Cipla Limited has issued a clarification regarding USFDA inspectional observations on its supply partner Pharmathen International S.A., following media reports about regulatory concerns at the Greek manufacturing facility.

USFDA Inspection Details

The US Food and Drug Administration conducted an inspection at Pharmathen's manufacturing facility in Rodopi, Greece. The inspection resulted in nine inspectional observations being issued to the company.

Cipla's Business Relationship

Cipla clarified that Pharmathen serves as a supply partner, specifically manufacturing Lanreotide Injection for Cipla USA Inc., which is a wholly owned subsidiary of the company. The clarification was made under Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company received communication from stock exchanges seeking clarification on media reports about the USFDA observations, prompting the formal disclosure.

Company Response and Impact Assessment

Cipla stated it is currently evaluating the impact of the USFDA observations on Pharmathen's facility. The company has committed to keeping stock exchanges informed of any updates that may have material impact, in accordance with applicable regulatory requirements.

The clarification was signed by Company Secretary Rajendra Chopra and filed with BSE Limited, National Stock Exchange of India Limited, and SOCIETE DE LA BOURSE DE Luxembourg, covering all relevant stock exchanges where Cipla securities are listed.

Rekha Jhunjhunwala, custodian of one of India's most influential investment portfolios, saw her notional wealth in Titan Company swell to a staggering ₹20,000 crore as the stock surged over 4% to hit a fresh record high following the company's strong Q3 business update. Rekha currently owns a 5.32% stake in Titan.

Titan shares jumped as much as 4.50% to a fresh high of ₹4,300 on the BSE after the company's overall consumer businesses posted around 40% year-on-year growth, driven by strong festive demand and continued premiumisation trends. The company also expanded its retail footprint significantly during the quarter.

Strong Performance Across Business Segments

The company delivered robust growth across multiple business verticals during Q3. Here's a breakdown of key performance metrics:

Jewellery Division Leads Growth

Titan's jewellery division delivered a standout performance, recording 41% YoY growth supported by strong festive and wedding demand. Higher average selling prices, aided by elevated gold prices, helped offset largely flat buyer growth. Demand was sustained beyond the festive period through Tanishq's gold exchange offers.

Gold coin sales nearly doubled versus Q3 FY25, while plain gold jewellery recorded strong growth in the high-thirties, reflecting rising preference for design-led offerings. Studded jewellery delivered its best performance of FY26, posting mid-twenties double-digit growth. Like-to-like growth across jewellery formats stood in the low-thirties.

Retail Expansion and Store Network Growth

During the quarter, Titan added 56 net new stores, taking its total store count to 3,433. The expansion was spread across various formats:

International Operations Surge

International operations, led by jewellery brands Tanishq, Mia and CaratLane, grew 81% YoY, supported by strong demand across the GCC, Singapore and North America. During the quarter, Tanishq added two new stores in North America, located in Boston and Orlando, demonstrating the company's commitment to global expansion.

Analyst Outlook

Nomura reiterated its Buy call with a target price of ₹4,500, representing an upside of nearly 10% from current market levels. The brokerage views Titan as a key beneficiary of the rising affluent and elite income population in India, with sales growth expected at 1.50-2.00x GDP over the medium term.

Titan has emerged as one of the faster-growing jewellery players, gaining market share from 5% in FY19 to 8% in FY24. The company is expected to continue growing faster than the industry and gain share to 10% by FY28 from unorganised players, who currently represent 60% of the industry, as it deepens its store reach in Tier 2, 3, 4 towns and as consumers shift to organised players seeking correct carat-age, better designs and experience.