NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Jewellery retail majors Titan Company Ltd. and Kalyan Jewellers India Ltd. have reinforced their growth credentials with strong business updates for the June quarter, prompting ICICI Securities to maintain its positive stance on both stocks.
The brokerage retained its 'Add' rating on Titan and 'Buy' on Kalyan Jewellers, while raising Titan's target price to Rs 5,250 from Rs 5,100 and maintaining Kalyan's target price at Rs 670.
According to the brokerage, both companies reported robust growth despite the entire 28-day Adhik Maas period falling in Q1 FY27, which typically affects wedding-related jewellery demand. Stable gold prices and resilient consumer spending helped offset seasonal headwinds.
Q1FY27 performance comparison
The Numbers
Kalyan reported domestic jewellery revenue growth of ~38% YoY, supported by healthy same-store sales growth of ~28%. Meanwhile, Titan's domestic jewellery business grew 39% YoY, driven by broad-based strength across its jewellery portfolio, with Tanishq, Mia, Zoya and beYon growing 39%, and CaratLane growing at 42%.
Despite the entire 28-day Adhik Maas period falling in the quarter, both players delivered strong growth, supported by resilient consumer demand amidst relatively stable gold prices.
Retail expansion:
Kalyan added 12 Kalyan and 5 Candere showrooms in India during Q1 FY27. Total showroom count now stands at 524 (Kalyan India: 354, Kalyan Middle East: 38, Kalyan USA: 2, Kalyan UK: 1 and Candere: 129).
Similarly, Titan (India) added 33 jewellery stores, comprising 22 Tanishq, Mia, Zoya, and beYon stores and 11 CaratLane stores.
Click on the attachment to read the full report:
ALSO READ: Infosys, Tech Mahindra, Mphasis Among Anand Rathi's Top Picks Amid The IT Sector's 'Double Whammy'
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
