External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organically</li><li>While Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround from</li><li>Through integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery market</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organicallyWhile Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround fromThrough integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery marketContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 3QFY25 (in line).</li><li>Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.</li><li>Studded jewelry grew 21% YoY, though its mix declined by 100bp YoY to 23%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 3QFY25 (in line).Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.Studded jewelry grew 21% YoY, though its mix declined by 100bp YoY to 23%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan Company - Steady Performance; EBIT Margin Guidance Intact

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line.</li><li>Jewelry retail growth improved to 28% vs 21% in Q2, led by SSG improving to 22% vs 15% in Q2.</li><li>Studded retail growth was also healthy, at 23%, aided by continued traction in the sub-100K Studded segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line.Jewelry retail growth improved to 28% vs 21% in Q2, led by SSG improving to 22% vs 15% in Q2.Studded retail growth was also healthy, at 23%, aided by continued traction in the sub-100K Studded segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Titan Company - Robust Q3; Focus Is on Revenue-Led Earnings Growth; Maintain BUY

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gains</li><li>Loan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained muted</li><li>Deposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balances</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain (~INR46bn) from stake sale in Yes Bank, were offset by higher opex intensity and lower trading gainsLoan growth (~13% YoY) outpaced the system, driven by SME and retail businesses, while corporate credit remained mutedDeposit growth (+9% YoY) was relatively soft, while the CASA ratio improved to 38% (+20bps QoQ), with continued traction in CA balancesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement, Kansai Nerolac,...

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement...

India

Titan Co. Ltd. manufactures and retails jewelry and watches. The Company also produces perfume for men and women.

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Titan Co Ltd (TTAN IN)

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

We revise our FY27/28 revenue estimates by ~3% each, however, our EPS estimates remain unchanged. We maintain REDUCE with an unchanged DCF-based TP...

HDFC Securities

Titan Company - Steady Performance; EBIT Margin Guidance Intact

Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.

Motilal Oswal

Titan Company - Robust Q3; Focus Is on Revenue-Led Earnings Growth; Maintain BUY

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line. Jewelry retail growth improved to 28% vs 21% in Q2, led...

Emkay

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement, Kansai Nerolac,...

SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and one-off gain...

HDFC Securities

HSIE Results Daily: State Bank of India, Titan, Berger Paints, JK Cement...

State Bank of India: SBIN’s Q2FY26 earnings reflected a mixed performance, as healthy growth on both sides of the balance sheet, stable margins and...

HDFC Securities

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