Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 1QFY26. Standalone jewelry sales (excl. bullion) rose 17% YoY, driven by an increase in ticket size (16% YoY) due to rising gold prices. Studded jewelry grew 11% YoY, and the mix declined 100bp YoY to 29%. Net jewelry store additions stood at 19 in 1Q, bringing the total count to 1,110. Standalone jewelry LFL growth was 11%, and CaratLane posted a robust 39% YoY growth. The company is expected to face a high base effect in 2QFY26 due to the impact of last year’s customs duty reduction and the benefits from deferred purchases. As a result, despite healthy demand, the strong base may weigh on reported growth.
OutlookWe model a CAGR of 16%/19%/23% in revenue/EBITDA/PAT during FY25-27E. TTAN’s valuation is rich, but it offers a long runway for growth with a superior execution track record. Reiterate BUY with a TP of INR4,150 (60x Jun’27 P/E).
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