Jefferies has reiterated its ‘Buy’ rating on Titan Company Ltd, raising the target price to ₹3,800, suggesting an 11.7% potential upside from the current market price of ₹3,402. The brokerage cited strong growth across the jewellery and watch segments along with margin expansion as key drivers for the upgrade.
Jefferies noted that while part of the margin gains in Q1FY26 were due to one-offs, the adjusted EBITDA still came in ahead of its forecasts. The brokerage also added that most of these one-offs are expected to reverse in subsequent quarters.
The report acknowledged challenges from firm gold prices, which impacted buyer growth, but noted that higher ticket sizes helped offset volume pressures. Titan also managed to sustain its jewellery market share after notable gains during FY25, supporting a stable medium-term outlook.
Disclaimer:
The views expressed in this article are based solely on the report by Jefferies. This does not constitute investment advice. Please consult your financial advisor before making any investment decisions.
