Titan Company: Store feedback: Strong jewellery growth

Research evidence excerpt

Titan Company: Store feedback: Strong jewellery growth

Global Research

22 June 2026ab

First Read

EquitiesTitan Company

Store feedback: Strong jewellery growth India

Retailers, Specialty

12-month rating Buy

Our channel checks suggest another high growth quarter is in the making

Titan has surprised consistently in the jewellery business. Both Q3FY26 (at 40.5%) and 12m price target Rs5,600.00

Q4 FY26 (at 46% YoY) domestic jewellery revenue growth was significantly ahead of

expectations. Given the customs duty increase in the quarter (to deter gold imports) led

Price (22 Jun 2026) Rs4,372.15

to concerns whether such environment could weigh on the jewellery demand. Our store

checks and demand feedback suggest that strong growth momentum has likely RIC: TITN.BO BBG: TTAN IB

continued even in Q1FY27. We think jewellery growth in the range of 35-40% is still a Trading data and key metrics

quite plausible scenario and will mean growth momentum that was set in motion in Q3

52-wk range Rs4,526.30-3,315.00

FY26 is continuing apace. Another factor which appears impressive is that growth in

Market cap. Rs3,882b/US$41.0b

studded jewellery has remained robust, which grew by 35% YoY in Q4FY26; it appears

Shares o/s 888m (ORD)

that similar growth rate is continuing even in Q1. This is particularly encouraging as Q1

FY27 is not a studded promotion quarter, while Q4FY26 was. Overall, it appears Q1FY27 Free float 50%

will again be a strong quarter for jewellery growth. Avg. daily volume ('000) 1,214

Avg. daily value (m) Rs5,166.7

Demand resilience despite duties; watches add incremental strength Common s/h equity (03/27E) Rs254b

In its recent capital markets day on June 4, 2026, Titan set the target for the P/BV (03/27E) 15.3x

20% CAGR in jewellery revenues over the next 4 years.