Morgan Stanley has maintained its overweight rating on Titan Company with a target price of ₹3,953 per share, following a strong second-quarter update where Tanishq (TMZ) division revenues rose 18% year-on-year, beating its estimate of 12%.
The brokerage noted that while buyer growth was marginally lower, the average ticket size increased, driven by higher gold prices and robust festive demand. Titan’s growth during the quarter was supported by heavy promotional activity and exchange offers, which helped offset the impact of a high base. The firm also highlighted that studded jewellery sales grew in the mid-teens, while gold coin sales continued to maintain steady momentum.
According to Morgan Stanley, the early onset of the festive season and consistent marketing push helped Titan sustain its market leadership in the jewellery segment. The brokerage remains confident in the company’s ability to deliver steady earnings growth, supported by strong brand recall, expansion in new formats, and resilience in consumer demand.
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