Titan Company Ltd | Asia Pacific Risk Reward Update

研报英文原文证据摘录

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M

Update

August 7, 2026 02:47 PM GMT

Morgan Stanley India Company Private Limited+

Titan Company Ltd | Asia Pacific

Archana Menon, CFA

Equity Analyst

Risk Reward Update

What’s Changed

Titan Company Ltd (TITN.NS)

From

To

Price Target

Rs5,182.00

Rs5,483.00

Bull Case

Rs6,979.00

Rs7,378.00

Base Case

Rs4,924.00

Rs5,211.00

Bear Case

Rs3,219.00

Rs3,412.00

Titan Company Ltd (TITN.NS, TTAN IS)

Top Pick

Updated Components

India Consumer | India

EPS

Risks to Price Target / Rating

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

52-Week Range

Risk Reward for Titan Company Ltd (TITN.NS) has been updated

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

Reason for change

EPS (Rs)**

Prior EPS (Rs)**

58.29

Bull Base Bear Scenarios

Earnings Change: We update our model for strong F1Q performance. We tweak our

F2027e Tanishq, Mia, Zoya Revenue (ex-bullion) growth higher to 21% vs. 18%

Overweight

In-Line

Rs5,483.00

Rs4,941.00

Rs5,005.00-3,303.10

69.70

68.07

86.28 104.78

84.36 102.49

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

earlier, while our F2028-29e growth rates are unchanged. Overall, our F2028-29

consolidated revenue and margin estimates are unchanged. Consequently, our EPS

estimates are higher by 2% for F2027-29, respectively.

Revised PT of Rs5,483 (Rs5,182 earlier): Our scenario values are higher by 6% each

due to the above-mentioned earnings change and rolling forward of our RI model by

four months. All other RI assumptions are unchanged.

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decision.