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Titan's Q2 domestic jewellery grows 20%, short of Citi's 27% estimate as festive shift and gold coin sales weigh
Titan's ex-bullion growth was measured year on year, while Jefferies separately expects 95 wedding dates in FY28 versus a typical 65-70, a tailwind for hotels. Citi also noted that gold prices were up 46%.
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The numbers
Figures from NDTV Profit
| Titan studded jewellery growth: | early-30s |
|---|---|
| Citi target price on Titan: | Rs 5700 |
| Kotak target price on Urban Company: | Rs 155 |
| Movies released in India per year: | 1500 |
Why it matters to operators and investors
Titan's domestic jewellery grew 20% against Citi's 27% estimate, but studded jewellery grew in the early 30s, so the miss looks like a plain-gold, gold-coin and festive-timing issue rather than weak demand; prioritise studded mix and plan inventory and promotions around the shifted festive calendar.
What to watch next
- Titan's Q3 domestic jewellery (ex-bullion) growth versus the 20% printed in Q2
- Studded jewellery growth holding in the early 30s or fading
- Revisions to Citi's Rs 5,700 target or to other brokers' estimates after the print
- Management commentary on gold coin sales mix and festive demand timing
- Wedding-season demand data supporting Jefferies' 95-date FY28 view
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Titan management is likely to explain the miss as festive timing and gold coin mix, and to point to early-30s studded growth as evidence the core is intact.
- Citi is likely to keep its Rs 5,700 target while trimming near-term growth estimates, unless the next quarter confirms the slowdown is more than timing.
- Titan may lean harder into studded and wedding-led collections, since Jefferies expects 95 wedding dates in FY28 against a typical 65-70.
- Regional and organised jewellery rivals may use gold coin and festive promotions to take share while Titan's growth runs below expectations.
- Other brokers are likely to reset their Q3 domestic jewellery growth estimates toward the 20% run-rate before the next results.
The source
First seen