Brokerages Split On Trent As SSSG Cools; Titan Shines On 41% Q1 Jewellery Growth
Q1 updates diverge across Indian retail: Titan draws bullish targets (Rs 5075-5182) on strong jewellery momentum and double-digit buyer gains, while Trent gets mixed calls spanning Citi's Sell (Rs 2733) to Macquarie's Rs 3600 as same-store sales moderate. Jubilant FoodWorks stays margin-pressured; Indian Hotels resilient on RevPAR growth.
What happened
Brokerages update Q1 views on Indian retail names: Titan sees strong jewellery growth and double-digit buyer gains; Trent's SSSG moderates drawing mixed calls;
Key facts
- Trent TP Rs 3600 (Macquarie)
- Trent TP Rs 3151 (Morgan Stanley)
- Trent Sell TP Rs 2733 (Citi)
- Trent TP Rs 3500 (Bernstein)
- Titan TP Rs 5075 (Citi)
- Titan TP Rs 5182 (Morgan Stanley)
- Titan +41% Q1 growth
- Jubilant Food TP Rs 486
- Indian Hotels TP Rs 830
Why this matters
The diverging retail trajectories—Titan compounding, Trent decelerating, Jubilant margin-squeezed, Indian Hotels resilient—highlight jewellery and premium hospitality as the most attractive spaces for M&A or partnership focus.
What to watch
- Trent monthly/quarterly SSSG prints and Zudio store-add cadence
- Titan formal Q1 jewellery revenue and gold price impact on margins
- Follow-on brokerage revisions narrowing the Trent target range
- Discretionary demand indicators and urban consumption data
- Jubilant margin trajectory and competitive QSR pricing
- Rotate exposure toward Titan on confirmed jewellery momentum and buyer additions
- Trim or hedge Trent given wide target dispersion (Rs 2733-3600) and valuation risk
- Watch Jubilant FoodWorks for margin inflection before adding QSR exposure
- Hold Indian Hotels as defensive on resilient RevPAR