse cultural landscapes, Taneira launched For Beautiful Beginningsits first-ever regional wedding campaign. Further setting itself apart in the ethnic wear space, the brand introduced Tarini during Diwali, Other notable campaigns included Summer Blooms and Summer Silks, which captured the freshness and vibrance of the season, Cottons of India, a celebration of the countrys rich cotton heritage under one roof, and a series of regional festive campaigns that brought alive the diverse spirit of Indian festivals.
Empowering Artisans with Weavershala
The brand is building meaningful connections beyond consumers - through its pioneering Weavershala initiative, now active in 18 Weavershalas across the country. This initiative is revitalising Indias rich weaving traditions while empowering the next generation of artisans, with strong focus on women. A key milestone is the launch of the first all-women Weavershala in Samudragarh, West Bengal emphasising the brands commitment and championing inclusivity and craft preservation.
Strengthening Consumer Connect
Taneira also launched its first-ever saree exchange program in collaboration with Goonj, receiving enthusiastic participation from customers and reinforcing its commitment to sustainability and community impact. The Taneira Saree Run also saw significant growth, expanding to five cities and engaging over 18,500 women in a celebration of culture, fitness, and sisterhood. The brands growing connection with consumers was further strengthened through engaging instore experiences, Try @ Home services, and curated pop-up events across key markets.
Operational Excellence and Supply Chain Innovation
The brand has established a robust and scalable supply chain network, joining hands with over 300 vendors and engaging more than 12,000 artisans across the country. A newly operational 50,000 sq. ft. warehouse, supported by an advanced warehouse management system, has enhanced fulfilment capabilities and streamlined logistics. The introduction of standardised colour cards ensures consistency in dyeing practices across vendor partners nationwide, leading to improved quality control. In an industry-first move, the brand has also implemented a tech- enabled production tracking system, providing end-to-end visibility across the supply chain, enabling timely fulfilment, better planning, and optimal resource utilisation.
Resilience and Forward Momentum
In the face of challenges such as rising input costs and a transforming traditional weaving ecosystem, the Division remains committed to authenticity, accessible retail experiences, and ethically sourced collections. With a strong focus on design-led innovation, the brand continues to reimagine traditional weaves into contemporary expressions across all product categories.
Recognising that weddings and festivals account for nearly 60% of industry purchases, the brand has strategically begun deepening its presence in these high-impact segments.
With these efforts well underway, the brand is confidently progressing toward its vision of becoming the most loved womens ethnic wear brand in India.
At Taneira, we care about the planet and people. We use pure, natural materials that are good for the environment. We also support the rich and diverse crafts of our country by working with skilled weavers and artisans in a way that keeps their methods alive and true. Through our Weavershalas, we help our weavers earn a steady living. Our goal is to protect the earth, keep traditional crafts alive, and support local communities.
Mr. Ambuj Narayan, CEO, Indian Dress Wear
M DIGITAL
The Company is harnessing the power of technology, algorithms, and AI including Large Language Models to drive innovation across its domains. From automating analog watch testing, enabling accurate pupillary distance measurement via camera, and offering virtual RSO jewellery recommendations, to AI-driven merchandising suggestions, the Company is embedding intelligence into its operations to enhance customer experience and productivity.
The testament to all of this is in the numbers. Omni-channel continues to power a good percentage of offline sales in the Jewellery Division; watch dealers order significant volumes online; E-commerce is the second most important driver of business for the EyeCare Division.
The focus for the Digital function this year has been about building an intelligent enterprise - a) Embedding intelligence in processes (assortment rationalisation, payout optimisation, reducing melting), b) Automation (Including agents), c) Increased use of ecosystem data, d) Building AI powered solutions, and e) Evangelisation including upskilling, reskilling as well as workshops. Digital and data remain the strategic assets, that continue to be guarded with robust security initiatives including cybersecurity as well as safeguarding customer data.
The Digital team is helping drive sustainability through three levers: a) optimise cloud usage and working with Green cloud providers to directly reduce carbon footprint; b) actively enabling paperless initiatives including bills and contracts across the enterprise; and c) leveraging AI/ML algorithms and analytics for more efficient inventory planning and marketing to reduce waste.
Mr. Krishnan Venkateswaran, Chief Digital Officer
W DESIGN EXCELLENCE CENTRE
Design sits at the heart of every product created at the Design Excellence Centre (DEC), which caters to all the businesses of the Company. With diverse capabilities, multi-disciplinary teams backed by creativity and technology, the DEC creates products which are trend setters for all brands. Each product that is created is authentic and unique. The design process is robust which ensures that the brands are able to create winning products consistently. Deep consumer insighting, trend analysis and ability to create deep design stories & narratives which translate to tangible unique pieces of design is the core competence of DEC. Design innovation drives the function to create unique products which are visible across all the new products launched in all the brands The holistic approach to design is what differentiates the DEC. A strong focus on utility, ergonomics, aesthetics, functionality and innovation drives all creations in every brand. Being a lifestyle company, Macro and Micro trends govern decisions at every step. Embracing new age technology for enhancing productivity is the way of life in DEC.
DEC is focused on consistently building design leadership and product differentiation for every brand across the Company.
Financial Year 2024-25 was a year of focus on innovation, premiumisation, and design differentiation. We won two global awards: German Design Award for Zoya-Aeterna and iF Award for Edge Ultraslim. It was a tightrope walk for Design to deliver both Democratisation and Desire, Scale and Bespoke. Our Design Excellence Centre empowers the community, co-creates with karigars, and features talented designers with disabilities.
Ms. Revathi Kant, Chief Design Officer
MPEOPLE function
The Company had 9,191 employees on rolls as on 31st March 2025 of which 2,727 were women and recruited 1,275 new employees. The Company also had an attrition of 770 employees, i.e. 8.61%. Of the total headcount, 3,301 employees were engaged in manufacturing, 3,294 in retail, and 2,596 in corporate and support functions. Of the total base, 127 employees are differently abled.
Diversity in Titan begins right at the top; the Company is proud to be at par with some of the best employers for women, with 13.17 % gender diversity in its Top Management and 29% gender diversity at the entry level positions. While these figures reflect strong representation at both the entry and leadership levels, current efforts are focused on bridging the gap at the mid-management level. Additionally, the Company has consistently maintained pay equity across genders and levels, reinforcing its commitment to building a truly equitable workplace.
The Company continues to embed diversity, equity, inclusion, and belonging into its business and people practices through a well-defined, actionable inclusion blueprint. Progressive policies like period and menopause leave have enabled greater self-care for women employees across diverse roles. Career development programs such as Titan ACE and ACE+ supported leadership readiness for women in mid and senior management. A creche facility at the corporate office and Jewellery ISCM further underscores the Companys commitment to working parents. The Companys inclusive approach also extends beyond gender and the new policies now support employees with differently abled children through flexible work arrangements and financial assistance, reinforcing the Companys belief in care thats equitable and far-reaching.
People NXT & Business Partnering Strategy
The People function has strategically partnered with the business divisions and functions to chart out the People Strategy in alignment with their business goals. Some of the highlights include re-imagining organisational structures, conducting immersions to learn about luxury, premium and digital, resultantly building capability of the building capability of the frontline staff. The People function also embarked on a transformational journey called People NXT to provide superlative employee experience and support the Companys ambitious growth target of Titan Turbo. In this journey, the function is focusing on organisational design for the future, data centricity, technological interventions and operational excellence. With its foundational tenets at the core, the Company has reimagined key employee touchpoints through technology to build a more accessible, agile, and intuitive experience. These digital interventions are designed with future readiness in mind, extending not only to on-roll employees but also to the broader ecosystem, including off-roll and contract manpower. This ensures inclusive engagement, operational efficiency, and a workforce that is better equipped for the evolving world of work.
Titans commitment to people excellence was recognized globally, winning the HR Asia Best Companies to Work for in Asia award for two consecutive years, viz., 2023 and 2024.
At Titan, our belief that doing good drives sustainable business outcomes is central to our approach. ESG serves as a strategic framework through which all policy decisions are rigorously assessed. We actively invest in developing ESG capabilities and awareness across our workforce to positively impact all stakeholders within our value chain.
Mr. Swadesh Kumar Behera, Chief People Officer
Career Development
The People function continued its efforts to strengthen the Titan Career Vista programme, which has presented Titanians with an avenue to Dream, Discover and Design their career. This year, Titan introduced Bridge Marketplace, a platform enabling employees to take on short-term, cross-functional assignments-fostering exposure, collaboration, and learning beyond their core roles.
Capability Building
The Company continued to invest in leadership development programmes across the 4 tiers namely, Top Management Development (TMD), Senior Management Development (SMD), Emerging Leaders Programme (ELP) and Sales Excellence Programme (SEP).
ELP continues to be a cornerstone of leadership development at the mid-management level. This year saw a higher intake of mid-level participants, a more agile format with a shorter journey duration, and a shift from assessment centre-based selections to manager- led nominations.
SMD Program is a comprehensive development journey designed for the Senior Management Team (SMT). The program begins with a robust diagnostics stage that enables senior leaders to gain deeper self-awareness and align more closely with Titans leadership competencies and organisational focus areas.
SEP is designed to identify and accelerate the growth of high-potential sales talent across the Company. Now in its third edition, this year saw a strong focus on meritocratic selection, greater regional focus through rigorous aptitude and regional judgement tests & role- plays, case studies and behavioural event interviews for leadership readiness In its efforts to manage key talent, the Company has made several interventions such as personalised coaching, personalised developmental plan, managed career movements, etc., resulting in approximately 163 employees being positively impacted. The programme had a retention rate of 95%.
Retail Capability Building
A structured two-month training program was launched in partnership with ISME, Bangalore, to build a ready pipeline of retail staff aligned with Tanishqs standards. The program combines six weeks of virtual learning with on-the-job training, covering induction to advanced store operations ensuring end-to-end readiness for retail roles.
Integrated Supply Chain Management (ISCM) Capability
Leadership Enhancement Agility Program- LEAP:
Focused on building business, financial, operational, and digital skills via 6 strategic projects for mid-to-senior managers, reviewed by senior leadership.
Sourcing Excellence 2.0:
Designed to upskill the sourcing teams with 9 innovation- driven group projects.
STRIDE - Supervisory Development Program for Diploma Engineering Trainees & Graduate Trainees : Training roadmap in collaboration with the ISCM Council; aimed at developing early-career engineers to deliver strong performance and sustainable impact.
BOOST Program under Digital Economy and Society Index:
Soft skills workshop and coaching for managers at Case and SS Case plants, leveraging Harrison Assessment.
Design & Engineering Excellence Program - DEEP: Functional training for 44 managers across manufacturing, design, and innovation, aligned with the W&W Division vision.
GIA - DGL Workshop:
A comprehensive program on diamond grading, quality assessment, global standards, and emerging trends for relevant functions and designed to upskill teams involved in the diamond value chain.
Diamond 4C Grading Knowledge & Quality Awareness: Designed to understand the 4Cs - Cut, Colour, Clarity, and Carat Weight for quality awareness.
CREST
The Company had launched a programme called CREST in 2023 to enable a uniform understanding of what is expected from a people manager at Titan. The CREST commitment is rooted in 9 statements under the following:
c" I communicate & coach
R I recognise & reward
E I am empathetic & inclusive
S I set clear expectations & empower
T I am transparent & fair
CREST-o-meter was launched to assess people managers behaviour against the commitment of CREST through an anonymous third party facilitated survey. This year the People function reinforced the CREST promises through roadshows, branding and interactive platforms.
Nurturing Talent for today and tomorrow
To strengthen talent retention and future readiness, the Company introduced greater differentiation in its Performance Management System by moving from a 4-point to a 6-point rating scale, enabling more precise identification and focused development of top talent. The annual stay interviews continued to offer proactive insights into engagement and retention risks across key themes such as career growth, development, and work environment, enabling targeted interventions and sustained focus on high-potential cohort.
Retail Academy, a structured training program blending virtual learning and on-the-job experience was also launched to build a strong pipeline of store-ready talent aligned with Tanishq retail standards, combining virtual learning with on- the-job experience. Continued investment in luxury capability building further reshaped mindsets and strengthened the ability to deliver differentiated value as the Company expand in the luxury segment.
Wellness at Titan
At Titan, employee well-being is a core priority, reflected in its holistic and evolving approach to wellness. This year, Annual Health Check-up 2.0 was launched, with a special focus on employees aged 50+, achieving a highest-ever completion rate of 80%.
Recognising the growing importance of financial literacy, the Division introduced targeted wellness sessions in collaboration with trusted partners. An Employee Assistance Program - Maithri was extended to both on-roll and off-roll employees, ensuring access to professional support for all. Maithri can now be easily accessed through Titan Sachiv, which also features weekly positive affirmations, reinforcing mental wellness and emotional resilience across the organisation.
Culture of Listening
Tell Me is Titans long-standing benchmark process that gives employees a direct line of communication with the Managing Director. Established in 2003, it continues to be a powerful platform for employee voice and has been
recognised as a best practice under the Tata Business Excellence Model (TBEM). In 2021, the format was changed to in-person conversations with the MD and Chief People Officer, fostering a more in-depth listening culture. In 2024, the Managing Director and Chief People Officer spent over 70 hours engaging with more than 400 employees across 13 locations, listening to their perspectives and feedback. An in-house portal was introduced to capture inputs and provide timely responses, enabling closure on 91% of the suggestions received. This enhanced listening approach has inspired several new listening posts across the ISCM and retail ecosystem. The Company participated in the Great Place to Work assessment to gather feedback across cohorts, spanning generations, genders, and levels, enriching our understanding of the employee experience. Titans efforts were recognised with a Silver Badge in the Culture category by Brandon Hall in 2024, reaffirming our commitment to building a truly inclusive and responsive workplace.
Employee Relations
The Company continues to build on its relations with unionised employees with the mantra of trust, transparency, and togetherness. A collaborative forum was set up with companies like Ashok Leyland, TVS, Bosch, and ITC to exchange best practices, address ER challenges, and align on evolving policies. Each quarterly meet features a review of the host companys practices, enabling cross-industry learning. A quarterly ER bulletin further broadens perspective by highlighting key developments across the industry.
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.
Jewellery - Industry Trend
Nature of Risk
The increasing adoption of Lab Grown Diamond (LGD/synthetics) Direct-to-Consumer and retail players in metros and large cities. This risk pertains to their impact on the sale and growth of our natural diamond portfolio.
Key Mitigation Measures
Track the developments internationally and in Indian market of LGDs.
Track technological developments in this space and potential use cases including consequent cost and market trends.
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
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.
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
All the IT Vendors being engaged by the IT function undergo Vendor Risk Assessment. Further, data protection requirements are embedded in contracts for agreements signed with vendors. In addition, only Tier I vendors are engaged for cyber security practices in compliance with Titan cyber security policies especially for business critical applications handling sensitive customer/business data.
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 the 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 IFC system, operating effectively as at 31st March 2025.
There is an 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
(Rs in crore)
Segment Results |
Year Ended 31st March 2025 (Audited) | Year Ended 31st March 2024 (Audited) |
Net Sales/Income from Operations |
||
Watches |
4,576 | 3,904 |
Jewellery |
49,227 | 42,292 |
EyeCare |
796 | 724 |
Others |
406 | 378 |
Corporate (Unallocated) |
330 | 326 |
Total |
55,335 | 47,624 |
(Rs in crore)
Segment Results |
Year Ended 31st March 2025 (Audited) | Year Ended 31st March 2024 (Audited) |
Profit/(Loss) from segments before finance costs and taxes |
||
Watches |
553 | 397 |
Jewellery |
4,764 | 4,726 |
EyeCare |
85 | 85 |
Others |
(124) | (93) |
Total |
5,278 | 5,115 |
Less: Finance costs |
767 | 480 |
Corporate (unallocated) |
(30) | (28) |
Profit before taxes |
4,481 | 4,607 |
(Rs in crore)
Segment Net Assets |
Year Ended 31st March 2025 (Audited) | Year Ended 31st March 2024 (Audited) |
Watches |
2,865 | 2,605 |
Jewellery |
11,488 | 7,632 |
EyeCare |
256 | 261 |
Others |
262 | 245 |
Corporate (unallocated) |
1,940 | 3,714 |
Total |
16,811 | 14,457 |
HOW THE COMPANY FARED
Some of the key financial indicators are as below:
Financial Year 2024-25 | Financial Year 2023-24 | Financial Year 2022-23 | |
Sales to Net fixed assets (No. of times) |
35 | 32 | 32 |
Sales to Debtors (No. of times) |
56 | 50 | 42 |
Sales to Inventory (No. of times) |
2.2 | 2.8 | 2.6 |
Retained Earnings - Rupees in crore |
13,786 | 11,427 | 8,771 |
Financial Year 2024-25 | Financial Year 2023-24 | Financial Year 2022-23 | |
Return on Capital Employed (EBIT) |
30% | 38% | 44% |
Return on Net Worth |
21% | 27% | 31% |
Interest Coverage Ratio* |
12 | 23 | 299 |
Current Ratio |
1.4 | 1.7 | 1.8 |
Debt Equity Ratio |
0.47 | 0.40 | 0.10 |
Operating Profit Margin %* |
8.7% | 97% | 11.5% |
Net Profit Margin |
6.1% | 7.5% | 8.7% |
SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS
During the year, following were 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 2024-25 | Financial Year 2023-24 | % change | |
Interest Coverage Ratio |
12 | 23 | 48% |
The significant change in the above ratios is due to the additional short term borrowings in the Financial Year 2024-25 which has led to increased finance cost but the EBIT has decreased due to which ratio has changed significantly.
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 2025-26
As the Company looks ahead to Financial Year 2025-26, the Company remains confident in the long-term growth trajectory of our businesses, supported by strong and aspirational consumer base, increasing formalisation of the economy and the deepening reach of digital commerce.
While global macroeconomic uncertainties and geopolitical tensions may persist, the Company is confident of its diversified portfolios, agile execution capabilities, and deep customer insights which would help in navigating to the evolving environment. The Companys continued investments in innovation, customer experience, digital transformation, and omni-channel presence would further strengthen its competitive edge.
Backed by the trust in the Companys brands, the commitment of its employees, and the resilience of the retail, distribution, and vendor ecosystems, the Company is optimistic that Financial Year 2025-26 would be a year of strong, profitable, and sustainable growth.
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.
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