Titan Company Limited — Q2FY27 earnings call summary

Filed 11 November 2026 · Official transcript

Competitive intensity expected to increase; margin guidance anchored at ~11%
Festive season showed strong demand for studded jewellery; investment buying soft
Customs duty gain of ₹490 Cr in Q2 for Jewellery; normalized margin 11.1%
MTM gain reversal impacted Jewellery margin by 60 bps; normalized margin 11.7%
Damas acquisition liability reduced by ₹671 Cr due to fair valuation
Buyer growth focus with efforts on sub ₹1 lakh affordable jewellery segments
Watches grew well in ₹25k-₹1 lakh segment; eyewear not festive-driven
Non-jewellery businesses (watches, eyewear, fragrances) showed strong growth