Titan vs Kalyan Jewellers: What Q1 sales indicate about demand and which stock to buy

Titan reported a 41% year-on-year rise in its consumer businesses for the June quarter, with jewellery segment growing 39% and 33 net stores added, taking the total to 1,227. Kalyan Jewellers posted an estimated 38% YoY consolidated revenue growth, with its international business up about 35% and digital platform Candere surging roughly 112%. Brokerages remain bullish—Nomura maintained Buy on Titan with a Rs 5,000 target, ICICI Securities raised Titan's target to Rs 5,250, while Citi sees Kalyan Jewellers potentially doubling to Rs 750 and ICICI Securities assigned a Buy with Rs 670 target.