Buy Titan Company; target of Rs 4600: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 4600 in its research report dated January 07, 2026.

Broker Research

January 07, 2026 / 13:14 IST

Buy

Prabhudas Lilladher's research report on Titan Company

We believe beYon expands Titan’s addressable market by tapping incremental demand in lab-grown diamonds and fulfills a gap in its portfolio. While there might be some shift from Caratlane and Mia to beYon, the expansion of market size and new customer base will more than neutralize that and provide incremental growth to the company in the sub-Rs1–2 lakh daily wear studded jewellery segment. Overall, Titan’s LGD strategy appears measured and strategic, balancing near-term investments with long-term optionality in a small but evolving category. Core business remains a firm shape with 40% growth in consumer business in 3Q led by 41% growth in domestic Jewellery business. Watch continues to grow in double digits and Eyewear has also grown by 16%. We expect strong growth to continue led by higher gold prices and sustained demand. We expect TTAN to report sales/EBIDTA and PAT growth of 36/53.7/52% for 3Q26.

Outlook

We are increasing FY26/27/28 EPS Estimates by 6.8/4.5/4.6% and increasing target price to Rs 4600 (Rs4397 earlier based on Sept27). We estimate 27.4% EPS CAGR over FY25-28 and 19.4% EPS CAGR over Fy26-28. Retain Buy.

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