Q4FY26 performance: Titan's Q4FY26 consolidated performance is not exactly comparable on y-o-y basis due to consolidation of Damas jewellery (acquired 67% stake) during the quarter. Its consolidated net revenues grew by 48% YoY to Rs20,607cr driven by 48% YoY growth domestic jewellery (ex-bullion) and 22% YoY growth in Caratlane. Bullion sales stood at Rs6,804cr in Q4FY26 vs. Rs1,141cr in Q4FY25. Higher gold prices, unfavourable jewellery mix and lower margins in the international jewellery business led to 601bps decline in the gross margins to 16.8% and 311bps decline in the EBIDTA margins to 7.2%. EBIDTA grew by 26.0% YoY to...