Titan Company Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Srinivasan Varadarajan as an Independent Director. The resolution proposes his appointment for a term of five consecutive years, effective from April 1, 2026, until March 31, 2031. Mr. Varadarajan was previously appointed as an Additional Director by the Board and has submitted a declaration confirming his independence under Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of the SEBI Listing Regulations.

Postal Ballot Details

The company is conducting the postal ballot exclusively through remote e-voting in compliance with Ministry of Corporate Affairs circulars. Physical copies of the notice and postal ballot forms are not being dispatched to members. The voting process is managed by National Securities Depository Limited (NSDL), and members can cast their votes electronically during the designated period.

Key Dates and Voting Schedule

Shareholders holding shares as on the cut-off date of Friday, May 15, 2026, are eligible to participate in the voting process. The remote e-voting period commences on Monday, May 25, 2026, at 9:00 a.m. IST and concludes on Tuesday, June 23, 2026, at 5:00 p.m. IST. The e-voting module will be disabled by NSDL after the deadline, and votes cannot be modified once cast.

Resolution Details

The special business concerns the appointment of Mr. Srinivasan Varadarajan (DIN: 00033882). The Board recommends the passing of the resolution as a Special Resolution. Mr. Varadarajan is a banking veteran with over three decades of experience in financial services, having previously served as the Non-Executive Chairman of Union Bank of India and as the Deputy Managing Director of Axis Bank. He currently holds directorships in India Debt Resolution Company Ltd, AMC Repo Clearing Corporation Ltd, and Institutional Investor Advisory Services Ltd.

Shareholder Instructions

Members whose email addresses are not registered with the company or depositories must register them with the Registrar and Transfer Agent, MUFG Intime India Private Limited, on or before Monday, June 1, 2026, to receive the notice and voting credentials. The scrutinizer for the postal ballot process is Mr. V Sreedharan or, in his absence, Mr. Pradeep B. Kulkarni of M/s. V. Sreedharan & Associates. The results will be announced on or before June 25, 2026, and communicated to the stock exchanges.

Titan Company Limited delivered a landmark financial performance in FY2025-26, crossing ₹75,000 crores in annual consolidated revenue for the first time. The company's consolidated total income for the full year stood at ₹76,078 crores, representing a 33% increase over FY25, while Q4FY26 consolidated total income surged 46% to ₹20,300 crores. Profit after tax for the quarter was ₹1,179 crores, registering a 35% growth over the previous year. The Board of Directors, at its meeting held on 8 May 2026, approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, and recommended a dividend of ₹15.00 per equity share of ₹1 each, subject to shareholder approval at the ensuing Annual General Meeting. The statutory auditors, B S R & Co. LLP, issued an unmodified audit opinion on both the standalone and consolidated financial results.

Consolidated Financial Highlights

The company's consolidated financial performance for Q4FY26 and FY26 reflects broad-based growth across revenue and profitability metrics. For the full year, FY26 EBITDA margin stood at 9.5%, falling short of the company's guidance range of 11.0%–11.5%. The following table presents key consolidated financial indicators (figures in ₹ crores; note: total income excludes Bullion and Digi-gold sales in all periods; numbers and growth percentages are rounded to the nearest integers; profit is before exceptional items):

On a consolidated basis, basic earnings per share (EPS) for Q4FY26 stood at ₹13.28 and diluted EPS at ₹13.27. For the full year FY26, basic EPS was ₹57.19 and diluted EPS was ₹57.16. The consolidated net worth as at 31 March 2026 stood at ₹15,703 crores, compared to ₹11,624 crores as at 31 March 2025. Total consolidated assets stood at ₹60,561 crores as at 31 March 2026.

Standalone Financial Highlights

On a standalone basis, Titan reported total income of ₹24,086 crores for Q4FY26 and ₹78,089 crores for the full year FY26. Standalone profit after tax for Q4FY26 was ₹1,124 crores and ₹4,630 crores for FY26. Basic EPS on a standalone basis for Q4FY26 was ₹12.68 and diluted EPS was ₹12.65; for FY26, basic EPS was ₹52.20 and diluted EPS was ₹52.16. The standalone net worth as at 31 March 2026 stood at ₹20,487 crores. Key standalone financial ratios are presented below:

Business Segment Performance

The Jewellery business remained the primary growth engine, recording 50% growth over Q4FY25 to reach ₹18,195 crores (excluding Bullion and Digi-Gold sales). The India Jewellery business income rose 46% to ₹17,114 crores, with Tanishq, Mia and Zoya (combined) growing 48% to ₹16,047 crores and CaratLane recording 22% growth to ₹1,066 crores. The International Jewellery business grew 174% to ₹1,081 crores, aided by the addition of Damas Jewellery. The India Jewellery business clocked an EBIT of ₹1,902 crores at 11.1% margin, while the International Jewellery business (including Damas) recorded a loss of ₹82 crores for the quarter. The overall Jewellery business achieved an EBIT of ₹1,820 crores at a margin of 10.0% for the quarter. During the quarter, the Division added 27 stores (net) in India, comprising 8 Tanishq stores, 14 Mia stores and 5 CaratLane stores, with 4 new Tanishq store openings in the GCC region and 123 stores added to the international network through the Damas acquisition.

The segment-wise performance for Q4FY26 is summarised below (figures in ₹ crores):

The Watches business delivered steady performance, with analog watches continuing to lead overall growth. The analog segment recorded healthy double-digit growth in consumer sales, supported by good volume uptick and improvements in price realisation. Smart Watches volume decline was partially offset by improvement in average price realisations, with this segment witnessing nearly 50% decline in overall value. The business added 30 new stores (net) in the quarter, consisting of 17 stores in Titan World, 7 stores in Fastrack, 4 stores in Helios and 2 stores in Helios Luxe. The EyeCare business sustained its double-digit growth momentum, led by International Brands and improvement in price realisations. Store optimisation efforts continued with 37 refurbishments/renovations, 12 new store openings and 32 closures in the quarter. The Emerging Businesses comprising SKINN Fragrances, IRTH Women's Bags and Taneira (Indian Dress Wear) saw varying growth trajectories, with Fragrances maintaining strong volume momentum and Taneira's revenue remaining flattish for the quarter.

Damas Acquisition and Corporate Developments

During Q4FY26, Titan successfully completed its 67% acquisition of Damas Jewellery, one of the GCC region's heritage jewellery brands. Titan Holding International FZCO, a wholly owned subsidiary, acquired a 67% equity interest in Damas LLC through Signature Jewellery Holding Limited with effect from 4 January 2026, for a consideration of ₹1,190 crores. The Group holds a call option to acquire the remaining 33% equity interest, while the minority shareholders hold a corresponding put option exercisable on 31 December 2029. A put option liability of ₹1,668 crores has been recognised, resulting in a total purchase consideration of ₹2,858 crores. Based on a preliminary purchase price allocation, the transaction resulted in the recognition of provisional goodwill amounting to ₹599 crores. Additionally, Titan Engineering & Automation Limited (TEAL), a wholly owned subsidiary, acquired 100% of the business engaged in manufacturing of specialised test and assembly automation equipment from Justech Precision Industry India Private Limited on 4 April 2025, for a total consideration of ₹62 crores, with goodwill of ₹4 crores recognised on this transaction. On a consolidated basis, the exceptional item amounted to ₹(51) crores for the quarter and ₹101 crores for the year ended 31 March 2026, primarily on account of past service cost for gratuity and leave liability due to changes in wage definitions following the Government of India's notification of four Labour Codes consolidating 29 existing labour laws.

Management Commentary

Titan's CFO stated that no gold supply problems are anticipated in the upcoming 3–4 months. The CFO also highlighted a notable shift in consumer behaviour, with consumers increasingly preferring gold as an investment rather than jewellery. This trend has had implications for the product mix within the jewellery segment, contributing to higher coin sales that impacted the studded jewellery mix and overall margins during the period.

Commenting on the broader performance, Mr. Ajoy Chawla, Managing Director, stated: "FY26 has been a landmark year for Titan. We had crossed the ₹50,000 crores annual revenue milestone in FY25 after nearly 40 years. The next ₹25,000 crores has been remarkably achieved in a single year of FY26. This is a reflection of the enduring strength of our brands, the trust of our consumers, and the unflinching commitment of every member of the Titan family. The quarter performance was led by 'Festival of Diamonds' with our brands of Tanishq, Mia, Zoya, CaratLane, beYon and Damas striking the right chord with consumers across geographies and age groups. As we step into FY27 with optimism on the back of an exceptional FY26 performance, we are conscious of the macro volatility and fragile geopolitical situations that necessitate all around agility to respond effectively to grow our businesses. We remain committed to elevating Titan's competitive advantage, deepening customer engagement, and creating long-term value for all our stakeholders."

During the quarter, Tanishq unveiled the 'Desert Diamonds collection' with Rahul Mishra at Paris Couture Week 2026. Titan was also recognised among India's sustainability leaders, ranking 3rd in the Consumer Services, Retail & Entertainment category and 40th overall in Business World's 'India's Most Sustainable Companies' rankings.

Analyst Ratings and Target Prices

Following the Q4FY26 results, several leading brokerages shared their updated views on Titan. The table below summarises the latest analyst recommendations and target prices:

Goldman Sachs maintained a Buy with a target price of ₹5,400, supported by stronger-than-expected domestic jewellery margins and robust EBIT growth across TMZ and CaratLane businesses. The brokerage noted that consolidated margins were impacted by Middle East disruptions and Damas consolidation, with management expecting international jewellery margins to turn positive again within 2–3 quarters. Goldman Sachs further highlighted that the government's increase in gold import duty from 6% to 15% is expected to boost FY27 earnings through near-term inventory gains, with limited impact on revenue growth. The brokerage also cited Titan's stronger positioning versus peers under tighter import conditions and continued visibility of consistent high-teens revenue and earnings growth, adding that any stock price correction resulting from the development should be seen as a further buying opportunity.

Jefferies maintained a Buy with a target price of ₹4,800, citing strong jewellery revenue growth driven by higher gold prices, a rebound in buyer growth, and healthy studded jewellery demand. The brokerage highlighted continued benefits from gold price inflation in H1FY27 and strong watches performance, while noting a medium-term 15–20% CAGR outlook despite slightly weaker EBITDA due to higher staff cost provisions.

Morgan Stanley maintained an Overweight rating with a target price of ₹5,212, citing that tighter government rules on duty-free gold imports are unlikely to impact Titan materially, as the company is better positioned than before. The brokerage views the current stock correction as an attractive long-term entry opportunity. Morgan Stanley further highlighted that concerns around possible government intervention on gold imports are mitigated by Titan's reduced dependence on imports, with customer gold exchanges now contributing over 50% of revenues. The brokerage noted that proactive exchange schemes are supporting growth amid rising gold prices, and cited Q4 jewellery revenue and margin beat led by strong 48% YoY TMZ growth and recovery in buyer growth to 8%. Management reiterated 15–20% long-term jewellery CAGR guidance, and the brokerage expects continued stock outperformance.

CLSA maintained an Outperform rating with a target price of ₹5,249, driven by strong 78% YoY standalone sales growth led by higher average ticket sizes and returning buyer growth. Jewellery margins remained resilient above estimates with strong profitability across Tanishq, Mia and Zoya, though overseas margins were impacted by the Middle East conflict.

BoFA Securities maintained a Buy with a target price of ₹4,830, citing strong Q4 performance with adjusted jewellery EBIT growth of 35% YoY and confidence in sustaining 15–20% revenue and earnings CAGR over the medium term through multiple growth levers, while noting investors await further insights at the June 4 analyst meet.

Elara Capital maintained a Buy with a target price of ₹5,350, citing strong 46% YoY underlying consumer business revenue growth driven by robust jewellery demand, improving buyer growth, wedding and exchange-led demand alongside elevated gold prices. The brokerage noted that coin sales impacted studded mix and margins, with management retaining 15–20% jewellery growth guidance and expecting strong H1FY27 momentum.

Citi maintained a Neutral rating with a target price of ₹5,075. While acknowledging strong 45% YoY standalone jewellery revenue growth and market share gains, the brokerage flagged that weaker-than-expected jewellery margins were impacted by transfer pricing adjustments. Citi also raised concerns that rising gold prices may have preponed demand, potentially challenging FY27 growth sustainability and valuations.