TITAN (+) : Another solid quarter; well poised for a strong FY27

研报英文原文证据摘录

TITAN (+) : Another solid quarter; well poised for a strong FY27

EQUITIES

LUXURY GOODS

TITAN OUTPERFORMPRICE* INR4,509  TARGET PRICE INR5,340 (UPSIDE 18%) TARGET 5%PRICE EPS 03/27e-2% EPS03/28e1%

Another solid quarter; well poised for a strong FY27

Titan had already disclosed its sales growth for 4QFY26 which was strong (+45% y-y) helped by11 MAY 2026

Securities Research Report increase in gold price and a strong buyer growth. Its EBITDA growth was slightly below our estimate

Production time: 01:39* (London time)

as the company offered a one-off incentive to its employees and contract staff for delivering a strong

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year. Jewellery’s EBIT was in-line with our estimate while watches’ EBIT was ahead. TTAN

Kunal Vora, CFA maintained its view that medium term CAGR potential for the jewellery division remains at 15-20%BNP Paribas Securities India Private

Limited though in the near term it could surpass that. We have tweaked our estimates slightly and roll-forward

+91 22 6196 4384 our SOTP to June-28E. TTAN reported solid revenue, EBITDA and earnings CAGR of 21%, 23%

kunal.d.vora@asia.bnpparibas.com

and 21%, respectively over FY16-26. We expect 22% earnings CAGR over FY26-28E. Maintain O/P.

Jewellery division - strong growth momentum continues

Titan saw another quarter of strong revenue growth in the jewellery division helped by an elevated

gold price. Jewellery’s EBIT growth was also strong at 29% y-y though EBIT margin was slightly

lower y-y due to the change in mix. Titan saw a resurgence in buyer growth in 4QFY26 (8% y-y vs

flat last quarter) with many customers who were on the sidelines coming to purchase as gold price

stabilised at elevated level. With high gold prices, customer preference shifted towards exchange