Titan Company Limited has submitted its quarterly compliance certificate to depositories for the quarter ended March 31, 2026, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018. The certificate, dated April 13, 2026, was addressed to both Central Depository Services (India) Ltd and National Securities Depository Limited.

Regulatory Compliance Confirmation

The certificate confirms Titan's adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for Q4 FY26. The company has certified that all details of securities dematerialized and rematerialized during the quarter have been properly furnished to stock exchanges where the company's shares are listed.

Dematerialization Process Details

The company has confirmed that securities received for dematerialization underwent proper verification procedures. Key aspects of the process include:

• Securities were mutilated and cancelled after due verification
• The depository's name was substituted in company records as the registered owner
• All processing was completed within the mandatory 15-day timeframe from receipt of security certificates
• Dematerialized certificates maintain listing status on the same stock exchanges where previously issued securities were listed

Stakeholder Communication

The certificate was signed by Dinesh Shetty, General Counsel & Company Secretary, and copies were distributed to key market participants including BSE Limited, National Stock Exchange of India Limited, and MUFG Intime India Private Limited. This ensures transparency and maintains proper regulatory communication channels across all relevant financial institutions and exchanges.

Titan Company Limited expects robust 46% revenue growth in Q4FY26, driven by strong performance across its consumer businesses and continued expansion of its retail footprint to 3,603 stores with the addition of 47 net stores during the quarter. The company's jewelry division has emerged as the primary growth driver, recording approximately 46% year-on-year growth, while North America operations achieved approximately 50% year-over-year growth.

Expected Revenue Performance and Growth Drivers

The company anticipates strong revenue momentum in Q4FY26, with consumer businesses expected to record approximately 46% year-on-year growth. This growth expectation is supported by robust performance across key business segments and successful retail network expansion initiatives.

Jewelry Division Leads Growth Momentum

The jewelry business has emerged as the key growth driver, with the company expecting approximately 46% YoY growth in Q4FY26. Secondary consumer sales are anticipated to perform exceptionally well, with expected growth of approximately 52% YoY, led by Tanishq and well supported by Mia brands. Despite steep increases in gold prices, the business achieved high single-digit buyer growth in Q4FY26.

Category-wise performance shows strong momentum across segments, with gold coins nearly tripling in sales compared to Q4FY25, studded jewelry growing strongly in early thirties, and gold (plain) clocking growth in the mid-thirties. The like-to-like growth across all jewelry retail formats combined is expected to be close to approximately 48% YoY.

Morgan Stanley Raises Target Price on Strong Outlook

Morgan Stanley has raised its target price for Titan to ₹5,102 from the previous ₹4,529 while maintaining an Overweight rating. The brokerage cites strong jewellery demand driving 4-8% revenue upgrades and 3-5% EPS increase as key factors behind the upgrade. The firm highlights higher domestic jewellery growth expectations, though notes slight margin pressure, and expects valuation rerating on improved earnings outlook.

International Operations Drive Expansion

International operations are expected to deliver exceptional performance with approximately 156% YoY growth, with the North America business continuing its strong momentum by achieving approximately 50% YoY growth. In the GCC region, 4 Damas stores were converted to Tanishq format during Q4FY26, while Tanishq's GCC business achieved healthy growth of approximately 37% YoY despite regional disruptions.

The watches division recorded approximately 7% YoY growth, with analog watches achieving approximately 16% YoY growth driven by Titan, Sonata, and International brands, while smart watches declined by approximately 53% YoY. The EyeCare business grew approximately 16% YoY, powered by growth in International brands across sunglasses, lenses, and frames categories.