Investec has maintained its hold rating on Titan, cutting the target price from ₹4,100 to ₹3,822, indicating an 18% upside from the current market price of ₹3,235. Titan’s Q2 performance fell below estimates, even after adjusting for inventory impacts related to the customs duty cut.
Jewelry margins were disappointing, affected by increased competitive intensity and a weaker product mix. Investec cautioned that these margin pressures may extend into FY26, which could lead to further earnings cuts.
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