Titan Company Ltd shares are under pressure on the back of Prime Minister Narendra Modi's call for Indians to conserve fuel, avoid unnecessary foreign travel and even postpone non-essential gold purchases. Titan shares slumped over 7.5% to trade at around Rs 4,165.60 apiece, as of 10:15 am.
Of the 37 analysts tracking this stock, 28 have a 'buy' call, six have a 'hold' call, and three have a 'sell' call on Titan.
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This is after brokerages turned more constructive on Titan after the jewellery and lifestyle retailer delivered a stronger-than-expected March quarter, driven by resilient demand despite sharply higher gold prices. The company reported a 35% year-on-year rise in consolidated net profit to Rs 1,179 crore, while revenue surged 80% to Rs 26,920 crore, aided by robust jewellery and bullion sales. Management also guided for strong growth in the first half of FY27, reinforcing confidence that demand remains healthy even in a volatile gold-price environment.
Goldman Sachs on Titan
- Goldman Sachs maintains a Buy rating and hikes the target price to Rs 5,400 from Rs 5,000.
- Q4 delivered a margin beat along with strong sales growth guidance in the jewellery business.
- Jewellery EBIT growth is expected to remain healthy.
- Watches and Eyewear continued to deliver steady performance.
Citi on Titan
- Citi maintains a Neutral rating and raises the target price to Rs 5,075 from Rs 4,750.
- Jewellery revenue growth was supported by healthy demand momentum.
- Jewellery margins contracted materially due to higher bullion prices and transfer pricing impact.
- Management highlighted front-loading of wedding purchases amid rising gold prices.
- Competitive intensity and an unfavourable product mix weighed on profitability.
- Near-term demand outlook remains resilient.
HSBC on Titan
- HSBC retains a Buy rating and raises the target price to Rs 4,930 from Rs 4,510.
- Q4 was strong, with underlying strength in the jewellery business despite elevated gold prices.
- Reported revenue beat was supported by high bullion sales.
- The brokerage raises FY27–28 EPS estimates by 3–5% on the back of strong jewellery performance.
- Management expects H1FY27 growth to exceed 30%.
- Growth is likely to moderate in H2FY27 due to a high base and uncertainty around gold prices.
JPMorgan on Titan
- JPMorgan upgrades Titan to Overweight from Neutral and raises the target price to Rs 5,400 from Rs 4,700.
- The brokerage views Titan as a moat-led compounder with strong brand strength and execution.
- Q4 marked a strong FY26 exit, with broad-based growth across segments.
- The jewellery business continues to benefit from structural tailwinds.
- Buyer growth recovery, wedding purchases and higher studded traction supported execution.
- Management is targeting 15–20% medium-term growth.
- Domestic jewellery margins are expected to sustain at around 11%.
- JPMorgan raises FY27–28 EPS estimates by 4–5%.
- Valuations appear attractive relative to peers such as Avenue Supermarts, Trent and Nykaa.
Morgan Stanley on Titan
- Morgan Stanley maintains an Overweight rating and raises the target price to Rs 5,212 from Rs 5,102.
- Q4 results beat expectations, with operating performance ahead of estimates.
- Jewellery growth was driven by healthy demand momentum.
- Rising gold prices continued to support customer interest and higher ticket sizes.
- Management reiterated confidence in sustained double-digit jewellery revenue growth.
- Margins are expected to remain well supported.
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