Back to Value Zone Validate Rating Upgrade Titan Company delivered decent performance in 2QFY17 despite reporting flattish revenue due to sharp fall in gold jewellery sales and weak exports of watches. Its Revenue, EBITDA & PAT stood at Rs26.4bn (down 0.7% yoy), Rs2.6bn (up 42%) & Rs1.8bn (up 23.5% yoy), respectively. EBITDA grew robustly owing to increased share of studded jewellery and higher gross margins on plain gold jewellery. We peg Titan's Revenue & Earnings to see 11.4% & 17.7% CAGR, respectively through FY16-18E. Titan's stock price has corrected by 13% since our last downgrade, while benchmark...