Titan Company Ltd. share price target

Q4FY26 performance: Titan's Q4FY26 consolidated performance is not exactly comparable on y-o-y basis due to consolidation of Damas jewellery (acquired 67% stake) during the quarter. Its consolidated net revenues grew by 48% YoY to Rs20,607cr driven by 48% YoY growth domestic jewellery (ex-bullion) and 22% YoY growth in Caratlane. Bullion sales stood at Rs6,804cr in Q4FY26 vs. Rs1,141cr in Q4FY25. Higher gold prices, unfavourable jewellery mix and lower margins in the international jewellery business led to 601bps decline in the gross margins to 16.8% and 311bps decline in the EBIDTA margins to 7.2%. EBIDTA grew by 26.0% YoY to...

Buyer growth recovery and bullion-led demand drive 81% revenue growth

The sharp increase in Q3FY26 revenue was driven by strong customer demand across segments during the festive season; the results also highlighted firm *over or under performance to benchmark index demand for the company's premium as well as accessible products. Strong engagement in the jewellery business was supported by attractive exchange programmes and the launch of new collections and bundled offers. The launch of the lab-grown diamond jewellery brand, beYon', is expected to further strengthen the company's presence in the jewellery space. However, amid global uncertainty,...

We raise our FY27/FY28 EPS estimates by 1.5%/1.9%, driven by 1) healthy jewellery demand outlook despite volatile gold prices, 2) rising average ticket size across formats, and 3) strong performance in Caratlane and a healthy order book in Teal. However, we trim our FY27/FY28 jewellery EBIT margin (net of bullion) estimates to 10.7% as we expect gold prices to remain firm continue...

About the stock: Titan, incorporated in 1984, is a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO). The company is a leading organised jeweller in India with its trusted brand, Tanishq. It started as a watch company under the brand, Titan, and is the fifth largest integrated ownbrand watch manufacturer in the world. It has a retail chain of 3,377 stores across 436 towns with a retail area of 4.9 million sq. ft. for all its brands. Q3FY26 performance: Titan's consolidated net revenues grew by 42% YoY to Rs24,915cr (total revenues grew by 43.3%). This was driven by 40,4% growth in the domestic jewellery business, 42.2% growth in Caratlane and 80% growth in the...

Titan (TTAN) delivered a strong 3QFY26, with 43% YoY growth in consolidated revenue. Standalone jewelry sales (ex-bullion) rose 40% YoY, driven by festive demand, attractive collections, strong brand campaigns, and effective exchange offers.

Jewellery revenue grew ~21% YoY in Q2FY26. Operating income surged ~55% YoY. Growth sustained despite muted buyer volumes.

Titan reports strong revenue growth in Q3FY25 led by domestic jewellery segment: Titan reported strong consolidated revenue growth of 40% YoY in Q3FY26, led by a 41% YoY growth in the domestic jewellery segment driven by higher ASPs, while buyer growth remained flat despite elevated gold prices amid a strong wedding season. Gold coin sales doubled YoY, LFL growth across jewellery formats was in the low thirties, and plain gold grew in the late thirties, while CaratLane delivered 42% YoY growth. Watches grew 13% YoY, supported by 17% YoY growth in analog...

Why did Titan launch beYon' brand in India? Titan launched its new store brand beYon' marking its official foray in the lab grown diamond (LGD) category. Its first store in Mumbai was launched on 29th December, 2025 which will cater to the needs of women's lifestyle categories beyond watches, perfumes, sarees and handbags along with...

Q2FY26 performance: Titan's consolidated net revenues grew by 22%yoy to Rs16,461cr (total revenues grew by 29%). This was driven by 18% growth in the domestic jewellery business, 32% growth in Caratlane and 84% growth in the international business while TEAL (subsidiary) revenues grew by 2x during the quarter. Its watches and eyewear business had a soft quarter with revenues growing by 13% and 8% in Q2. Consolidated gross margins decreased by 127bps YoY affected by higher gold prices and inferior mix. EBIDTA margins decreased by...

Beats our PAT estimate for Q2FY26 by 4.3%, due to sharp margin improvement for Caratlane and international jewellery business

Titan Company (TTAN) posted consolidated sales growth of 29% YoY in 2QFY26. Standalone jewelry sales (excl. bullion) rose 19% YoY, driven by the early onset of the festive season, gold exchange campaign, and consumer offers.

Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 1QFY26. Standalone jewelry sales (excl. bullion) rose 17% YoY, driven by an increase in ticket size (16% YoY) due to rising gold prices.

Management sustained guidance of 11-11.5% EBIT margin with mid-teens EBIT margin guidance for watch business TTAN reported a robust 1Q led by 400bps positive impact of revaluation in watch business EBIT margin and 50bps positive impact of MTM gain from hedging in jewellery business. However, we remain cautious in near term given 1) rising inventory costs due to higher gold prices (Rs75bn increase in FY25) will...

The acquisition of Damas will enable TTAN to consolidate its presence in USD15bn GCC jewellery market with brands like Damas, Tanishq and Gaia. TTAN will be paying an EV of AED 1038mn, which will be funded through a debt of Rs12bn and small funding from reserves. Damas has debt of ~700mn AED and working capital is funded by gold metal loan....

In FY25, Titan Company (TTAN) continued to post strong double-digit growth (18% YoY) despite high gold inflation and intensified competition.

TTAN saw growth moderation in Q1 with 17% growth in the jewelry business vs recent trends of ~25% growth. Also, LTL growth for TTAN in the early double digits is weaker vs 18-19% for peers.

*over or under performance to benchmark index Titan Company Ltd manufactures and retails jewellery and watches. The company also produces perfumes for men and women. In Q4FY25, consolidated revenue increased 19.4% YoY to Rs. 14,916cr, driven by the growth in the jewelry segment. The jewelry segment grew 23.7% YoY to Rs....

Titan’s consolidated total revenues (ex-bullion sales) grew by 21.4% y-o-y to Rs. 13,891 crore (in line with our expectation of Rs. 13,888 crore). Including bullion sales (ex-other income), consolidated revenues grew by 19.4% y-o-y to Rs. 14,916 crore.

TTAN reported a robust 4Q led by 1) value growth leg by 30-40% higher gold prices 2) 330bps margin gain in watches and 3) 20bps higher margins in jewellery enabled by operating leverage and hedging gains. 1H26 outlook remains positive given low vase due to elections and no marriage days. Higher gold prices are impacting demand however consumers are shifting to lighter jewellery and value growth remains strong. Gold on lease charges are...