Titan - Buoyant Prospects Beyond The Near-Term Blip: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.With competitive pressure, Titan Company Ltd. has been reducing the gold premium over its peers, and is also exploring alternatives to safeguard operating margins (such as reducing making charges, etc.). In the long term, the company’s diverse portfolio instills confidence in sustaining healthy growth with structural drivers such as:the expansion of target users in rising urban cities and the potential of the store network, Titan’s expanding customer base (new buyers contributing 45-50%), multiple jewelry brands catering to consumers across income groups, the rapidly changing consumer preferences (transitioning from unorganized to organized market), further potential for market share gain (currently at 8%), and the increasing number of women and young people entering the workforce. .We model 17%, 20%, and 22% revenue, Ebitda and profit after tax compound annual growth rate during FY24-26, respectively. Titan’s valuation is expensive, but its superior competitive positioning (sourcing, studded ratio, consumer trust, youth-centric, reinvestment, etc.), and business moats are not easily replicable. Reiterate Buy with a target price of Rs 4,000 (premised on 65 times FY26E earnings per share)..Click on the attachment to read the full report: .Titan Q4 Results Review - Challenging Times Ahead; Sell: Dolat Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Titan - Buoyant Prospects Beyond The Near-Term Blip: Motilal Oswal

Reiterate Buy with a target price of Rs 4,000 (premised on 65 times FY26E earnings per share).

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