Nomura has maintained its buy rating on Titan Company with a target price of ₹4,500 per share, following a significant beat in Q3FY26 performance, led by a sharp acceleration in jewellery sales. The brokerage believes Titan’s execution continues to exceed expectations, reinforcing confidence in its long-term growth trajectory.
Nomura highlighted that consolidated sales growth excluding bullion came in at around 40% YoY, materially above its estimates. The outperformance was driven largely by the jewellery segment, where domestic jewellery sales, including CaratLane, grew approximately 41% YoY, compared with Nomura’s earlier expectation of 25–30% growth.
The brokerage noted that growth was broad-based across formats and brands, reflecting strong festive demand, premiumisation and Titan’s ability to gain share in a fragmented market. Watches and Eyecare businesses delivered in-line performance, while emerging businesses, particularly fashion accessories, continued to post strong growth, adding to the overall momentum.
Nomura believes Titan’s strong brand equity, disciplined expansion strategy and ability to navigate volatility in gold prices position it well for sustained growth. The brokerage remains constructive on the stock, supported by consistent execution, leadership in organised jewellery and steady scaling of adjacent lifestyle categories.
Disclaimer: The views and recommendations above are those of Nomura. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
