Global brokerage CLSA has maintained an ‘Outperform’ rating on Titan Company Ltd and raised its target price to ₹4,394, implying a potential upside of approximately 29% from the current market price of ₹3,402. The upgrade comes on the back of strong standalone sales growth and a resilient performance by Titan’s jewellery division.
According to CLSA, standalone sales grew 21% year-on-year in Q1FY26, while domestic jewellery sales rose 18% YoY (17% YoY excluding bullion). The jewellery business margin (excluding bullion) stood at 11.5%, compared to 11.2% YoY and 11.9% QoQ—marginally ahead of estimates.
CLSA also noted that Titan’s EBIT was 14% above its estimates (6% after adjusting for one-offs). The company maintained its guidance of 11.0%-11.5% jewellery margins and expects healthy double-digit growth in its jewellery business for FY26.
Titan’s consistent market share performance, resilient margins, and growth visibility have reinforced CLSA’s positive outlook.
Disclaimer:
The views expressed in this article are solely based on the brokerage report by CLSA. This does not constitute investment advice. Readers are advised to consult a certified financial advisor before making any investment decisions.
