Titan Company (TTAN IN) – Company Update – beYon to add to growth momentum – BUY
Published on 07 Jan 2026
Core business remains a firm shape with 40% growth in consumer business in 3Q led by 41% growth in domestic Jewellery business. Watch continues to grow in double digits and Eyewear has also grown by 16%. We expect strong growth to continue led by higher gold prices and sustained demand. We expect TTAN to report sales/EBIDTA and PAT growth of 36/53.7/52% for 3Q26. We are increasing FY26/27/28 EPS Estimates by 6.8/4.5/4.6% and increasing target price to Rs4600 (Rs4397 earlier based on Sept27). We estimate 27.4% EPS CAGR over FY25-28 and 19.4% EPS CAGR over Fy26-28. Retain Buy.
