Titan Q1 Preview: Net profit may zoom 21.9%, operating margin likely to shrink

Titan’s jewellery business is expected to grow 21 percent year-on-year, said Titan in Q1FY24 earnings update.

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26 Aug, 2025 12:21

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Jewellery and accessories major Titan is expected to report a consolidated net profit of Rs 923.2 crore in the April-June quarter, rising 21.9 percent over the last year and 31.7 percent over the last quarter, according to an average estimates of four brokerage firms. The company will announce its results for the April-to-June quarter on August 2.

Revenue is estimated to be at Rs 10,723 crore in Q1FY24, posting a growth of 20 percent on-year and 10.8 percent on-quarter. Operating profit margin is expected to be at 12.77 percent, a 34 basis points decline over last year and a 189 basis points rise over Match quarter this year.

Kotak Institutional Equities sees improvement in jewellery sales towards the end of quarter. Demand was low in the first half of April, however the demand was back, driven by Akshay Tritiya which was on April 22. Akshay Tritiya is an auspicious occasion where people buy gold, thus driving sales for Titan’s jewellery business.

“Earnings Before Income Tax Depreciation Amortisation (EBITDA) margin is likely to remain flat year-on-year on gold price volatility,” said Motilal Oswal in its Q1FY24 earnings preview. Gold prices have grown 16.9 percent year-on-year in the April-to-June quarter, according to Incred Research.

Titan’s jewellery business is expected to grow 21 percent year-on-year, said Titan in Q1FY24 earnings update. Watches and wearables segment is estimated to grow 13 percent year-on-year and eyecare segment is set to increase 10 percent year-on-year in the same period. Caratlane, Titan’s jewellery brand is expected to grow 32 percent year-on-year.

“Titan and international brands saw strong buying momentum clocking double-digit growths. Consumer preferences for premium brands resulted in good uptick in the average selling price for watches,” Titan said in its Q1FY24 quarterly update. The company added that among key channels, Helios, Large Format Stores, and e-commerce clocked higher growth rates as compared to others.

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