Titan Company (TITN.BO): Jewellery Demand Continues to Remain Strong; Upgrade to Buy; Open 90D positive CW

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Titan Company (TITN.BO): Jewellery Demand Continues to Remain Strong; Upgrade to Buy; Open 90D positive CW

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30 Jun 2026 15:16:26 ET │ 14 pages

Titan Company (TITN.BO)

Jewellery Demand Continues to Remain Strong; Upgrade to Buy; Open

90D positive CW

CITI'S TAKE

Jewellery continues to be an outlier on growth/demand despite headwinds Buy ↑ from Neutral

from higher gold price, increasing competitive intensity, increase in custom

duty, etc. While gold-price volatility is a near-term risk, we believe Titan’s Catalyst Watch: Upside

brand strength, sourcing capability, store expansion, market-share gains Price (30 Jun 26 15:30) Rs4,421.00

and improving performance of CaratLane/Mia should support sustained Target price Rs5,075.00earnings growth. We also expect overall mix to improve, led by (a)

moderation in the growth rate of gold coins; and (b) studded mix growing Expected share price return 14.8%

faster than plain gold jewellery. We upgrade Titan to Buy from Neutral (with Expected dividend yield 0.7%

unchanged TP of Rs5,075) as the recent underperformance has created a Expected total return 15.5%relatively attractive entry point. Key risks: Sharp volatility in gold prices;

regulatory or sourcing disruption; margin pressure from adverse product Market Cap Rs3,921,627M

mix, exchange-led sales. We also introduce a 90D positive CW. US$41,576M

Jewellery demand resilient — Jewellery continues to be an outlier on

growth/demand despite multiple headwinds (higher gold price, increasing

competitive intensity, increase in custom duty, etc.). Volatile gold prices may lead to Price Performance

some deferral in investment led demand (gold coins); however, a large part of (RIC: TITN.BO, BB: TTAN IN)

demand is occasion led (wedding, festive) and hence cannot be deferred for long.