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Bluestone Jewellery & Lifestyle (Bluestone) have given sturdy growth outlook over the next four years

ICICIdirect Research 05 Jun 2026 DISCLAIMER

Titan annual investor meets key takeaways

  • Ambition: Revenues and EBIDTA to grow by 2x each (at CAGR of 20%) over FY26-30. Growth guidance factors in near term global uncertainties, volatility in the gold prices and potential risk of rising inflation in the domestic market.
  • Revenue growth drivers: Core businesses such as India Jewellery (Tanishq,Mia,Zoya), Caratlane, Watches and Eyecare are expected to grow at CAGR of 19-23%, while low scale businesses such as international jewellery, TEAL and Emerging business are expected to grow at CAGR of 26-32% over the same period.
  • EBIT to grow by 2x over FY26-30: Management expects domestic Jewellery business margins to be lower by 60bps over FY26-30 (EBIT to grow by 1.8x < revenue growth of 2.0x). This will be offset by improving margins in Caratlane (expected to improve to low double digit), Consistent improvement in the margins of Watches and Eyecare business and emerging and Dama’s business are expected to turn EBIDTA positive. Hence, overall EBIT to grow by 2x in-line with revenue growth.
  • Strong balance sheet to support growth: Operating cash flow will take care of future organic growth. Return profile to remain strong (RoE improved by 600bps to 37% over FY23-26).

Bluestone Jew key takeaways

  • Revenues to grow at 50% CAGR: Bluestone SSSG is expected to grow at CAGR of 30% (Old stores 4+ years are delivering SSSG of 35-40%). The company has guided for addition of 365 stores (~90-95 stores annually) over the next 4 years (CAGR of 20% over FY26-30E).
  • EBIDTA margins to double by FY30: On EBITDA margins, the company expects to double its Pre-IND AS margins from 7.42% in FY26 to 14.67% in FY30. This will driven by better operating leverage and maturity in some of the new stores (4 years old stores are currently clocking 24% EBIDTA margins.
  • View: Branded jewellery players have a long-term opportunity of growing strongly by consistently improving their market share in the coming years. Strong outlook by both companies provides an upside risk to our earnings estimates in the near future. We will review our earnings estimates post the Q1FY27 result after gauging the impact of slowdown in the domestic jewellery consumption post PM Modi’s comment on reducing gold jewellery purchases and dull volumes during Adhik Mass period.
  • We recommend Buy on Titan with a price target of Rs4,980 and Bluestone Jewellery & Lifestyle with a price target of Rs645.

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