Strong Quarter; Valuations Restrict Any Major Upside Titan Company has reported a strong performance in 4QFY17 with net sales and PBT growing by 43.4% YoY and 32.4% YoY to Rs34.3bn and Rs2.7bn, respectively. While Watches business posted 11% YoY growth in top-line, Jewellery sales grew by 55% YoY during the quarter. EBITDA margins for the quarter were lower by 80bps to 7.9%. Though we expect Titan to register impressive 16.4% and 19.2% CAGR in revenue and earnings, respectively through FY17-19E, valuations at 36x FY19E earnings seem to have incorporated the same leaving little room for any meaningful upside in the near-term. Notably, the stock has returned over 26% since our previous quarterly...