Titan Company (TTAN IN) (Buy) - Strong sales with resilient margin performance

研报英文原文证据摘录

Titan Company (TTAN IN) (Buy) - Strong sales with resilient margin performance

Global Markets Research

Titan Company TITN.NS TTAN IN 11 May 2026

EQUITY: GENERAL CONSUMER

Strong sales with resilient margin performance Rating Remains Buy

4QFY26: Above estimates. India jewelry grew 48%, with EBIT margins better than expected at Target price

Increased from INR 4,95011.3% despite high gold prices; buyer growth also improved to 8% y-y vs flat for 9MFY26 INR 4,925

Return of buyer growth, higher ticket sizes and ‘Festival of diamonds’ led strong delivery Closing8 May 2026price INR 4,509

Buyer growth for plain gold jewelry resurged 8% after being flat for 9MFY26, as the recent cool-off in

gold prices drove purchases from consumers waiting on the sidelines and preponement of wedding Implied upside +9.8%

demand in anticipation of gold prices rising further. Average ticket size grew by 40% y-y (vs 44% in

3Q), and gold exchange purchases grew in double digits. Strong growth in studded at 35% y-y was Market Cap (USD mn) 42,331.4

led by 'Festival of Diamonds' purchases. Strategies like 18kt and 14kt studded jewelry, grammage ADT (USD mn) 52.9

purchase plans, and lightweight designs are making jewelry accessible for consumers. According to

Titan, it has gained 50-60bp market share during the year – 8.5% currently. While management has Relative performance chart

not given any store guidance, we note that historically it has opened 35-40 Tanishq stores. We

await guidance during its investor day in the first week of June. While 1HFY27F will see a tailwind of

high gold prices, the impact of a high base on 2HFY27F remains to be seen. Nevertheless,

management is confident it can drive sales at a 15-20% CAGR over the medium term in a stable