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.
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% domestic jewellery growth and steady store expansion.