CaratLane Reports 27% Revenue Growth in Q3 FY25, Expands International Presence

CaratLane, the omnichannel jewelry brand, has reported strong financial performance in the third quarter of FY25, with revenue growing 27% and EBITDA exceeding Rs 130 crore. According to Titan's quarterly results filed with the National Stock Exchange (NSE), CaratLane's total income, excluding bullion and Digi Gold sales, reached Rs 1,117 crore, up from Rs 879 crore in Q3 FY24.

The company achieved an EBITDA of Rs 131 crore with a margin of 11.7% during the quarter, supported by a 22% increase in brand searches. The strong performance was accompanied by significant retail expansion, with CaratLane adding 19 new stores in India, bringing its total domestic presence to 305 stores across 128 cities. The quarter also marked CaratLane's international debut, opening its first store in New Jersey, United States.

The results are part of the broader growth of Titan's jewelry business, which includes the Tanishq and Mia brands. The division reported a 26.6% increase in revenue to Rs 16,134 crore in Q3 FY25, compared to Rs 12,742 crore in the same period last year. During the quarter, Tanishq and Mia also expanded their retail footprint, adding 11 and 13 new stores in the domestic market.

CaratLane's quarterly performance follows a strong FY24, during which the company posted revenue of Rs 3,081 crore, a 42% year-on-year increase from Rs 2,169 crore in FY23. However, profit declined by 3.7% to Rs 79 crore.

The company is now nearly wholly owned by Titan Company Limited, following a series of stake acquisitions. Titan initially acquired a 62% stake for Rs 357.24 crore in 2016, gradually increasing it to 71.09%. A significant purchase of 27.18% for Rs 4,621 crore brought Titan's ownership to 98.64%, with the remaining shares acquired for Rs 60 crore in February last year.

In the competitive landscape, CaratLane's main rival Bluestone, which has filed a DRHP with SEBI for a Rs 1,000 crore IPO, reported operating revenue of Rs 1,266 crore in FY24 with a loss of Rs 142 crore. Another player in the space, the Fine jewelry brand Giva, achieved 66% year-on-year revenue growth, reaching Rs 274 crore in FY24.