Analysts/Institutional Investor Meet/Con. Call Updates

SEC 93 / 2026-27 11th November 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex Mumbai 400 001 Bandra (E), Mumbai 400 051 Maharashtra, India Maharashtra Scrip Code: 500114 Symbol: TITAN Dear Sir/ Madam, Sub: Earnings Call Transcripts Pursuant to Regulation 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform the exchanges that the transcript of audio call recording of the Company’s Analyst Call to discuss the unaudited Financial Results (Standalone and Consolidated) for the second quarter and half year ended 30th September 2026 is attached herewith. The transcript is also available on the website of the Company: www.titancompany.in Kindly take the same on record and acknowledge receipt. Yours truly, For TITAN COMPANY LIMITED Dinesh Shetty General Counsel & Company Secretary Encl. As stated Titan Company Limited `INTEGRITY` #193 Veerasandra Electronics City P.O. Off Hosur Main Road, Bangalore 560100 India. Tel: 9180 6704 7000 Fax: 9180 6704 6262 Registered Office 3, Sipcot Industrial Complex Hosur 635 126 TN India. Tel-91 4344 664 199 Fax 91 4344 276037, CIN: L74999TZ1984PLC001456 www.titancompany.in “Titan Company Limited’s Q2FY’27 Earnings Conference Call” November 05, 2026 TITAN MANAGEMENT SPEAKERS: MR. AJOY CHAWLA – MANAGING DIRECTOR, TITAN COMPANY MR. ASHOK SONTHALIA – CHIEF FINANCIAL OFFICER MR. ARUN NARAYAN – CEO, JEWELLERY DIVISION MR. KURUVILLA MARKOSE – CEO, WATCHES DIVISION MR. RAGHAVAN N S – CEO, EYECARE DIVISION MR. SAUMEN BHAUMIK – MANAGING DIRECTOR, CARATLANE Page 1 of 17 Sensitivity: Internal Titan Company Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to Titan Company Limited's Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ajoy Chawla, Managing Director, Titan Company Limited. Thank you, and over to you, Mr. Chawla. Ajoy Chawla: Thank you. Good evening to everybody on the call. Thank you for being part of this. It has been another very fulfilling quarter. We have seen fantastic growth at a consolidated level across most of our brands and businesses, and all of them clocking in very healthy growths, driven, of course, by a lot of focus on innovation and prioritizing growth over everything else, given the opportunity that India offers. It looks like very exciting times for us, despite it being a very volatile quarter in terms of some macros. But overall, a very, very good quarter. With that, I hand over to Ashok, our CFO, to share some opening remarks. Ashok Sonthalia: Thank you, Ajoy. Good evening, everyone. I just thought I will take this opportunity to clarify on particularly two items, so that we all are on same page. One is related to customs duty gains. We continue to, as we spoke after quarter one, this quarter also saw a good amount of customs duty gain, which is estimated at ₹490 crores for quarter two in Titan Jewellery division and ₹46 crores in CaratLane. Normalized margin, once you do adjustment for this, on Titan Jewellery business would be 11.1%. The other thing in jewellery, which we have spoken last time, that a large part of MTM gain of quarter one reversed this quarter, which would impact jewellery margin by about 60 basis points. And if you normalize for that, then TMZ, which is Titan Jewellery business margin, would be 11.7%. Another important item, which is rather new on our P&L, on the face of P&L we have disclosed it separately, is related to liability towards the second tranche for the Damas acquisition. This amount is ₹671 crores. As per Ind AS 109, any financial liability has to be fair valued at every accounting period. And with the current environment, when we looked at our liability at the end of four years, which was accounted for in our books of accounts at ₹1,668 crores, the reassessed liability is less by ₹671 crores. Please note that this assessment will happen at the end of every quarter, and depending on the recovery trajectory of the Damas, there could be pluses and minuses on account of this. But we will continue to disclose it separately so that everyone can understand the nature of that number, and all other performance metrics are looked at normalizing for this adjustment. We Page 2 of 17 Sensitivity: Internal Titan Company Limited November 05, 2026 continue to certainly believe in the long-term opportunity that Damas represents, and we believe as soon as the geopolitical environment and the conflict situation improves, all the investments are in place to ensure that that long-term opportunity gets realized at the Titan group level. With that, I will open the floor for questions, and we will be very happy to answer. All of us are here to answer your questions. Thank you. Moderator: Thank you very much, Sir. We will now begin the question-and-answer session. The first question is from the line of Videesha Sheth from Ambit Capital. Please go ahead. Videesha Sheth: Hi. My first question was on domestic jewellery EBIT margin. In case of Tanishq, Mia and Zoya, you have talked about investments going to higher competition. So which price points or categories or regions is this persisting in? When you talk about investments, are there any incremental schemes beyond the 0% deduction on old gold, or is it more from an ad campaign perspective? Just in continuation to this, even CaratLane has seen pressure on margins from 10.2% in the base period to 6.5%. Does the same competition argument apply there from the challenger daily wear brand, or has it got to do with the festive shift? That would be my first question. Ashok Sonthalia: So, let me take this question and then maybe Arun and Saumen can add to that. I am Ashok here. Since increase in customs duty, the domestic market has been operating at a discount compared to international. I am talking about gold prices. That leads to the gold price realization pressure. We also must understand that this is the second, the other side of the coin. One side is the customs duty gain of ₹490 crores, and this pressure is the other side of the coin. So we are normalizing that gain completely, and we are talking this in isolation. Actually, we should look at both sides of the coin, that we are gaining on customs duty, but there is certainly pressure on gold price realization because the entire market is doing that. As far as CaratLane is concerned, they have making a conscious choice to invest on brand building and some of the talent-related investments. And of course, the promotional offers, etcetera, were at elevated level in this quarter. But if you look at the entire H1 margin profile of CaratLane, still remains healthy, still remains as per our plan that gradually their EBIT margin should start inching up from 8% to 9%, and then further from there in next couple of years. But anything, Arun, Saumen, you want to add? Saumen Bhaumik: No, I am done. Ashok Sonthalia: Yes. Yes. No, so that is what, if I do not know whether… Videesha Sheth: Got it. No, that answers. And the second one is if you can share your observations on the secondary and consumer level trends during this festive versus last festive across all your consumer segments? Page 3 of 17 Sensitivity: Internal Titan Company Limited November 05, 2026 Arun Narayan: Okay, Arun here. I will start with Tanishq, Mia, Zoya. This year festive pretty much can be seen in three phases. The first phase of Navratri from October 11 to October 22, then the second phase in between, and now we are in the last leg with Dhanteras tomorrow. The first phase of Navratri, we [Showing first 8,000 characters — download PDF for full document]