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Top performing global indices over 1 year as well as YTD: 🥇 Korea 🥈 Taiwan 🥉 Japan

Commentary across Jewellery Companies💎 Titan, Kalyan, P N Gadgil, Senco Gold, Thangamayil, D.P. Abhushan⏬ Organised jewellers delivered strong FY26, supported by higher gold prices, wedding demand, formalization & continued store expansion Demand has remained resilient even at elevated gold prices Jewellery buying in India is largely budget driven Customers generally come with an INR budget rather than a volume budget So when gold prices rise, grammage reduces, but ticket size & REV can still remain strong This is why many organised jewellers have been able to report strong REV growth despite high gold prices Another major trend is old gold exchange. Old gold exchange is becoming a structural driver for the sector It helps customers manage affordability, supports conversion & reduces dependence on fresh gold buying For many jewellers, old gold exchange can move towards 50% share in FY27 At the same time, bars & coins saw strong demand in FY26 because of investment led buying during rising gold prices But bars and coins are low margin products, so whenever the mix of bars & coins increases, margins get diluted Going ahead, if coin & bar demand slows after the duty hike, customers shift more towards jewellery, it is positive for margins To manage high gold prices, jewellers are focusing on affordability led products This includes: Studded jewellery, Lightweight jewellery & Lower caratage jewellery These products help customers stay within budget & also support margin improvement Titan is also experimenting with newer formats like Hues & beYon, showing that large players are trying to create new category engines beyond traditional jewellery Store expansion remains a key growth driver, especially for organised players entering newer geographies & capturing market share from smaller jewellers Kalyan is expanding outside South India, PNG is scaling outside Maharashtra, Senco is also expanding beyond East India Kalyan & PNG are scaling through FOCO led formats This reduces capital intensity, improves ROCE & allows faster store expansion Growth trajectory remains intact for FY27, with most organised jewellers guiding to maintain 20% growth, led by store expansion, SSSG & continued market share gains from unorganised players.

Comparison of leading AMC's - ICICI, HDFC, NAM India, ABSL & UTI AMC across AUM growth, financials & valuations Equity AUM growth remains the strongest for NAM, HDFC & ICICI AMC, with FY23-FY26E CAGR of 36%, 35% & 32% src : Antique

Titan’s new growth engines - Hues & beYon Titan is not only focusing on traditional gold & studded jewellery, but is also creating new growth engines to expand the overall jewellery category Titan has launched 'Hues' as its new natural gemstone based jewellery collection The strategic rationale is to add a new dimension to jewellery beyond coins, gold jewellery & studded jewellery Management said consumers are increasingly becoming design seekers, not just value seekers Hues has around 200 styles, 50% of the collection is priced between Rs 40,000 & Rs 2.5 lakh, range goes up to Rs 10 lakh The collection is focused on wearable & daily use jewellery, not just locker based jewellery beYon is Titan’s lab grown diamond platform Titan currently has 2 beYon stores, Management plans to scale beYon to around 10-12 stores across 2-3 cities Company wants to first test the model at this 10-12 store scale before going for a national launch Titan sees beYon as part of a twin-engine approach to grow diamond adoption in India During the Valentine’s period, management said beYon saw good traction However, they also clarified that the current sample size is too small, so they do not want to extrapolate too much from one store.

Nifty 500 delivered 16% YoY PAT growth in Q4FY26 Ex-financials, earnings growth was even stronger at 17% YoY Nifty500 PAT grew 16% YoY vs Nifty50 PAT growth of only 4% YoY Nifty500 EBITDA grew 12% YoY vs Nifty50 EBITDA growth of 5% YoY Sales growth for Nifty500 stood at 12% YoY, which was the highest in the last 13 quarters Nifty Midcap150 PAT grew 34% YoY, much higher than Nifty500 at 16%, Nifty100 at 12% & Smallcap250 at 13% Around 50% of Nifty 500 co's reported earnings growth above 15% YoY src : MOFSL

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