Analysts/Institutional Investor Meet/Con. Call Updates

SEC 58 / 2026-27 11th August 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 first quarter ended 30th June 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 Q1FY'27 Earnings Conference Call” August 07, 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 Titan Company Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Titan Company Limited Q1 FY '27 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 this conference call, please signal an moderator: by pressing star then zero on your touchtone 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: Good evening, friends. Welcome to the earnings call of Quarter 1 for FY '27. It's been another fantastic quarter, and I must say this quarter has been even better than the previous quarters. We've seen all-round growth across all our businesses, all our brands, subsidiaries. And we've also seen a good volume growth and a buyer growth that has come in. So all in all, very positive and certainly disciplined execution as well, which has driven this as well as the results. I now hand over this to our CFO, Ashok, who has a few opening remarks before we open it up for some questions. Ashok Sonthalia: Hello, good evening everyone. We are very pleased to report another quarter of strong growth across our portfolio, as Ajoy said. And we must also note that operating environment was not so favorable, but still things have turned out very well for us. Before we get into Q&A, I would like to highlight a few aspects that will help in interpreting the numbers and quality of results for you, and there might be common questions, so I'm addressing it upfront. We had during this quarter, gains on account of customs duty rate increase from 6% to 15%. While these gains will be realized as the inventory gets sold over the next couple of quarters, but in this quarter, we had overall at a consolidated level realization of ₹407 crores, ₹386 crores was in Tanishq Mia Zoya portfolio and ₹21 crores was in CaratLane. The other significant item during this quarter was that as sudden and sharp customs duty changed and many other steps are being taken, the market went into quite, I would say, volatility where international prices and domestic prices were at a divergence at many times. And we were also advancing our gold procurement to secure that we are fully equipped to meet our festive demand and production without any disruptions. So on account of those price divergence, we have accounting MTM in the inventory, which is -- which caused 75 to 80 basis point jewellery division EBIT upward. So jewellery division has the benefit of that. And we believe that these are likely to reverse in the coming quarters. So the normalized margin considering both custom duty gain and MTM gain, the normalized EBIT margin for our Tanishq Mia Zoya business would be 10.9%, the number for this quarter. The other important change which I wanted to tell you that we have revised the classification of our jewellery product mix. You remember in the last quarters, we have talked about color stone jewellery and we have been progressing on that. Color stone jewellery, which was earlier clubbed under the studded category, we have reclassified that into the gold jewellery, so that Page 2 of 17 Titan Company Limited August 07, 2026 studded reflects to more diamond jewellery and not any other Colorstone or Polki jewellery, etcetera. So to that extent, you will see some change in the number and to facilitate, I think we have shared the reclassified numbers for previous periods also so that comparability is not lost. And last point regarding Watches business that while reported EBIT profitability will look muted compared to revenue growth in the quarter 2. But every quarter 1, we run standard costing revaluation of inventory of watches. Last year, we had called out, if you refer to that earnings that about ₹50 crores was the benefit to Watch division. This quarter, that benefit was far less. So if you normalize for both these sides, then last Quarter 1 FY '26 watch EBIT margin was 18.6% compared to 17.8% normalized margin for this quarter. So these were some of the points which I thought I'll say upfront, and now we will open the floor for question and answers. Moderator: Thank you very much. We will now begin with the question-and-answer session. Your first question comes from the line of Videesha Sheth with Ambit Capital. Please go ahead. Videesha Sheth: My first question was pertaining to the jewellery segment. Now in 1Q, even you mentioned that growth to some extent would have been impacted because of government interventions or events like Adhik Maas. So based on your observation, have you seen that the postponed demand has come back in the quarter till date? And accordingly, can we expect growth momentum to further improve in the ongoing quarter? And any particular change in consumer behavior also if you'd like to share? Arun Narayan: Yes. Thanks for that question. Some key dates for everyone to refresh everyone's memory. May 10 was a certain call out by the Prime Minister. May 13 was the customs duty change. And we also had Adhik Maas also begin from May 17. So there was obviously an overlap of many of these developments. As a consequence, we did see a softness in consumer sentiment for about 3 weeks' time till the end of May. But by the beginning of June, things started picking up. Weddings also restarted post the end of Adhik Maas. So we believe that it was a deferment and we saw things pick up in June. What we lost in May, perhaps we gained back in the month of June. Videesha Sheth: Sure. And any changes in consumer behavior, whether it's the sub-₹1 lakh category coming back or sustenance of studded growth that you particularly want to call out? Arun Narayan: No. As you are aware, we have - we began seeing a resurgence of studded in Quarter 4 of last year, and we are seeing that continue to play out in Quarter 1. And in a sense, it's the momentum that we had in Quarter 4 continued during Akshaya Tritiya. There was a brief lull perhaps in May, but it's kind of come back in the month of June. Videesha Sheth: Sure. Just one more question before I get back in the queue. In context of the sustenance of the improvement we're seeing in buyer growth, even stu [Showing first 8,000 characters — download PDF for full document]