Titan Q3 FY25 Results: Strong 25% Revenue Growth to ₹17,740 Cr, Net Profit Dips to ₹1,047 Cr
Titan Company Ltd: Overview
Titan Company Limited, a subsidiary of the Tata Group, is one of India’s leading lifestyle and consumer goods companies with a strong presence across various product categories, including jewellery, watches, eyewear, and other emerging businesses. Established in 1984, the company has grown to become a household name, synonymous with trust, innovation, and quality. Titan’s core strength lies in its ability to blend traditional craftsmanship with modern design and technology, making it a market leader in multiple segments. The company operates a vast retail network with over 2,000 stores across India and a growing international footprint. Titan’s commitment to innovation is evident in its strong brand portfolio, including Tanishq, CaratLane, Fastrack, Sonata, Titan Eye+, and Skinn. Over the years, the company has diversified into new categories such as fragrances, ethnic wear, and smart wearables, positioning itself as a key player in India’s evolving lifestyle market. With a focus on customer-centric strategies, Titan continues to strengthen its omni-channel presence by integrating digital and in-store experiences, enhancing convenience and engagement for its customers. The Indian lifestyle and retail industry is poised for robust growth, driven by rising disposable incomes, urbanization, and increasing consumer preferences for branded and premium products. The jewellery sector, Titan’s largest revenue driver, is expected to benefit from steady gold demand, favourable government policies, and a shift from unorganized to organized retail. The eyewear segment is gaining traction due to increased awareness of eye health and digital screen exposure, fuelling demand for prescription glasses and sunglasses. With digital transformation accelerating, e-commerce and omnichannel retail strategies are becoming crucial growth enablers for companies like Titan. Furthermore, Titan is well-positioned to capitalize on evolving trends, such as sustainable jewellery, personalization, and technology-driven product innovation.
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The festive quarter played a crucial role in solidifying the FY25 growth trajectory after a subdued Q1 and a healthy Q2. The jewellery segment witnessed its strongest quarter of the fiscal year, with retail sales growing over 25%, driven by sustained consumer demand for gold as both adornment jewellery and a store of value. The analogue watches segment recorded a robust 20% retail growth, reaffirming Titan’s strong customer value proposition. Additionally, the EyeCare division saw a return to double-digit retail growth, marking a positive turnaround. The company maintains a positive outlook and expects to close FY25 with strong growth over FY24. In Q3FY25, total income from the jewellery segment and Titan Company (excluding bullion and digi-gold sales) stood at ₹286 crore, compared to ₹190 crore in Q3FY24. The jewellery division expanded its footprint with 11 net new Tanishq stores and 13 Mia stores in India. Consumer preference for gold remained strong, with gold jewellery sales growing by approximately 24% year-on-year, while gold coin sales saw a sharp rise of around 48%. CaratLane also demonstrated impressive growth, adding 19 net new stores in India during the quarter and opening its first international store in New Jersey. The brand’s total income grew by approximately 27% year-on-year to ₹1,117 crore. In the EyeCare division, Titan Eye+ closed three net new stores during the quarter.
Business Segments
- Jewellery: The jewellery division is the largest revenue contributor, with flagship brand Tanishq leading the organized jewellery market in India. Tanishq has built a strong reputation for purity, design innovation, and customer trust, offering a wide range of gold, diamond, and platinum jewellery. The premium and contemporary segments are covered through CaratLane and Mia by Tanishq, targeting younger and urban consumers.
- Watches & Wearables: Titan is a dominant player in the Indian watch industry, catering to different consumer segments through brands like Titan for premium watches, Fastrack for youth-focused casual wear, and Sonata for affordable timepieces. The company has also entered the smart wearables segment, leveraging its brand strength and distribution network.
- Eyewear: The eyewear business, under the Titan Eye+ brand, has established itself as a leading player in the prescription glasses and sunglasses market. Digital screen usage and growing eye health awareness are driving demand in this segment. Titan has also launched new collections with stylish and functional designs, targeting different age groups and customer preferences.
- Fragrances & Fashion Accessories: Titan’s foray into the fragrances market with Skinn has been well-received, with the brand gaining traction in the premium perfume segment. Taneira, Titan’s ethnic wear brand, focuses on handcrafted sarees and Indian apparel, catering to the growing demand for high-quality traditional fashion. The company also offers accessories under the Fastrack brand, including bags, belts, and wallets, targeting young consumers with trendy and affordable products.
Subsidiary Information
- CaratLane Trading Pvt Ltd: CaratLane is Titan’s subsidiary specializing in online jewellery retail, offering contemporary and lightweight designs catering to modern consumers. It has successfully bridged the gap between online and offline retail with its “Try at Home” service and increasing physical store presence.
- Tanishq International Operations: Expanding its global reach, Titan operates Tanishq stores in markets such as the UAE, Singapore, and the United States, targeting Indian expatriates and international luxury consumers. The company is investing in regional product customization and localized marketing strategies to strengthen its international presence.
- Favre-Leuba AG: Titan owns the Swiss luxury watch brand Favre-Leuba, which focuses on high-end mechanical watches. While it remains a niche brand, Titan’s acquisition of Favre-Leuba has helped enhance its credibility in the premium watchmaking segment.
- Titan Engineering & Automation Ltd. (TEAL): TEAL is Titan’s precision engineering and automation subsidiary, providing manufacturing solutions to industries such as aerospace, automotive, and healthcare. The company plays a strategic role in Titan’s expansion into technology-driven solutions.
- Titan Commodity Trading Ltd: This subsidiary manages Titan’s gold procurement and hedging activities, ensuring efficient cost management in the jewellery segment. It plays a crucial role in mitigating raw material price fluctuations, which significantly impact the company’s margins.
Q3 FY25 Earnings
- Revenue of ₹17740 crore in Q3 FY25 up by 25.3% YoY from ₹14164 crore in Q3 FY24.
- EBITDA of ₹1674 crore in this quarter at a margin of 9% compared to 11% in Q3 FY24.
- Profit of ₹1047 crore in this quarter compared to a ₹1053 crore profit in Q3 FY24.
Financial Summary
| Amount in ₹ Cr | Q3 FY24 | Q3 FY25 | FY23 | FY24 |
| Revenue | 14164 | 17740 | 40575 | 51084 |
| Expenses | 12599 | 16066 | 35693 | 45792 |
| EBITDA | 1565 | 1674 | 4882 | 5292 |
| OPM | 11% | 9% | 12% | 10% |
| Other Income | 136 | 128 | 306 | 534 |
| Net Profit | 1053 | 1047 | 3274 | 3496 |
| NPM | 7.4% | 5.9% | 8.1% | 6.8% |
| EPS | 11.9 | 11.8 | 36.6 | 39.4 |