Titan, Kalyan Post ~38-39% Q1 Jewellery Growth; ICICI Securities Lifts Titan TP to Rs 5,250
ICICI Securities retains 'Add' on Titan (TP raised to Rs 5,250 from Rs 5,100) and 'Buy' on Kalyan Jewellers (TP Rs 670) after strong Q1FY27 updates. Titan's domestic jewellery grew 39% YoY with CaratLane up 42%; Kalyan's domestic jewellery rose 38% with SSSG near 28%. Both continued steady store expansion.
What happened
ICICI Securities retains 'Add' on Titan (TP raised to Rs 5,250) and 'Buy' on Kalyan Jewellers (TP Rs 670) after strong Q1FY27 updates, both posting ~38-39%
Key facts
- Titan TP Rs 5,250 from Rs 5,100
- Kalyan TP Rs 670
- Kalyan domestic jewellery +38% YoY
- Kalyan SSSG ~28%
- Titan domestic jewellery +39% YoY
- CaratLane +42%
- Kalyan total showrooms 524
- Titan added 33 jewellery stores
- Kalyan added 12 Kalyan + 5 Candere showrooms
Why this matters
Kalyan's 38% growth and near-28% SSSG confirm a widening organized-jewellery land grab, making studded/digital acquisitions and regional footprint deals increasingly attractive.
What to watch
- Q1FY27 full results confirming margin trajectory vs volume vs price-mix split
- Gold price direction and its impact on studded-jewellery demand
- Festive/wedding season same-store-sales updates
- Store addition pace and new-store productivity metrics
- Regulatory/import-duty or hallmarking changes affecting organized players
- Other brokerages likely to revisit Titan/Kalyan TPs upward, converging estimates higher
- Peer read-through lifts Senco, PC Jeweller, Thangamayil on same formalization narrative
- Investors rotate toward Kalyan for higher SSSG/beta vs Titan's defensive premium
- Watch for CaratLane spin-off/scaling commentary as separate value driver