Goldman Sachs has maintained its Buy rating on Titan Company with a target price of ₹4,000, suggesting a potential upside of about 9% from the current market price of ₹3,670.00. While the brokerage remains positive on the company’s long-term structural story, it has cut its FY26–28 EPS estimates by 2% due to lower-than-expected jewellery growth.
Goldman noted that Titan’s domestic jewellery business continues to grow but has come in below expectations, likely impacted by intensified local competition and weak buyer growth during the quarter. Although studded jewellery sales remained healthy, the overall studded share is expected to decline.
On the positive side, the watches segment showed accelerating sales momentum, while the eyewear division posted strong double-digit growth, reinforcing Titan’s diversified portfolio strength.
Despite the near-term softness in its core jewellery business, Goldman Sachs remains constructive on Titan’s growth potential, supported by its brand equity, expanding store footprint, and traction in non-jewellery verticals.
Disclaimer: The views expressed above are those of Goldman Sachs and do not constitute investment advice. This article is for informational purposes only.
