Titan Company (TTAN IN) – Q2FY27 Result Update – Strong growth outlook across segments – Downgrade to ‘ACCUMULATE’
Published on 05 Nov 2026
TTAN’s long term outlook too remains positive given 1) likely uptick in consumer demand during upcoming wedding season as Gold prices remain benign 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) strong outlook in watches and improving economics in eyewear 4) TEAL emerging as third pillar of growth with rising opportunities and improving profitability. We estimate 19.7% EPS CAGR in standalone operations over FY27-29. We value Caratlane/TEAL at Rs278/183 per share and arrive at SOTP based target price of Rs5330. The stock trades at premium valuations of 51.1xFY29 and ~44.7xFY29 consol EPS. Cut to Accumulate.
