Goldman Sachs has maintained its buy rating on Titan Company and raised its target price to ₹4,850 per share, citing a sharp acceleration in revenue growth during the December quarter driven primarily by the jewellery segment. The brokerage highlighted that Titan delivered one of its strongest quarterly growth performances in recent years, underscoring the resilience of branded jewellery demand despite elevated gold prices.
According to Goldman Sachs, jewellery revenue growth surged to 41% year-on-year in Q3FY26, a significant step-up from 18% YoY growth recorded in 1HFY26. The acceleration was broad-based, with strong contributions across plain gold, studded jewellery and coins, reflecting sustained festive demand, higher ticket sizes and strong brand traction across formats.
While jewellery margins are expected to moderate on a year-on-year basis due to an adverse mix, Goldman Sachs believes this will be more than offset by very strong EBIT growth, driven by operating leverage from higher volumes and robust revenue momentum. The brokerage noted that the sharp increase in average selling prices (ASPs) has played a key role in driving topline growth, even as consumer demand remained resilient.
Beyond jewellery, Goldman Sachs highlighted that watches, eyewear and Titan’s international business also delivered strong growth during the quarter, reinforcing the company’s diversified growth profile. The brokerage remains constructive on Titan’s medium-term outlook, supported by continued premiumisation, store expansion and sustained brand leadership across lifestyle categories.
Disclaimer: The views and recommendations above are those of Goldman Sachs. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.