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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has reiterated its Buy rating on Titan Company Ltd. with a target price of Rs 6,000, based on 60 times Sept'28E earnings per share.
The brokerage models a compound annual growth rate of 17% in sales, 21% in Ebitda, and 23% in adjusted profit after tax over FY26-29E.
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According to the brokerage, 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 3,551 as of Jun'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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Apart from industry formalisation, stability in gold prices can further improve margin visibility for Titan. Overall, Motilal Oswal remains constructive on growth in the jewelry industry, particularly among top players, with Titan as the bellwether and, given its superior historical execution track record, best positioned to benefit.
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