Titan has transformed itself from a watch maker to an enviable lifestyle company, with jewellery being the leading vertical (85% of revenues). Robust distribution network comprises 2500+ stores spread across 3.2+ mn sq ft. Titan has consistently displayed its ability to gain market share amid a tough industry scenario owing to its robust balance sheet (30%+ RoCE and cash & investments worth Rs 1600+ crore) and strong brand patronage.
OutlookWe continue to remain structurally positive on the stock as high growth visibility justifies premium valuations and maintain a BUY on the stock. We value Titan at Rs 3030 i.e. 62x P/E on average of FY24-25E EPS.
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