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ICICI Securities Report
Though Titan Company Ltd.'s Q3 FY26 strong jewellery sales growth amid inflated gold price regime is primarily led by higher ticket sizes, it does unravel a relatively lower volume elasticity, suggesting resilient underlying demand.
According to ICICI Securities, maintaining 11–11.5% margins will be crucial amid gold‑price‑driven dilution in the studded segment and higher coin salience.
CaratLane continues to scale up well along with improving profitability. Watches and Eyecare witnessed strong sales growth, while emerging businesses sustained demand traction. All said, the brokerage remains cognizant of the fact that continued rise in gold prices could impact consumer behaviour, business model. Hence the brokerage maintain Add rating.
Key upside risk is lower competitive activity.
Key downside risk is worsening of macro environment leading to a demand slowdown.
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ALSO READ: Titan Shares Hit Record High After Q3 Boost; CFO Says US Market Back In Focus
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