RESEARCH NOTE04 Aug 2026
Titan Company Ltd.
BUYTITAN · Target ₹4,150
Jewellery same-store growth is outrunning gold-price drag.
Q1 revenue held up despite a sharp move in gold prices, with wedding-category demand offsetting weaker walk-ins. Margin compression was smaller than feared. We raise FY27 estimates modestly and keep our BUY.
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