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Dolat Capital Report
Brokerage firm Dolat Capital has maintained its ‘Add' rating on Titan Company Ltd., citing the firm's consistent execution strength, multiple growth drivers, and sustained market share gains that underpin its long-term investment appeal.
The brokerage has set a target price of Rs 5,075, implying an upside of around 20% from current levels, while valuing the stock at 60x FY28E earnings.
According to the brokerage, Titan continues to demonstrate industry-leading execution across its core businesses, particularly in the jewellery segment, which remains the key growth anchor. The company has consistently outpaced industry growth, driven by strong brand positioning, regional strategies, and deep consumer engagement.
In its analyst meet where management articulated its FY30 vision centred around sustaining industry-leading growth through premiumisation, formalisation, network expansion, innovation and deeper consumer engagement across businesses, Titan's management remains confident of doubling consolidated revenue and Ebit by FY30, led by continued market share gains in jewellery, premiumisation and luxury play in watches, accelerated scaling of EyeCare, expansion of international operations and improving profitability across emerging businesses.
Despite near-term volatility arising from elevated gold prices and macro uncertainties, management remains confident of sustaining a strong medium-term growth trajectory.
Dolat Capital values the stock at 60x FY28E earnings per share and has maintained its target price of Rs 5,075 and Accumulate rating on the stock.
While the regulatory risks in the near term could be an overhang, the brokerage likes Titan's strong execution, growth drivers, market share gains, and long-term value creation potential.
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