Titan Company Limited

“Titan is an exceptional Indian consumer franchise with a genuine, widening moat in organized jewellery, clean financials, and a 10–15 year organic growth runway — but at 93x trailing and 65x forward earnings, multiple compression will neutralize earnings compounding for new buyers, compressing expected 10-year returns to a pedestrian 2–3x; the right action is to track for a meaningful correction (40%+ drawdown to ~40–45x forward P/E) before committing capital.”