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Motilal Oswal Report
Motilal Oswal reiterates its Buy rating on Titan Company Ltd. with a target price of Rs 5,300, based on 60x Mar'28E earnings per share.
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 3,473 as of Mar'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.
Apart from industry formalisation, stability in gold prices can further improve margin visibility for Titan.
Overall, the brokerage remains constructive on jewelry industry growth for top players, and Titan, being the bellwether with superior historical execution track record, will benefit the most.
The brokerage models a compound annual growth rate of 15% in sales, 20% in Ebitda, and 24% in adjusted profit after tax over FY26-28E.
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