Though the near term may present a volatile demand scenario, we believe Titan is a structural growth story and appears to be a key beneficiary of the unorganised to organised shift in Indian jewellery market. Focus on market share gains and maintaining b/s strength (RoCE: 30%+) positions Titan as our preferred pick in the discretionary category. Owing to recent lockdown disruptions, we revise our earnings estimates downwards for FY22E and marginally tweak our estimates for FY23E estimates. We bake in revenue, earnings CAGR of 20%, 66%, respectively in FY21-23E. We reiterate BUY...