Guidance ledger · Q4 FY26

Titan Company Ltd TITAN

4 revisions on record · 1 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · The pulse

→ narrowed Jewellery revenue growth horizon framing Q1 FY26 → Q4 FY26

~~15% to 20% (annual / 'next few years')~~ → 15% to 20% three-to-five-year CAGR, FY27 specifically refused

“We are not giving any guidance to you for FY27”

↓ lowered Jewellery EBIT margin 11-11.5% band Q1 FY26 → Q4 FY26

~~11% to 11.5% reaffirmed~~ → I would not give you a good assurance that this is sustainable

“I would not give you a good assurance that this is sustainable”

→ narrowed Watches EBIT margin Q1 FY26 → Q4 FY26

~~mid-teen full year FY26~~ → Analog at 85%-90% of watch revenue, growth 14% overall

“Analog watches overall growth has been around 16% for the year”

→ narrowed International Damas FY27 disclosure Q3 FY26 → Q4 FY26

~~consolidation from 1st January~~ → next year onwards we will also have comparison

“right now, we are not separately calling out”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.