Titan - Glittering Track Record; Long Runway For Growth: 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.Titan Company Ltd. has scaled up its emerging jewelry business to ~Rs 455 billion in FY24E (88-90% revenue mix) from Rs 3 billion in FY03 (40% revenue mix), one of the few consumer companies to have achieved such a feat. The company’s record performance has been driven by its early-mover advantage in the organised industry and consistent scale-up of business by being more agile in design and consumer engagement. Titan Company's jewelry and other businesses still have strong long-term growth potential. With a jewelry market share of ~8% in a sizable ~Rs 5 trillion market, there is significant headroom for growth for Titan. The gradual recovery in the studded ratio should support margin improvement. We are cautious about the near-term consumption trend, but we continue to prefer Titan for its best-in-class execution track record and its eagerness to expand the user base. Consumer preference for branded jewelers will keep the robust growth rate intact for the category. We reiterate our Buy rating with a target price of Rs 4,300 (based on 65 times FY26E earnings per share)..Click on the attachment to read the full report:.BHEL Gets Rs 4,000-Crore Order From Adani Power For Thermal Project.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 - Glittering Track Record; Long Runway For Growth: Motilal Oswal

Reiterates Buy rating with a target price of Rs 4,300 (based on 65 times FY26E earnings per share).

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