Titan Company Limited CC-Feb26.pdf · 2026-02-11
Good numbers. I wanted to check on the jewellery business. We have, of course ramped -- seem to have ramped up our activity marketing efforts, both discounting, gold schemes, et cetera. And then as I think we discussed, the margin has taken a hit on a normalized basis. I think my question is, in the longer term, what do you -- if this gold price stability does not happen during the year, would you want to revise how you approach the problem you are solving? Is it a margin profile? Is it ROCE? Is it absolute margin growth? What are we really solving for? Or is it market share in revenue terms? And how do we think about your approach to decision-making here?
Okay. That's helpful, Ajoy. Second question was on CaratLane. So we saw a significant margin uptick here, but there's no specific mention of any base effect here for custom duties or anything. So I just wanted a bit of color on how to look at the CaratLane margin performance, especially, as you rightly said, with studded sort of also going down a little given gold price. So what has really led to it? And how should we think about it in the future?