Titan Shares Fall 4% as Q2 Jewellery Growth Misses Estimates

!TITAN shares fell 4.4% to Rs 4,350 in early trade after the company’s Q2 FY27 jewellery growth missed some brokerage estimates. The domestic jewellery business grew 21% YoY, while softer buyer growth and a shift in festive-season demand weighed on the quarter. Despite the miss, brokerages retained bullish views on the stock. The quarterly performance was mixed across jewellery categories. Studded jewellery grew in the early 30% range, outperforming plain jewellery growth of around 20%, while buyer growth remained in the mid-single digits and average ticket sizes increased at a double-digit pace. Tanishq, Mia and Zoya together reported 20% growth, while CaratLane grew 32%. Other businesses continued to show strong momentum, with the watches segment growing 30% and EyeCare rising 28%. Titan’s international business surged 97% YoY, while domestic revenue increased 22%. CLSA retained its Outperform rating with a Rs 5,590 target, JPMorgan maintained Overweight with a Rs 5,540 target, and HSBC retained its Buy rating with a Rs 5,510 target. Brokerages highlighted the festive-calendar shift and softer September demand as near-term factors, while maintaining a positive view on Titan’s longer-term growth prospects.