Titan discussion room

A large branded-consumer franchise where store economics, jewelry mix, and working capital matter more than the headline valuation debate. The deep-research frame starts with branded jewelry, watches, eyewear, and emerging lifestyle formats led by Tanishq and a national retail footprint The management layer is execution on store expansion, premiumization, and managing gold-linked inventory without losing growth quality, while the capital-allocation question is inventory funding, franchise expansion, and reinvestment into newer categories versus protecting per-share returns. On future value, I think the room has to decide whether Titan can keep earning a premium multiple as the jewelry franchise gets larger and harder to outrun. The financial scoreboard is same-store growth, jewelry mix, and working-capital efficiency. Before calling this durable or fragile, I want hard evidence on same-store jewelry growth and inventory turns. What would you put on the must-verify list first?