We expect Titan to be a key beneficiary as India's gold market continues to strive towards regulation and standardisation (recent mandatory gold hallmarking). The company has consistently exhibited its ability to gain market share amid a tough industry scenario. Robust balance sheet (30%+ RoCE and virtually debt free status) and asset light distribution model have enabled it to outpace peers in terms of store addition. We build in revenue and earnings CAGR of 15% and 22%, respectively, in FY19-22E. The aim to double the market share (from 6% to 10%) over the longer term continues...