Titan Company (TTAN IN) – Q2FY26 Result Update – Growth outlook remains strong – BUY
Published on 04 Nov 2025
TTAN’s long term outlook too remains positive given 1) sustained focus on improving product mix will enable maintain current margin levels and strong new buyer growth, even as we reduce margin estimates to 11.1% (11.3-11.5% earlier) 2) change in focus on light weight jewellery (9k and 14k) to cater to sub Rs50,000 consumer will drive value growth and 3) Watch business to continue see strong momentum in medium to long term led by unique designs and innovations. We estimate 20.6% EPS CAGR over FY26-28. We value Caratlane/TEAL at Rs200/60 per share and arrive at SOTP based target price of Rs4397 (Rs3902 earlier). Retain Buy
