Titan, with its superior competitive positioning, in sourcing, studded ratio, youth-centric focus, and reinvestment strategy, continues to outperform other branded players. Its brand recall and business moat are not easily replicable; therefore, Tanishq's competitive edge will remain strong in the category. The store count reached 3,751 as of Sep'26, and the expansion story remains intact. The non-jewelry business is also scaling up well and will contribute to growth in the medium term.
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Following Titan Company Ltd.'s September-quarter results domestic brokerage has reiterated its Buy rating on the stock with a target price of Rs 5,700, based on 55 times Sep'28E EPS. The target price implies a potential upside of up to 18%. The stock remains brokerages' one of the top picks in the space.
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Titan Company Q2 FY27 Results Highlights
- Titan Company has delivered consolidated revenue growth of 10% YoY (ex-bullion 23%).
- Standalone jewelry revenue (ex-bullion) rose 22% YoY.
- Jewelry demand was impacted by the festive season shifting to Q3.
- Sales were strong during Navratri but slowed after Vijayadashami due to volatile gold prices.
- Customer footfalls started improving toward Oct'26 end.
- Domestic jewelry posted 15% like-for-like growth, and studded jewelry revenue grew 32% YoY.
- Studded share stood at 35% in 2Q.
- Buyer growth was flat YoY, while higher average ticket size supported value growth.
The brokerage remains constructive on growth in the jewelry industry, particularly among top players, and believe Titan will remain well-positioned competitively, supported by initiatives such as its exchange program.
Apart from industry formalisation, stability in gold prices can further improve margin visibility for Titan. The brokerage models a compound annual growth rate of 15% in sales, 23% in Ebitda, and 24% in adjusted profit after tax over FY26-28E.
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