Kalyan Jewellers, Titan, Kotak Mahindra Bank shares: Buy, hold or sell post Q1 updates?

A couple of companies namely jewellers Titan Company Ltd and Kalyan Jewellers India Ltd, and private lender Kotak Mahindra Bank, have come out with business updates for the June quarter. Domestic brokerage MOFSL has retained 'Buy' ratings on all the three names.

A strong double-digit same-store sale growth continued for Kalyan Jewellers, but Titan's domestic like-for-like growth was in low double digits, the brokerage said adding that Kotak Mahindra Bank's business growth was healthy with CD ratio rising to 86.7 per cent.  

Titan Company: MOFSL retained 'Buy' with a target price of Rs 4,250 on the Tata group firm. The Tata group firm's domestic jewellery revenue grew 18 per cent YoY (ex-bullion) against an estimate of 22 per cent YoY, despite gold price volatility affecting consumer sentiment. Akshaya Tritiya witnessed strong traction; however, rising gold prices from May to mid-June led to softened customer purchases, it said.

"Like-for-like (LFL) domestic growth for Tanishq, Mia, and Zoya (TMZ) remained in low double digits, driven by ticket size growth across formats," MOFSL said.

The company added 19 net new stores in India: three in Tanishq, seven in Mia, and nine in CaratLane. The domestic watches business grew 23 per cent YoY, led by strong analog performance in both volume and value. Eyecare division grew 12 per cent YoY, driven by both Retail and E-commerce.

Kalyan Jewellers India: MOFSL suggested a target price of Rs 660 on the stock, suggesting a 13 per cent potential upside. Kalyan reported consolidated sales growth of 31 per cent YoY against an estimate of 28 per cent growth, despite volatility in gold prices and geopolitical tensions. 
In the case of India business, the quarter recorded a healthy SSSG of 18 per cent against 21 per cent in Q4FY25 and 12 per cent in Q1FY25.

"The ongoing quarter has begun well, and we are upbeat about the upcoming new showroom launches, as the company is gearing up with fresh collections and campaigns for the upcoming festive and wedding season across India," MOFSL said.

In FY26, Kalyan plans to launch 170 showrooms across Kalyan and Candere formats – 75 Kalyan showrooms (all FOCO) in non-South India, including 5 largerformat flagship Kalyan showrooms, 15 Kalyan showrooms (all FOCO) across South India and international markets, and 80 Candere showrooms in India, it added.

Kotak Mahindra Bank: MOFSL retained 'Buy' on the banking stock. Net advances reported strong traction, growing 14 per cent YoY. This is against MOFSL estimate of 12.4 per cent growth. Deposits remained healthy at 14.6 per cent YoY. CASA deposits declined 2.2 per cent QoQ (up 7.9 per cent YoY).

"KMB’s loan growth remained strong, outpacing system growth and exceeding our expectations, while deposit growth remained healthy and broadly in line with our estimates. As a result, the bank’s CD ratio rose to 86.7 per cent from 85.5 per cent in 4QFY25," MOFSL said.