Golden Harvest

The company says that the sharp drop is largely due to the premature redemption of the Golden Harvest Scheme as the scheme contributed 54 percent of the revenue in Q2FY15.

Withdrawal of Golden Harvest scheme impacted sales: Titan

The scheme had contributed 30 percent to Titan‘s jewellery sales earlier. Titan's flagship brand Tanishq had seen a sharp decline in Q4 of previous quarter as well.

Titan may see tepid Q1, net seen up 13%, jewellery biz key

Analysts expect another weak quarter for jewellery business owing to absence of original Golden Harvest scheme which contributed to 30 percent to Titan‘s jewellery sales earlier. Its flagship brand Tanishq which saw sharp decline in Q4 and may see weakness in Q1FY16.

Is Rakesh Jhunjhunwala's favourite stock losing its sheen?

According to the brokerage, regulatory measures like capping of Golden Harvest to 25 percent of net worth and potential reduction of threshold for PAN disclosure (tax number), pose near-term challenges.

Titan slips 7% on cautious growth outlook; analysts bearish

Brokerages are also bearish on the stock and recommend selling. CLSA has reiterated sell rate given the earnings uncertainty on jewellery earnings in the context of falling gold prices and less attractive Golden Harvest scheme.

Titan at new high; Morgan Stanley upgrades on Tanishq blink

According to Morgan Stanley, Titan has been a market performer led by easing of quantitative restrictions on the importing of gold. This is even after it is up 50 percent over the last six months.