06-Nov-2026 08:21:11
JPM on Titan ; Neutral, TP Rs 5540
Q2 EBIT ahead of expectations, led by better-than-expected margins for domestic Jewellery & Watches, though earnings lagged estimates due to higher finance costs. Domestic Jewellery revenue grew 21% y/y, largely ticket-size-led as overall buyer growth remained flat. Encouragingly, core jewellery continued to witness healthy demand and positive buyer growth, while declining gold-coin sales weighed on headline growth Management remains optimistic on sustaining this momentum as stable or softer gold prices improve affordability. Caratlane’s EBIT margin was weaker than anticipated, though, as format invested heavily to drive DD buyer growth Key investor debate remains sustainability of topline growth in 2H as gold-price-led ticket-size tailwind moderates
TITAN COMPANY LIMITED