Titan Company (TTAN IN) – Analyst Meet Update – Growth story on track – BUY
Published on 04 Jun 2026
We attended the analyst meet of Titan, where management reiterated its confidence in delivering strong long-term growth across Jewellery, Watches, Eyewear, TEAL and emerging businesses. Overall TTAN is looking at doubling of sales on a consolidated basis with large ones like Domestic Jewellery, Watches, Eyewear and TEAL growing by 90%, 120%, 150% and 110% over next 4 years. IBD will gain from effective absorption of DAMAS and restaging of middle east business. While near-term demand may show some volatility due to elevated gold prices, geopolitical uncertainties and the impact of Adhik Maas, TTAN expects conditions to improve in the coming quarters, with no meaningful supply-chain disruptions anticipated.
We believe Titan remains well positioned to achieve its FY30 aspirations across key businesses, led by 1) sustained premiumization, 2) product innovation, 3) a consumer-centric operating strategy and 4) resilience provided by strong balance sheet. We expect standalone EPS to grow at a CAGR of ~25% over FY26–28, driven by healthy growth across Jewellery, Watches and emerging businesses. Valuing Caratlane and TEAL at ₹225/share and ₹154/share, respectively, we arrive at SOTP-based target price of Rs5161 (unchanged). Retain BUY.
