Questions across 3 calls

Amit Sachdeva

UBS Group

Titan Company Limited

Titan Company Limited CC-Feb26.pdf · 2026-02-11

Congratulations on great set of numbers. Sir, my question is on the studded business and just wanted your comments in terms of how the consumer behavior in this segment is shaping up now that you own both the narratives of LGD, which is on one set of consumer value proposition and Tanishq diamonds on the other? But I also know that higher-value segment is growing faster, but 1 lakh to 2 lakh was a bit under pressure, but you also launched lots of things in sub -1 lakh segment. So just wanted your kind of input here, how this business consumer behavior is shaping up and also the studded promotion in that context, how it is responding to some of the initiatives on price points that you have taken. So some color there would be very helpful.

Got it. Well, that's very helpful, Ajoy and Arun. So just a small one here is that, obviously, last year, we've seen studded being in the teens and then last quarter was a bit better. In this promotion cycle, are we seeing a similar growth in studded as the last quarter or acceleration or some sort of -- from a trend point of view, what so far we've seen in January? Is there a comment that you would make?

Britannia Industries Limited

Britannia Industries Limited CC-Feb26.pdf · 2026-02-11

Sir, my question is on cheese category. So I -- obviously, this category was supposed to be the driver of your dairy or at least the bellwether of dairy foray and the value addition and things like that. But for some reason, the milk or the flavored milk has grown and other extensions in dairy has grown. But cheese, which was supposed to be the bellwether for this initiative has not worked. And clearly, for several quarters. And is there a thought process how -- and it's supposed to be high growing as well. What is the thought process here given the investments that you've already made, JV that you did, how cheese as the category will be resurrected? That's question number one. And I'll ask my second question later.

And we look forward to hearing more on cheese. Second question that I want to ask is the quick commerce and e-commerce foray and how biscuit as the category has interacted with it? I think Nitin alluded to it that there is an indulgence and impulse category, which is doing well. But my sense is the previous thought process was that e-commerce on an aggregate basis tend to be margin dilutive and hence, it's a very selective play. But given that the indulgence is growing, is it opening the opportunity for aggressive expansion in new categories or new extensions, maybe chocolates or something like that, which basically can help you exploit that opportunity better and hence, we should see aggressive innovation exploiting that channel and also indulgence and impulse, which are some of the categories which are absent. And is there a thought process around how we should think about that piece?

Britannia Industries Limited CC-Jun25.pdf · 2025-08-06

Just a small clarification on the SAR valuation again. Although it's good that the interests are aligned and employees -- I assume that's linked with economic value created and that reflects in the stock being -- ESOP being revalued. Can I just get a broader sense, say, there's a 10% increase in, say, stock price in a given time frame, say, a quarter or 2 how one should think about the P&L impact of that? Is it that I assume it's a structural company and it grows earnings every year. How one should think about structurally taking into account without having to worry about each quarter, the one- off impact of it and how margins should we look at it? Although I see that it's a th ing that will happen, but can you give us some guidance how it is really calculated with the reference stock price?

Got it. Got it. That's very helpful. It's just that -- but where I'm coming from is that I want to sort of always want to know how we are at the EBITDA margin level from a cycle -- input price cycle point of view, and that sort of come in the way of getting that benchmark right. That's the only thing.