Buy Titan Company; target of Rs 5000: Motilal Oswal

Motilal Oswal is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 5000 in its research report dated February 11, 2026.

Broker Research

February 17, 2026 / 20:09 IST

Buy

Motilal Oswal's research report on Titan Company

Titan (TTAN) delivered a strong 3QFY26, with 43% YoY growth in consolidated revenue. Standalone jewelry sales (ex-bullion) rose 40% YoY, driven by festive demand, attractive collections, strong brand campaigns, and effective exchange offers. Studded jewelry sales grew 26% YoY, although its mix moderated to 26% (28% in 3QFY25, 34% in 2QFY26). Domestic jewelry (Tanishq, Mia and Zoya) posted 32% LFL growth, and CaratLane reported 23% LFL growth. Buyer growth remained flat (new buyers at 45%), as noted in our management meet note, where the company indicated that customer addition was affected by high gold prices. However, initiatives such as the gold exchange program (launched in Sep’25) and increased availability of <22-carat jewelry are driving affordability and footfalls. Demand was resilient in January despite gold price volatility.

Outlook

We model a CAGR of 23% in sales, 25% in EBITDA, and 27% in APAT over FY25-28E. We reiterate our BUY rating on the stock with a TP of INR5,000 at 60x Dec’27E EPS.

For all recommendations report, click here