Titan Company Ltd New Brand Launch Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mihir Shah - Nomura Securities International Inc - Analyst : Congratulations on the launch of beYon and also for the stellar performance that you're reporting for the quarter. Sticking to beYon. Sir, if you can just help us understand how should, one, our customers think about the differentiation or any cannibalization for beYon versus Mia and CaratLane? Will beYon also be there online? Currently, the website indicates us to go to a store, but will it also be online? And I have a few more follow-ups as well on this.

Question: Mihir Shah - Nomura Securities International Inc - Analyst : Understood. Thank you, Arun and (inaudible). My follow-up is on the gross margin profile for this category. Market experts or industry reports have indicated that there is a significantly higher gross margin profile (inaudible). Will that be an accurate statement to make? Plus, if you can just share how should one think about the margin laddering for beYon, Mia, CaratLane purely on the gross margin level, if you can share some indication on that front.

Question: Mihir Shah - Nomura Securities International Inc - Analyst : Yeah, No, that is understandable. We were just understanding the laddering of the margin profile. And actually, my third question was something on what you really touched upon was on the LGD prices. So if you can also talk about how are you taking care of the supply chain for LGD. Is it a consignment basis? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JANUARY 07, 2026 / 2:45AM, TITN.NS - Titan Company Ltd New Brand Launch Call And have the prices increased now? Because what would idly think that the production, which is made, et cetera, will keep happening and ideally prices should keep going down versus what somebody had bought a year ago. So how should one think about these two aspects? And this is the last question from my side. Thank you, and wishing you all the best

Question: Mihir Shah - Nomura Securities International Inc - Analyst : Understood. Largely, on the supply chain, is it on consignment? Or you're going to buy and hold lease? Any insights on that, if you can share? Yeah, that's all for me, please.

Question: Aditya Soman - CLSA Ltd - Analyst : So couple of questions. So one, in terms of sourcing, will you also be manufacturing this? Or this will be entirely externally sourced in terms of the diamonds, given that you already have some expertise at your facility in the US? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JANUARY 07, 2026 / 2:45AM, TITN.NS - Titan Company Ltd New Brand Launch Call And secondly, will this be limited to -- sort of limited? Or will this be largely gold-based jewelry? Or will you also do imitation jewelry under this or silver or other products? Thanks.

Question: Aditya Soman - CLSA Ltd - Analyst : Thanks. And the exchange on the gold and silver will be similar to what you offer on your other brands, right?

Question: Videesha Sheikh - Ambit Private Limited - Analyst : Yeah. Sorry, this has been discussed earlier, but are there any initiatives being undertaken to educate consumers on this category or any campaigns or large campaigns that are in works considering that there would be initial consumer hindrance at least for those who are not yet into the category? That was the first question.

Question: Videesha Sheikh - Ambit Private Limited - Analyst : Got it. And while I understand that in the initial few stores, it would be more learning-driven rather than tracking the operating and financial metrics. But on the qualitative side, what is it that you will be keeping a close eye on? Would it be that -- what kind of price points are consumers purchasing more? If you could just throw some light on that, please.

Question: Videesha Sheikh - Ambit Private Limited - Analyst : Sir, I'll get back in the queue.

Question: Avi Mehta - Macquarie Group Ltd - Analyst : I just had one question. I just wanted to better understand the reason for the confidence or the comfort on cannibalization, especially because the affordable pricing, there are other brands that offer that pricing as well, albeit with natural diamonds. So would love to hear your views on what gives you that comfort.

Question: Avi Mehta - Macquarie Group Ltd - Analyst : Got it, Ajoy. Just a follow-up or just the second question is, in that context, while I understand the focus on getting adoption, in your opinion, what is the persona of the new consumer or the consumer who is going to be beYon consumer? If you could kind of give us some sense in terms of adoption, in terms of existing -- sees someone who's buying those -- any pressures kind of [jointly] -- so any thoughts on how you see the consumer targeting for this beYon that'll be helpful -- or for the beYon brand? That's all from my side.

Question: Arnab Mitra - Goldman Sachs Group Inc - Analyst : My question is actually a little similar to the persona question. I mean just looking at what you're -- getting what you said about the persona, it looks more closer to a Mia, CaratLane kind of a consumer. Correct me if I'm wrong. But my question was more that what we've heard is LGD works better with larger size diamonds where the price differential is quite large. So while the consumer profile may be similar, is the product very different because of the size of the LGD diamonds? And are we thinking of it right as CaratLane closer than a Tanishq consumer?

Question: Arnab Mitra - Goldman Sachs Group Inc - Analyst : Got it. And just one main quick one. I know you have a very good CRM, and your customer database is really good. Would you like actively try to reach out and educate your existing consumer base, again, given the risk of cannibalization? Or do you want it to be more organic for people to discover?