The meeting came at a time when the outlook for gold and jewelry demand remained uncertain. Sentiment has been hit by a combination of factors, including declining expectations for interest rate cuts amid rising oil prices linked to the conflict with Iran, a rise in import duties and Prime Minister Narendra Modi’s call for consumers to refrain from buying gold for a year to help stem the rupee’s sharp fall.
During the call, the Tata Group company outlined ambitious growth targets for FY26-30, aiming to double both its consolidated revenue and EBIT during the period. This implies a revenue and earnings CAGR of approximately 20% through FY30.
Within its domestic portfolio, the jewelery business, comprising Tanishq, Mia and Zoya, is expected to deliver 2x revenue growth and 1.9x EBIT growth. CaratLane has been given a more aggressive growth trajectory, with management targeting 2.3x revenue growth and 2.5x EBIT expansion, translating to a CAGR of around 25%, driven by continued premiumization and operating leverage.
Should you buy, sell or hold Titan shares?
JPMorgan, with a buy option and a price target of Rs 5,400, forecasts an upside of 28% from current levels. JPMorgan says Titan’s core jewelry business continues to benefit from structural growth drivers, including the ongoing formalization of the jewelry market, where the company gained 50 to 60 basis points of market share in FY26.
Short-term demand trends also remain encouraging. JPMorgan noted that buyer growth rebounded in the fourth quarter, driven by customers returning to the market amid rising gold prices, advancing wedding-related purchases and improving traction in studded jewelry.
The brokerage added that Titan’s ability to sustain demand in a high gold price environment remains a key differentiator. Initiatives such as 18- and 14-karat jewelry offerings, lightweight products, trade-in programs, and weight-based purchasing plans help keep jewelry affordable and accessible to consumers.
Motilal Oswal has reiterated his ‘Buy’ rating on Titan Company with a target price of Rs 5,250, implying an upside potential of 24%. The brokerage believes that Titan continues to outperform other organized jewelery players due to its superior competitive positioning in sourcing, studded jewelery mix, youth-centric offerings and reinvestment strategy. He noted that Tanishq’s strong brand recall and deep-rooted business moat are difficult to replicate, which should help the brand maintain its leadership position in the jewelery segment. The brokerage also expects the company’s non-jewellery businesses to continue growing and contribute significantly to growth in the medium term. While acknowledging the impact of regulatory hurdles and gold price volatility on near-term performance, Motilal Oswal said Titan remains well positioned to address these challenges through continued diversification.
JM Financial has maintained its ‘Buy’ rating on Titan Company with a target price of Rs 4,900, implying an upside potential of 16%.
The brokerage said Titan’s recent analyst meeting reinforced its positive view on the company despite near-term challenges arising from elevated gold prices and regulatory changes. According to JM Financial, management has laid out a strategy to create growth drivers beyond jewelry, investing in businesses such as eye care, watches and other emerging segments through premiumization, omnichannel expansion and category development.
JM Overall, JM Financial believes Titan remains one of India’s highest-quality consumer discretionary franchises, backed by category leadership, strong execution capabilities and multiple long-term growth drivers.
Titan shares are up 11.5% in the last six months and about 22% in the last year.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
