1QFY27E: Strength show continues; all businesses fire up well Quick Note

Research evidence excerpt

1QFY27E: Strength show continues; all businesses fire up well Quick Note

Global Markets Research

Titan Company TITN.NS TTAN IN 6 July 2026

EQUITY: GENERAL CONSUMER

Rating1QFY27E: Strength show continues; all businesses fire up well Remains Buy

Target price INR 5,000 RemainsQuick Note

Closing price INR 4,484 6 July 2026Titan’s 1QFY27E business update highlights:

• Consolidated sales growth (ex-bullion) came in at 41% y-y, above our estimate of 37%

y-y and the consensus forecast of 31% y-y. Research Analysts

• All business have experienced strong growth. India Consumer Related

Mihir P. Shah - NFASL • Buyer growth (equivalent to footfalls) in Jewelry have increased in early double-digits

mihir.shah1@nomura.com as gold prices stablised (flat q-q, +60% y-y).

+91 22 403 74232

• Store openings across businesses viewed as a step-up and likely to aid when 3Q Riya Patni - NFASL

starts to cycle a high base. riya.patni@nomura.com

+91 22 405 33473

Jewelry (domestic including CaratLane): Strong performance continues and came

in above our / consensus estimates.

• Jewelry sales grew by 39%, above our forecast of c.37% y-y.

○ Sales for its core jewellery business – Tanishq, Mia and Zoya (TMZ) grew 39%

y-y – above our estimate of c.37% y-y, aided by healthy festive and Akshaya

Tritiya demand.

○ CaratLane growth of 42% y-y came in sharply above our estimate of c.20% and

in comparison to 4Q growth of c.22.5% y-y, indicating a pickup in demand boosted

by the stability in gold prices.

• More important, buyer growth (equivalent to footfalls) further improved

sequentially to early double-digits as gold prices remained relatively stable during

1Q (flat q-q; +60% y-y). 4Q had experienced buyer growth of high single digits while it

was flat over 1Q until 3Q.