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Motilal Oswal expects jewellery revenue up 23% in 2QFY27, keeps Titan among top consumer picks
Motilal Oswal expects jewellery revenue to grow 23% and EBITDA 26% YoY in 2QFY27, naming Titan, Radico Khaitan, RBA, Zydus Wellness and Marico as top consumer picks. Gold was 46% higher YoY, and raw material inflation is expected to keep margins subdued.
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The numbers
Figures from Moneycontrol
| QSR revenue growth, 2QFY27 estimate: | 15% |
|---|---|
| QSR EBITDA growth, 2QFY27 estimate: | 20% |
| Staples revenue growth, 2QFY27 estimate: | 10% |
| Staples EBITDA growth, 2QFY27 estimate: | 1% |
| Brent average price: | $91 a barrel |
Why it matters to operators and investors
Jewellery retailers can plan around a price-led 23% revenue lift with EBITDA growing slightly faster at 26%, while staples and QSR operators should budget for crude-driven input costs (Brent at $91) squeezing margins into 2HFY27, since staples EBITDA is seen up only 1% on 10% sales growth.
What to watch next
- Titan's 2QFY27 jewellery revenue and EBITDA versus the +23% and +26% estimates
- Gold price moves relative to the 46% YoY level
- Brent crude holding above or falling below $91
- Staples companies' 2QFY27 EBITDA growth versus the roughly 1% estimate and any 2HFY27 margin guidance
- QSR revenue growth versus the 15% estimate
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Titan is likely to report 2QFY27 jewellery growth close to the brokerage's +23% revenue and +26% EBITDA, with management pointing to gold prices as the main driver of ticket size.
- Large staples makers such as Marico are likely to flag margin pressure from crude-linked costs into 2HFY27, with EBITDA growth far below their roughly 10% sales growth.
- Rival jewellers may lean on gold-price-linked schemes and lighter-weight designs to hold volumes while gold stays up 46% YoY.
- Other brokerages are likely to publish their own 2QFY27 previews and may converge on Titan as a preferred consumer name if the jewellery numbers track.
- QSR operators are likely to show about 15% revenue growth, and may be cast as a steadier consumer-discretionary alternative to staples.
The source
First seen