Brokerage firm CLSA has an “outperform” rating on the stock and has revised its target price from ₹4,402 to ₹4,326, an upside of 28.39% from its previous closing price.
Citi has maintained its “neutral” rating on the stock and has raised its price target from ₹3,550 to ₹3,800 per share, which is an upside of 12.7% from its previous closing price of ₹3,369.3 apiece.
CLSA said Titan reported a sales growth of 20% compared to the previous fiscal with operating profit margin expansion.
Titan’s fourth quarter standalone sales growth was 3% below CLSA’s estimates. Its domestic jewellery standalone sales increased 19% from the previous year and 21% ex-bullion sales from the last year.
The company’s jewellery business margin came in at 11.9% in comparison to 12.1% from the previous year and 9.5% from the third quarter, which was ahead of CLSA’s estimate.
The company has guided to annualised standalone margin of 11-11.5% and a healthy double-digit growth in the jewellery business for FY26, the brokerage said. CLSA has trimmed its earnings estimates by 2-3% and revised its target price.
Citi said Titan’s jewellery EBIT margin of 11.9% was better than the brokerage’s estimate of 11.5%, despite decline in studded mix of 300 bps from the previous year. THe same was led by primary sales for international stores, small element of hedging gain and operating leverage, the brokerage said.
Titan’s management highlighted 15-20% growth and 11-11.5% margin for the jewellery business in the financial year 2026, Citi said. While the new-term growth outlook remains strong, the brokerage said it remains cautious on medium-term margin/profitability amid elevated competitive intensity, higher gold prices and adverse product mix.
Citi said Titan’s aggressive store expansion by existing and new players also implies the need to invest in branding, marketing and higher discounting, and the conundrum of growth compared to margin continuing, Citi said.
The brokerage added that it has made marginal changes to its earnings-per-share and has rolled forward its target multiple to 55x of March 2027 estimates compared to the December 2026 estimates.
Titan’s CFO Ashok Sonthalia told CNBC-TV18 that the fourth quarter and the financial year 2025 were “pretty satisfying”. “While there have been many external challenges, which continue and sometimes get aggravated, as far as the outlook goes, it looks like we can still deliver a 15% to 20% growth number for FY26,” he said.
Sonthalia said FY26 started pretty well, and April ended with Akshaya Tritiya, and the company was quite satisfied.
After jewellery, the largest business for Titan is the analog watch segment, which Sonthalia said is performing well, sustaining 17% to 18% growth for many quarters, driven by premiumisation and product innovation. “Our Helios channel — offering international and high-end Titan watches — is growing at 30-35% sequentially.
The CFO said Titan’s eyewear business delivered mid-teen growth in the third and fourth quarters. “We have made strategic changes to collections and pricing, and we are seeing the results. We expect that to improve further in FY26. Fragrances are also doing well,” he added.
Of the 35 analysts that have coverage on Titan, 23 have a “buy” rating, seven have a “hold” rating and three have a “sell” rating.
Titan shares gained 4.7% to hit an intraday high of ₹3,530 apiece. The stock was up 3.9% at ₹3,501.8 apiece at 10.20 am. It has gained 10.3% in the past month.
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