Mumbai: Jewellery retailers Titan Company Ltd. and Kalyan Jewellers India Ltd. have received a vote of confidence from ICICI Securities after reporting strong business updates for the June quarter. The brokerage has retained its positive outlook on both companies, raising Titan’s target price while maintaining its bullish stance on Kalyan Jewellers.
ICICI Securities has increased its target price for Titan to Rs 5,250 from Rs 5,100, while retaining its ‘Add’ rating on the stock. For Kalyan Jewellers, the brokerage has maintained its ‘Buy’ rating with a target price of Rs 670.
Strong quarter despite seasonal headwinds
According to the brokerage, both jewellery retailers delivered resilient growth during the June quarter despite the entire 28-day Adhik Maas period falling within the quarter. The period is traditionally considered less favourable for weddings and jewellery purchases.
Stable gold prices and healthy consumer demand helped offset the seasonal impact, enabling both companies to post encouraging business performance. ICICI Securities believes this demonstrates the resilience of organised jewellery retailers even during relatively weak demand periods.
Titan continues to outperform
Titan reported robust growth across its jewellery business, supported by healthy customer additions and higher average ticket sizes. The company’s strong execution, expanding retail network and brand strength continue to reinforce its leadership position in the organised jewellery market.
The brokerage believes Titan remains well placed to benefit from the ongoing shift from unorganised to organised jewellery retail, supported by rising consumer preference for trusted brands and transparent pricing.
Kalyan Jewellers maintains growth momentum
ICICI Securities also retained its positive view on Kalyan Jewellers after the company reported strong operational performance during the quarter. The brokerage expects the retailer to continue gaining market share through store expansion and improving brand presence across domestic and international markets.
The unchanged target price of Rs 670 reflects confidence in the company’s long-term growth prospects despite recent volatility in the stock.
Positive outlook for organised jewellery sector
The brokerage noted that organised jewellery retailers continue to benefit from favourable industry trends, including formalisation of the sector, increasing demand for branded jewellery and stable consumer sentiment.
With both Titan and Kalyan Jewellers delivering solid quarterly updates despite seasonal challenges, ICICI Securities believes the companies remain well positioned to sustain growth over the coming quarters.