Titan Company (TTAN IN) – Q3FY26 Result Update – Firing on all cylinders – BUY
Published on 11 Feb 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 consumers 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 sub Rs100000 consumer will drive value growth and 3) emergence of Caratlane and Teal as new growth contributors. We estimate 20.9% EPS CAGR over FY26-28. We value Caratlane/TEAL at Rs253/101 per share and arrive at SOTP based target price of Rs4917 based on FY28 numbers (Rs4600 earlier based on Sept27). Retain Buy
