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Jewellery companies expected to shine in Q4FY26, hotel companies to moderate growth

ICICIdirect Research 17 Apr 2026 DISCLAIMER

Consumer Discretionary sector will have divergent trend in Q4FY26 with jewellery companies continue to outshine while hotel companies likely to witness moderation in the growth affected by global uncertainties. Well spread-out wedding season and network expansion will help jewellery companies like Titan to post strong performance with consolidated revenues and EBIDTA are expected to grow by 30%+ and ~40% in Q4FY26.

Hotel companies RevPar growth will moderate in Q4 with domestic occupancies expected to decline on y-o-y basis due to weak march affected by lower MICE/FTA travel. In the apparel space value fashion companies such as Trent expected to post revenue and EBIDTA growth of close to twenty percent (driven by store addition), while Arvind Fashion is expected to post low double digit revenue and EBIDTA growth in Q4FY26 (driven by high single digit SSSG).

Stocks Preferred – Titan, Arvind Fashion

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