Retail major Titan is likely to report strong growth in Q4 FY26, with analysts anticipating 35 per cent year-on-year (y-o-y) standalone revenue growth (ex-bullion), led by its jewellery segment.
Tanishq is expected to clock 31 per cent like-to-like growth, although EBIT margins may dip 80 bps to 11.1 per cent due to a higher gold coin mix. CaratLane is seen growing 38 per cent y-o-y, with margins improving to 12.5 per cent. The watches and eyewear segments are also expected to post healthy double-digit growth. The company is scheduled to announce its results on May 8.
According to Motilal Oswal Financial Services, standalone revenue (ex-bullion) is expected to grow 35 per cent y-o-y, with Tanishq LTL growth at 31 per cent in Q4 FY26. Standalone jewellery EBIT margin (ex-bullion) is likely to decline by 80 bps y-o-y to 11.1 per cent, impacted by an adverse mix due to higher gold coin sales amid rising gold prices.
CaratLane’s revenue is projected to grow 38 per cent y-o-y, while its EBIT margin is expected to expand by 460 bps y-o-y to 12.5 per cent. The brokerage also expects healthy double-digit growth in watches, eyewear and other businesses.
HDFC Securities noted that Titan reported approximately 46 per cent y-o-y revenue growth in its quarterly update. Domestic jewellery sales (ex-bullion) grew 46 per cent y-o-y, driven by a sharp increase in gold prices and a rebound to high single-digit buyer growth after three flat quarters.
The watches, eyewear and other segments grew 7 per cent, 16 per cent, and 17 per cent y-o-y, respectively. The brokerage has built in an EBIT margin of 8.9 per cent at the company level and expects segmental EBIT margins of 9.3 per cent for jewellery, 11.1 per cent for watches and 8.1 per cent for eyewear.