Titan‘s share price was sliding on Monday morning, extending its losing streak to a fifth straight session. The stock went down over 3% to hit an intraday low of ₹3,153.40.

What Happened: During the quarter, Titan expanded its retail network significantly, adding 61 new stores, bringing its total to 3,096 stores. The jewellery segment saw a 9% growth with the addition of 34 new stores. The watches and wearables segment grew 15% and added 17 new stores.

The eye care segment’s domestic business grew by around 3% year over year, with Titan Eye+ adding three new stores in India during the quarter. In the emerging businesses vertical, Taneira’s revenue grew around 4%, with the brand opening four new stores.

The company’s fragrances and fashion accessories segment also grew by around 4%, with fragrances alone growing by around 13%. Caratlane’s business showed robust growth of about 18%, with the addition of three new domestic stores during the quarter.

Brokerage Reactions: JPMorgan downgraded Titan from “overweight” to “neutral”, cutting its target price on the stock to ₹3,450 from ₹3,850. The brokerage said the jeweller giant’s revenue missed its estimates in the first quarter. Despite this, JPMorgan believes the market-share-gain-led growth narrative for Titan remains intact.

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Morgan Stanley maintains an “equal-weight” rating for Titan with a target price of ₹3,526. The Q1 performance showed a topline growth miss, with only low single-digit buyer growth. This growth was below the global brokerage’s estimates, primarily due to an 8% increase in the Indian jewellery business versus the expected 20%. Given this backdrop, the analysts said jewellery margins are likely to disappoint compared to its 11% estimate.

Goldman Sachs reiterated its “buy” rating for Titan but reduced the target price to ₹3,700 from ₹3,800. The first-quarter revenue update was disappointing, with a much sharper-than-expected slowdown in the jewellery segment. Titan’s jewellery margins are also likely to be weak, the analysts added.

Antique Stock Broking maintained its “buy” rating for the stock with a target price of ₹4,490. The analysts said that the June quarter performance was below their expectations due to weakness in the jewellery business. The brokerage house added that it remains optimistic about the company over the long term, given its ability to gain market share across geographies (including the South) on the back of strong execution and brand.

Price Action: Titan’s share price was down 2.99% to trade at ₹3,171.60 as the markets opened on Monday.

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