TITAN

Titan continues to see robust demand in jewelry, with Tanishq gaining market share in both gold and studded categories. Watches and wearables segments are also growing steadily, supported by premium launches. Margins remain strong at ~12%, showcasing operational efficiency. The company’s expansion into eyewear and fashion accessories provides new growth levers. At ~70x FY26 EPS, valuations are stretched but justified by consistent double-digit growth. A structural long-term compounder for investors who can tolerate premium valuations.