Titan Company Limited: Another revenue beat; Jewellery continues to shine in Q1

Research evidence excerpt

Titan Company Limited: Another revenue beat; Jewellery continues to shine in Q1

J P M O R G A N Asia Pacific Equity Research

07 July 2026

Titan Company Limited Overweight

TITN.NS, TTAN IN

Another revenue beat; Jewellery continues to shine in Price (06 Jul 26):Rs4,484.40

Q1 Price Target (Sep-27):Rs5,400.00

TTAN’s Q1 FY27 revenue print was a positive surprise, with jewellery revenue up Consumer, Retail, Media

AC39% y/y (JPMe: +35%) and overall revenue up +41% (vs JPMe : +33%). The Latika Chopra, CFA

jewellery outperformance was primarily driven by faster buyer growth (low DD) (91-22) 6157-3584

and strong DD growth in ticket sizes, supported by relatively stable gold prices. latika.chopra@jpmorgan.com

Healthy festive demand also underpinned broad-based momentum across the Himanshu Singh

portfolio: plain and studded jewellery each delivered mid-30% growth, while (91-22) 6157-3610

demand for gold coins remained resilient (strong DD). Watches (+23% y/y) and himanshu.x6.singh@jpmorgan.com

eyewear (+23% y/y; highest in several quarters) saw meaningful acceleration, and Saransh S Gokhale

the International segment did well on strong North America/GCC performance (91-22) 6157 3578

saransh.gokhale@jpmchase.com

across Tanishq, Mia and CaratLane. At its analyst day, TTAN stated its aspiration J.P. Morgan India Private Limited, J.P. Morgan

to double jewellery and consolidated revenue by FY30, implying an FY26–30E Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

CAGR of ~20%. While the stock has traded broadly in line with the NIFTY over

the past month (+5%), we expect it to outperform on the back of the healthy revenue

print. The next share-price catalyst is the earnings release, where segment margins Style Exposure