Titan Company Ltd. share price target

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...

Titan's domestic jewellery business revenue growth continued to be strong (~25% YoY; LFL: 22% YoY) driven by gold jewellery with good performance in studded segment (+21% YoY, strong buyer growth in sub-100k price point) while solitaire segment continued to be muted (global price uncertainty), leading to ~100bps (~23%) reduction in the studded share.

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line. Jewelry retail growth improved to 28% vs 21% in Q2, led by SSG improving to 22% vs 15% in Q2.

Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 3QFY25 (in line). Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.

Titan's domestic jewellery business revenue growth had a strong revival (~25% YoY; LFL: 15% YoY) driven by improved industry demand conditions.

TTAN reported a ~10% EBITDA miss, half of which was due to a ~100bps miss on jewelry margin, with the rest due to higher loss on customs duty cut (one-off). Topline trends for jewelry are impressive with 15%/21% LFL/UCP growth in Q2, and encouraging festive trends in Q3TD.

Titan Company (TTAN) posted consolidated sales growth of 16% YoY in 2QFY25 (in line).

Titan Company’s (Titan’s) Q2FY2025 numbers were affected by lower margins in the jewellery business. Consolidated revenues grew by 16% y-o-y; adjusted PAT stood flat y-o-y.

As per its Q2 business update, TTAN has exceeded our growth expectations across most business segments.