Despite fierce competition in jewellery segment, Titan is expected to maintain revenue momentum, driven by leveraging synergy in channel expertise, focus on premium watch brands, higher investments and deepen cost initiatives.

Titan stock price has fallen over 6% in one week and over 3% in one month. Titan shares have risen more than 9% in three months, but have fallen a little over 2% year-to-date (YTD).

Investec maintains a hold rating on Titan with a target price of Rs 4,100, expecting strong revenue growth but muted PAT. The jewellery segment sees good growth, but a weak studded mix may dent margins.