On the positive side, higher gold prices may hinder expansion plans for regional and local players due to elevated inventory costs. Investor interest in franchisee operations may also weaken in the short to medium term. Given all the dynamics, we believe TTAN is well-positioned for decent growth in the near to medium term, supported by a higher number of wedding days and its strategic expansion into Tier-2 and Tier-3 cities. Rising gold prices due to geopolitical uncertainty remain a key risk to our hypothesis. We estimate sales of 17%, EBIDTA growth of 25% and PAT growth of 25.6% for...