Titan Company Ltd: The Golden Compounder

研报英文原文证据摘录

Titan Company Ltd: The Golden Compounder

Asia Pacific Insight

May 22, 2026 12:30 AM GMT

Morgan Stanley India Company Private Limited+MTitan Company Ltd Archana Menon, CFA

Equity Analyst

The Golden Compounder Archana.Menon@morganstanley.comShravan Vohra +91 22 6118-2215

What’s Changed Shravan.Vohra@morganstanley.com +91 22 6118-2039

Gaurav Varma

Titan Company Ltd (TITN.NS) From To Research Associate

Price Target Rs5,212.00 Rs5,182.00 Gaurav.Varma@morganstanley.com +91 22 6118-1033

Top Pick Added - TITN.NS

Titan Company Ltd (TITN.NS, TTAN IS)

Recent concerns around potential regulatory restrictions have Top Pick

India Consumer | India

overshadowed Titan’s strong operating performance. We believe

Titan is well placed to navigate any near-term challenges, with StockIndustryRatingView OverweightIn-Line

earnings visibility intact. Current levels offer an attractive entry Price target Rs5,182.00 Up/downside to price target (%) 26

opportunity. New Top Pick. Shr price, close (May 20, 2026) Rs4,106.40

52-Week Range Rs4,605.00-3,303.10

Sh out, dil, curr (mn) 888

Gold price matters, but self-help growth levers in-place: We believe Titan is one Mkt cap, curr (mn) Rs3,645,605

of the best plays in India's consumption story as it has been able to grow EV, curr (mn) Rs3,717,725

Avg daily trading value (mn) Rs3,806

consistently across gold and macro cycles. We like the company's aggressive growth

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

and market share-focussed strategy. We believe consumer affinity for gold, trust

EPS (Rs)** 58.29 68.07 84.36 102.49

associated with the brand, and its disciplined execution will help Titan sustain 15- Prior EPS (Rs)** - 72.03 88.36 107.18

20% jewellery topline growth over the medium term (even off a high base in F26).