Investec has maintained its ‘Hold’ rating on Titan, setting a target price of Rs 4100, projecting an 11% upside from the current market price. The report notes a strong revenue print, though profit after tax (PAT) growth is expected to remain muted.
In the jewelry segment, while growth has been good, the weak studded mix may dent margins. The watches and wearables segment continues to show strong growth, particularly in analog. The eyecare business, however, is lagging compared to overall company growth, while emerging businesses are seeing double-digit growth across various segments.
Current market price (CMP): Rs 3,692.00 at 8AM, Oct 7, 2024
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