You have to look at Tiffany and Co to get a perspective of valuations. I guess LVMH paid close to 55 times earnings at 16B USD valuation.
For Titan growth can be close to 20%. Also margins with expand. Looks at Zoya. This range is not merely Gold price + making charges. Also they are targeting stores with minimum ticket size of 10 lakhs.
My take is that market is factoring in 20% growth with expanded margins.
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