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Titan Shares Jump 4%, Scale Fresh 52-Week High On Strong Q3 Business Update
Titan Shares Jump 4%, Scale Fresh 52-Week High On Strong Q3 Business Update
Titan shares touched an all-time high on the BSE after the company released its third-quarter business update
Titan Share Price: Titan shares rose 4.1 per cent in morning trade and touched an all-time high on the BSE after the company released its third-quarter business update.
At 9:31 AM, Titan was trading 3.74 per cent higher at Rs 4,265 per share, while the BSE Sensex was marginally lower by 0.05 per cent at 85,018.06.
Titan Q3 business update details
Titan announced its Q3FY26 business update on Tuesday after market hours. In the December quarter, the company's consumer businesses recorded a robust 40 per cent year-on-year (YoY) growth, according to its regulatory filing.
The jewellery segment posted a 41 per cent YoY rise in Q3FY26, led by a sharp increase in average selling prices (ASPs), which offset largely flat buyer growth. Like-for-like sales growth at Tanishq and CaratLane remained healthy in the low-thirties.
The watch division grew 13 per cent YoY, driven by the analog segment, which registered a 17 per cent YoY increase. However, the smartwatches category declined 26 per cent YoY due to lower volumes, while ASPs remained broadly flat on a yearly basis.
The eyecare business grew 16 per cent YoY, while the fragrances segment recorded a 22 per cent YoY increase. The international business, largely comprising jewellery brands such as Tanishq, Mia and CaratLane, surged 81 per cent during the quarter.
Brokerages' view on Titan Company stock
Nomura | Buy | Target: Rs 4,500
Nomura has retained Titan as its top pick and expects earnings per share (EPS) to grow at a compound annual growth rate (CAGR) of 24 per cent over FY26–FY28F. The brokerage sees Titan as a key beneficiary of India's expanding affluent and elite income segments, with sales growth projected at 1.5–2 times GDP over the medium term.
Nomura expects Titan to continue outpacing the industry and increase its market share to 10 per cent by FY28F from unorganised players, which currently account for about 60 per cent of the industry. This is likely to be supported by deeper penetration into Tier 2, 3 and 4 towns and a consumer shift towards organised players offering assured caratage, better designs and superior in-store experience.
The brokerage also expects a structural improvement in revenue per store and per square foot, driven by higher ticket sizes, increasing formalisation and a higher contribution from wedding jewellery, which could rise to 25 per cent of sales over the next three to five years from around 20 per cent currently. This, in turn, could support stronger-than-peer sales growth and margin expansion.
Titan is also scaling up its international presence in higher-margin categories and widening its addressable market. It plans to increase Tanishq's overseas store count to 50 over the medium term from 22 currently, targeting not only the affluent Indian diaspora but also a broader global customer base following the acquisition and integration of Damas Jewellery.
Separately, Titan has entered the lab-grown diamond space with a new brand, “beYon – from the House of Titan,” through an exclusive store format. Nomura views this as a positive step to tap a new customer segment, noting that margins in lab-grown diamond jewellery could be higher than those of natural diamonds, making it gross-margin accretive. While elevated gold prices could weigh on footfalls and volumes in the near term, the brokerage expects wedding-related demand to continue supporting jewellery growth.
Antique Stock Broking | Buy | Target raised to Rs 4,500 from Rs 4,400
Antique Stock Broking expects revenue, EBITDA and profit after tax (PAT) to grow at CAGRs of 21 per cent, 24 per cent and 25 per cent, respectively, over FY25–FY28E. The brokerage remains confident that Titan can deliver around 20 per cent CAGR in jewellery revenue over the next three years.
With jewellery EBIT margins likely having bottomed out at 9.7 per cent in FY25, Antique expects a gradual recovery to around 10.9 per cent over the next three years. It believes Titan's medium- to long-term performance will be driven by continued market share gains in jewellery, supported by its strong brand, execution capabilities and ongoing expansion of its store network. Improving profitability in non-jewellery segments is also expected to aid overall earnings growth.
Source: News18
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