We maintain our estimates and DCF-based TP of Rs 820/sh (implying a P/E of 42x FY20 EPS). Reiterate NEUTRAL. Channel checks suggest that most big-box jewellers grew at -10% to 2% in 1Q; within this subdued environment, Titans 1Q performance seems rather commendable. Titans net revenues grew by 9.4% (vs est. of 6.5%) beating estimates across segments. Jewellery grew by ~6% (est. 5%) to Rs 36.4bn as better realizations salvaged the impact of depressed volumes (-2.6% YoY vs est. 0%). EBIT/APAT grew by 32% each to Rs 4.42bn/Rs3.28bn (vs est. Rs 3.75bn/Rs2.75bn) as gross margin and op. leverage gains trickled down.