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MOFSL retains Buy calls on Titan and Kalyan as organised jewellery retail gains share

MOFSL retained Buy ratings on Titan and Kalyan Jewellers, citing organised-market formalisation, premiumisation and store expansion. It set targets of Rs 6,000 and Rs 800, respectively, while flagging near-term margin pressure from a higher mix of gold coins.

Newer report , , NDTV Profit : Motilal Oswal keeps Buy on Titan, sets Rs 6,000 target on Tanishq-led growth outlook

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Reported figures

From the report. Source details below

MOFSL target price: Senco Rs 430
India-listed jewellery universe revenue: Rs 1.4 lakh crore
Revenue CAGR: 34% during FY22-26; 22% during FY19-26
Jewellery store aggregate: 2,002 stores in FY26 versus 661 in FY19
Store CAGR: 22% during FY22-26; 17% during FY19-26
Organised jewellery market share: 40-45%
Gold-on-lease tenure extended to 270 days from 180 days

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