While there is no questioning the execution skills of the outfit, its no See's Candy. >100% of the cumulative CFO (ex-working capital) has gone towards working capital and capex needs. This acts as gravity to Titan's punchy valuations of 46x Sept-21E EPS. Peers too are expected to play catch up on the design and capital curve over the medium to long-term. Growth continues to elude most big-box jewellers in 2Q as the double whammy of gold price spurt and customs duty hike keep fresh jewellery purchases at bay. (Most de-grew by -5 to -15% in 2Q). Ergo, contextually, Titans 2Q performance seems reasonable. That said, street doesnt seem to have fully calibrated itself to growth pangs in the category (Jewellery) as Titan continues to trade near peak valuations. We largely maintain our FY20/FY21 EPS estimates and DCF based TP of Rs 1170/sh (implied P/E of 42x Sept-21E EPS). Reiterate NEUTRAL.