Nomura has maintained its buy rating on Titan Company with a target price of ₹4,275 per share after the company reported a strong Q2FY26 performance, largely in line with its pre-quarter update. The brokerage said overall sales momentum remained healthy, supported by broad-based growth across categories, though margins were slightly lower year-on-year.
Jewellery sales were in line with expectations, while the margin was a bit softer due to higher gold prices and promotional spends. The watches segment grew 13% year-on-year, slightly ahead of the 12% guidance provided in the pre-quarter update. EyeCare revenue rose 8.5%, while emerging businesses delivered a robust 34% year-on-year growth. Titan Engineering and Automation Limited (TEAL) stood out, with sales surging 112% year-on-year, reflecting strong recovery and diversification benefits.
Nomura believes festive demand could drive sequential improvement in margins and sustain top-line growth momentum in the second half of FY26. The brokerage remains positive on Titan’s long-term growth trajectory, supported by its dominant position in the jewellery market, rising discretionary consumption, and continued strength in its lifestyle portfolio.
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.
