What is in Titan's 2025-26 annual report?
Titan Company filed its annual report for April 2025 to March 2026 with NSE on 3 Jul 2026.[S1] This guide uses that one report to show which pages to open first, and why.
The contents page splits it into three parts. The corporate overview runs to page 105, the statutory reports to page 266, and the financial statements to page 468.[S1]
Page numbers in this guide are the printed numbers on each page. In this PDF, add 3 to find the page in your PDF reader.
Which pages should you open first?
The glossy first part is written to tell the company's story. The audited part is at the back, so start there and work forwards.[S1]
- The auditor's report on the consolidated statements (page 361).
- The consolidated profit and loss statement, balance sheet and cash flow (pages 372–375).
- Three notes: segments (page 430), contingent liabilities (page 434) and related parties (page 442).
- Management Discussion and Analysis, including key risks (pages 150 and 167).
- The Board's Report (page 121) and the Corporate Governance Report (page 172).
Standalone or consolidated: which set is which?
The report carries two full sets of accounts. The standalone set covers Titan Company alone and starts on page 267. The consolidated set adds its subsidiaries and starts on page 361.[S1]
Subsidiaries include CaratLane, a jewellery brand, and Damas, a UAE jeweller in which Titan bought a 67% stake during the year.[S1] To understand the whole business, the consolidated set is the one that matches it.
Why start with the auditor's report?
In the filing · Page 361
Opinion B S R & Co. LLP: true and fair view[S1]
The auditor says the consolidated statements give a "true and fair view" of the group. The opinion carries no qualification, which would be a formal exception to the numbers.
In the filing · Pages 361–364
Key Audit Matters Revenue recognition; Inventories; Business combination[S1]
These are the areas where the auditor spent the most effort. For a jeweller, inventory means gold and diamonds in many stores, so the auditor describes surprise stock counts and purity checks. The third matter is the accounting for the Damas acquisition.
A key audit matter is not a finding that something is wrong. It tells you where the judgement calls are, which is where to read most carefully.
What do the main statements show?
In the filing · Page 373
Revenue from operations ₹87,584 crore (FY26); ₹60,456 crore (FY25)[S1]
Money from Titan's main business in the year, across all its companies. This is the audited figure.
In the filing · Page 373
Profit for the year ₹5,073 crore (FY26); ₹3,337 crore (FY25)[S1]
What was left after every cost, including interest, depreciation and tax.
Now compare the front of the report. Management Discussion and Analysis says consolidated revenue crossed ₹76,000 crore, "excluding bullion sales".[S1]
Both figures are correct. The audited ₹87,584 crore includes bullion sales, meaning gold sold as bars rather than jewellery; management's figure leaves them out.[S1]
When the front and back of a report differ, look for the basis in the wording.
In the filing · Page 375
Net cash generated from/(used in) operating activities ₹5,590 crore (FY26); (₹541 crore) (FY25)[S1]
Cash that came in from running the business. Brackets mean a negative number: in FY25, operations used more cash than they brought in. Profit and cash can differ a lot, especially when a jeweller builds up stocks of gold.
What do the segment, contingent and related-party notes add?
The notes are where the statements explain themselves. Three of them are worth opening in almost any annual report.
In the filing · Note 27, pages 430–431
Segment information Jewellery: revenue ₹79,660 crore, profit ₹7,209 crore, of a total ₹88,136 crore[S1]
A segment is a business line the company reports separately. Here, revenue includes other income. The note shows how much of the group one business is: Jewellery: 90.4% (1 of 4 segments) (FY26).
In the filing · Note 30, pages 434–435
Contingent liabilities not provided for ₹179 crore (previous year ₹254 crore)[S1]
Possible payments that depend on disputes, mostly tax demands the group is contesting. The note also describes a 2022 show cause notice to CaratLane from the Directorate of Enforcement. Management, based on legal opinion, made no provision for it.
In the filing · Note 34.1, pages 442–446
Related party transactions: Tata Sons Private Limited (Royalty) ₹129 crore (FY26); ₹90 crore (FY25)[S1]
Related parties are people and companies connected to Titan, such as its promoters. The note names two promoters: Tamilnadu Industrial Development Corporation and Tata Sons. It lists payments between them and the group, including dividends and this brand royalty.
What is in the front half, and how should you use it?
Management Discussion and Analysis starts on page 150. It explains each business in management's words. From page 167 it lists key risks, such as data privacy, regulatory and geopolitical risks.[S1]
Treat it as management's view. Check any number it gives against the audited statements, as with the bullion example above.
What do the Board's Report and governance pages tell you?
In the filing · Board's Report, page 122
Dividend ₹15 per equity share of ₹1 each, recommended on 8 May 2026[S1]
The board recommends a dividend; shareholders approve it at the annual general meeting. The report puts the payout at about 29% of standalone profit.
In the filing · Board's Report, page 133
Statutory Auditors B S R & Co. LLP, five-year term from the 38th to the 43rd AGM[S1]
Shareholders appoint the auditor for a fixed term. A sudden change of auditor before the term ends is worth noticing.
The Corporate Governance Report starts on page 172. It covers the board, its committees, the policy on related-party transactions (page 206) and fees paid to the auditor (page 207).[S1]
Shareholder information starts on page 211, and the Business Responsibility and Sustainability Report (BRSR) on page 215.[S1]
Where do you find an annual report?
SEBI's listing rules require a listed company to send its annual report to the stock exchanges and post it on its website.[S2]
Titan's appeared on NSE on 3 Jul 2026, ahead of its annual general meeting (AGM) on 27 Jul 2026.[S1]
Cityfort's Titan stock page takes its yearly numbers, segments and governance signals from this report. To read a shorter filing, see how to read quarterly results.