Titan Company's domestic jewellery revenue saw a strong revival of approximately 25% YoY, driven by improved demand, although it may underperform peers due to a customs duty cut. The high-value studded segment faced pressure from global price uncertainty, leading to a decline in EBIT margins, prompting management to revise guidance downwards to 11-11.5%. Earnings estimates for FY25E and FY26E have been cut by around 23% and 10%, respectively, with a revised target price of INR 3,100.