While there is no questioning the execution skills of the outfit, its no See's Candy. >100% of the cumulative CFO (ex-working capital) goes towards working capital and capex needs. This acts as gravity to Titan's punchy valuations of 43x Dec-21E EPS. Peers too are expected to play catch up on the design and capital curve over the medium to long-term. Ergo, we largely maintain our FY21/FY22 estimates and our DCF-based TP of Rs. 1,170/sh (implying 42x Dec-21 P/E) While a reasonable wedding season keeps volume declines in check, fresh jewellery purchase (ex-wedding) remains challenged for most big-box jewelers (Per channel checks) given elevated gold prices. Hence, contextually, Titans 3Q performance seems reasonable. That said, growth has increasingly needed capital-heavy catalysts (aggressive gold exchange schemes) to entice consumers to shop, ergo gotten dearer. However, valuations continue to trade near peak. We maintain our FY21/FY22 EPS estimates and DCF-based TP of Rs 1170/sh (implied P/E of 42x Sept-21E EPS). Reiterate NEUTRAL.