Titan Company (TTAN IN) – Q1FY27 Result Update – Strong growth outlook but expect back ended returns – BUY
Published on 07 Aug 2026
TTAN’s long term outlook too remains positive given 1) TTAN will likely be a gainer as higher gold prices give advantage in souring and inventory funding and consumer shift to branded chains accelerates 2) Success in light weight jewellery (9k and 14k) in Mia/Caratlane and 18k jewellery in Tanishq and Be-Yon in the LGD segment to cater to value seeking consumer and 3) emergence of Caratlane and TEAL as new growth contributors. We estimate 25.6% EPS CAGR over FY26-28. We value Caratlane/TEAL at Rs278/162 per share and arrive at SOTP based target price of Rs5408 (Rs5209) as we rollover to June28. Although we expect back-ended returns due to sharp upswing of past few months, LT outlook remains positive. Retain Buy.
